Zheng Quan Zhi Xing·2025-08-27 09:20Core Viewpoint - The company plans to acquire a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., Ltd. from its controlling shareholder, SAIC Motor Corporation Limited, for 205.8969 million RMB, marking its entry into the solid-state battery sector [1][2][10]. Summary by Sections Transaction Overview - The acquisition involves a total payment of 205.8969 million RMB for the 49% equity stake in SAIC Qingtao, which is a subsidiary of SAIC Group [1][2]. - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [1][3]. - The board of directors approved the transaction without requiring a shareholders' meeting, as it does not exceed 0.5% of the company's latest audited net assets [1][3]. Related Party Transaction - The transaction is a related party deal since SAIC Qingtao is a company in which SAIC Group holds a stake [2][3]. - The board meeting on August 26, 2025, resulted in a unanimous approval from the non-related directors, with three related directors abstaining from the vote [2][11]. Target Company Information - SAIC Qingtao was established in November 2023 with a registered capital of 1 billion RMB, focusing on semi-solid and solid-state batteries [4][5]. - The company has a clear ownership structure with no encumbrances or legal disputes affecting the transfer of ownership [4][6]. Financial Assessment - The independent valuation by Shanghai Shenwei Asset Appraisal Co., Ltd. estimated the total equity value of SAIC Qingtao at 420.1978 million RMB, with the book value of equity at 287.6499 million RMB [7][8]. - The agreed purchase price of 205.8969 million RMB is based on this valuation and is deemed fair and reasonable [8]. Impact on the Company - This acquisition allows the company to enter the solid-state battery market, enhancing its product matrix in the "smart power" platform and facilitating synergies with existing electric drive and thermal management businesses [10][11]. - The company plans to leverage its management and customer resources to accelerate the development of SAIC Qingtao's operational mechanisms, quality control systems, and production capabilities [10].