Tellgen(SZ:300642) Zhong Guo Ji Jin Bao·2025-08-05 01:44Core Viewpoint - The company TuoJing Life plans to acquire 72.86% of Kanglu Bio for 291 million yuan, with potential future acquisitions increasing total ownership to 82% for a total of 328 million yuan [1][5]. Group 1: Acquisition Details - The acquisition will be a cash transaction, but TuoJing Life's cash reserves were less than 400 million yuan as of the end of Q1 this year [1][4]. - The acquisition employs a differentiated pricing strategy, with significant price variations among different venture capital institutions involved [5][7]. - Kanglu Bio's revenue is projected to be less than 100 million yuan in 2024, with accounts receivable exceeding 40 million yuan [1][5]. Group 2: Strategic Rationale - TuoJing Life aims to leverage Kanglu Bio's FISH technology to enhance its product offerings in molecular pathology, particularly in cancer diagnostics [2][3]. - The acquisition is expected to create synergies in research and development, improving efficiency and reducing costs [3][5]. - TuoJing Life's extensive sales channels across 31 provinces in China will complement Kanglu Bio's existing market presence, particularly in tertiary hospitals [2][3]. Group 3: Financial Performance - As of the end of 2024, Kanglu Bio's total assets were 153 million yuan, with a net asset value of 116 million yuan [5][6]. - Kanglu Bio's revenue quality is concerning, with accounts receivable constituting approximately 44% of its revenue as of the end of 2024 [5][6]. - TuoJing Life has experienced declining financial performance, with total revenue decreasing from 616 million yuan in 2021 to 345 million yuan in 2024 [9][10].