MEI YAN(SH:600868) Zheng Quan Shi Bao Wang·2025-08-19 06:08Core Viewpoint - Meiyan Jixiang (600868) is initiating a cross-industry acquisition by planning to acquire 65% of Shanghai Xinjiyu Information Technology Service Co., Ltd. for 106 million yuan, aiming to enter the service outsourcing industry [1] Group 1: Acquisition Details - The valuation of Shanghai Xinjiyu's total equity is 163 million yuan, representing a 266.03% increase over its book value [1][2] - Shanghai Xinjiyu, established in 2013, has a registered capital of 10 million yuan, with shareholders holding 65% and 35% respectively [1] - After the acquisition, the shareholding structure will change to 65% for Meiyan Jixiang, 20% for Hou Xinggang, and 15% for Wu Haiyan [1] Group 2: Financial Performance - For the fiscal year 2024, Shanghai Xinjiyu is projected to generate revenue of 171 million yuan and a net profit of 7.44 million yuan [2] - In the first five months of 2025, the company reported revenue of 66.76 million yuan and a net profit of 4.92 million yuan [2] - As of May 2025, total assets were 97.89 million yuan, with net assets of 44.59 million yuan [2] Group 3: Market Position and Growth Potential - Shanghai Xinjiyu has approximately 180 active orders, serving clients across various industries, including NIO, Daikin, and Adidas [3] - The BPO industry is expected to maintain a continuous growth trend, with a diverse competitive landscape and significant market demand [3][4] - The projected gross margin for Shanghai Xinjiyu from 2026 to 2030 is estimated to be between 12.24% and 12.75% [3] Group 4: Regulatory Scrutiny - The high premium in the acquisition has attracted attention from regulatory bodies, with the Shanghai Stock Exchange issuing an inquiry regarding the necessity and reasonableness of the transaction [5][6] - The acquisition is expected to create approximately 76 million yuan in goodwill on the consolidated balance sheet of Meiyan Jixiang [5]