KEBODA(SH:603786) Mei Ri Jing Ji Xin Wen·2025-09-04 14:12Core Viewpoint - Company Kobotda plans to acquire a 60% stake in Kobotda Intelligent from its controlling shareholder's other company for 345 million yuan, which constitutes a related party transaction. The acquisition is expected to enhance Kobotda's stake in Kobotda Intelligent from 20% to 80% and is based on a valuation that reflects a significant increase in value [1][2]. Group 1: Acquisition Details - Kobotda will pay 345 million yuan for the 60% stake in Kobotda Intelligent, which was established in October 2022 and is currently 20% owned by Kobotda [1]. - The transaction is valued using the income approach, showing a substantial appreciation of 653.25% [1]. - Kobotda asserts that the pricing is fair and does not harm the interests of the company or its shareholders [1]. Group 2: Financial Performance and Projections - Kobotda Intelligent has not yet turned a profit, with projected revenues of 178 million yuan and 299 million yuan for 2024 and the first half of 2025, respectively, alongside net losses of 41.9 million yuan and 35.2 million yuan [2]. - The R&D expense ratio for Kobotda Intelligent is high at 43.62% for 2024, but is expected to improve to 20.79% as product deliveries scale up [2]. - Kobotda Intelligent has developed key products and has established relationships with four major automotive brands, with projected sales exceeding 20 billion yuan [3]. Group 3: Strategic Implications - The acquisition is seen as a strategic move to enhance Kobotda's product ecosystem and drive growth, aligning with the company's smart technology strategy [5]. - Kobotda has received a profit commitment from Shanghai Keshishi, ensuring a cumulative net profit of no less than 630 million yuan over the next 65 months [5]. - Kobotda's revenue for the first half of 2025 is projected at 3.047 billion yuan, reflecting an 11.10% year-on-year increase, with significant contributions from both domestic and international sales [5].