拟控股康录生物 透景生命溢价豪赌

Core Viewpoint - The company, Transgen Life, is planning a phased acquisition of 82% of Wuhan Kanglu Biological Technology Co., Ltd. for 328 million yuan, aiming to enhance its diagnostic capabilities in oncology through a "flow cytometry + PCR + FISH" integrated approach, despite facing challenges from high valuation premiums and accounts receivable issues [1][3][9]. Acquisition Strategy - The acquisition will occur in three steps, starting with the purchase of approximately 72.86% of Kanglu Biological for 291 million yuan, followed by additional purchases in 2026 and 2027, contingent on performance conditions [3][4]. - This phased approach is designed to mitigate cash flow pressures and allow for performance verification of Kanglu Biological before finalizing the acquisition [4][9]. Financial Performance and Commitments - Kanglu Biological has committed to achieving a total net profit of no less than 91.5 million yuan over three years, with annual targets of 22 million, 31.5 million, and 38 million yuan for 2025, 2026, and 2027 respectively [9][10]. - The company has faced declining revenues and profits over the past three years, with reported revenues of 716 million yuan, 543 million yuan, and 437 million yuan, and net profits of 125 million yuan, 89 million yuan, and 35 million yuan respectively [10][11]. Valuation and Pricing Strategy - The acquisition employs a differentiated pricing strategy, with significant variations in share prices paid to different sellers, reflecting market segmentation and risk-return considerations [8][9]. - The valuation of Kanglu Biological shows a substantial increase, with a reported asset value of 400 million yuan and a valuation increase of 226.53% due to its strong market position and growth potential in the oncology diagnostics sector [7][8]. Market Position and Product Synergy - Transgen Life aims to enhance its product portfolio by integrating Kanglu Biological's FISH technology, which is crucial for high-value diagnostic applications, thereby creating a comprehensive solution for cancer diagnosis [5][6]. - The combined sales channels of both companies will cover 31 provinces in China, enhancing market reach and customer retention [5][6].