海外资产接连爆雷，日发精机溢价并购反噬难消

Core Viewpoint - The company Rifa Precision Machinery (002520.SZ) is facing significant financial losses due to the operational crises of its overseas subsidiaries, leading to a projected net profit loss of 223 million to 333 million yuan for the first half of 2025, representing an increase in losses of 855.45% to 1323.55% year-on-year [1]. Group 1: Financial Performance - Rifa Precision Machinery's revenue has been declining since 2022, with a reported revenue of 1.804 billion yuan in 2024, down 13.4% year-on-year, and a net profit loss of 675 million yuan [3]. - Cumulatively, the company has incurred losses of approximately 3.108 billion yuan over the past three years [3]. Group 2: Overseas Subsidiaries Issues - The financial losses are primarily attributed to two overseas subsidiaries: Airwork and MCM. Airwork has been taken over by a syndicate due to ongoing operational losses, while MCM has initiated bankruptcy protection due to liquidity crises [1][2]. - Airwork's aircraft leasing business has significantly contracted, leading to a notable decline in revenue and profits compared to the previous year [1][2]. - MCM's financial situation has deteriorated, with its net assets turning negative by March 2025, amounting to -57.33 million yuan [2]. Group 3: Acquisition and Goodwill Impairment - The company has faced repercussions from high-premium acquisitions, particularly the acquisition of Airwork for 1.335 billion yuan, which resulted in a goodwill of 668 million yuan [4]. - MCM was acquired for a total of 1.104 million euros for 80% equity, leading to a goodwill of 26.256 million yuan, which has since been fully impaired due to continuous losses [5][6][7]. - The company has been involved in legal disputes regarding performance guarantees related to these acquisitions, with significant financial implications [5].