Changhong Polymer(SH:605008) Xin Lang Zheng Quan·2025-07-23 09:10Core Viewpoint - The acquisition by Changhong High-Tech involves assets controlled by the actual controller, Tao Chunfeng, raising questions about whether this constitutes a capital game of "left hand to right hand" [1][2]. Group 1: Acquisition Details - Changhong High-Tech announced plans to acquire 100% of Guangxi Changke New Materials Co., Ltd. through a combination of issuing shares, convertible bonds, and cash payments [1]. - The stock of Changhong High-Tech resumed trading on July 21, 2025, but did not experience a significant price increase, indicating potential investor skepticism [1]. - Guangxi Changke specializes in the research, production, and sales of specialty synthetic resin polymer materials, including various high-performance resin products [1]. Group 2: Financial Performance and Concerns - The acquisition target, Guangxi Changke, has a high debt ratio, with figures of 70%, 72%, and 74% for 2023, 2024, and the first half of 2025 respectively, indicating a rising trend [2]. - Guangxi Changke reported losses in 2023 and 2024, with a net profit of less than 40 million yuan in the first half of 2025, reflecting a net profit margin of under 5% [2]. - Changhong High-Tech's financial performance has been under pressure, with a projected net profit for the first half of 2025 expected to decrease by 93.79% to 95.86% year-on-year [6]. Group 3: Revenue and Client Relationships - The company experienced significant revenue fluctuations post-IPO, with reported revenues of approximately 1.733 billion yuan, 2.372 billion yuan, 1.416 billion yuan, and 3.634 billion yuan from 2021 to 2024 [10]. - A major customer, Ningbo Ruilin Shengxiang Trading Co., Ltd., which contributed significantly to revenue, was deregistered in January 2023, raising concerns about the company's client base [13]. - The introduction of low-margin trading business in 2021 led to increased revenue but decreased profitability, with a notable 33.61% revenue increase accompanied by a 38.67% drop in net profit [15]. Group 4: Related Party Transactions and Regulatory Scrutiny - The acquisition is classified as a related party transaction, as the actual controller, Tao Chunfeng, holds significant stakes in both Changhong High-Tech and Guangxi Changke [2]. - There are concerns regarding the authenticity of financial statements, as the company has faced regulatory scrutiny for information disclosure violations [20][21]. - The relationship between Changhong High-Tech and its distributors raises questions about potential conflicts of interest and the integrity of reported financial performance [19].