Core Viewpoint - The article discusses the complex dynamics of a recently profitable listed company, Yingli Co., which is pursuing a significant acquisition while facing shareholder sell-offs, raising questions about the underlying logic of these capital operations [1][2]. Group 1: Acquisition Details - Yingli Co. plans to acquire 77.94% of Youteli for 468 million yuan, marking its entry into the lithium battery sector [1]. - The acquisition will be financed through a combination of cash (271 million yuan) and shares (196 million yuan), with additional fundraising not exceeding 196 million yuan [1]. - Post-acquisition, the controlling shareholder's stake will decrease from 48.04% to 45.11%, but control will remain intact [1]. - Youteli, which focuses on notebook computer battery modules, reported a revenue of 662 million yuan and a net profit of 38.82 million yuan in 2024 [1]. - The valuation of Youteli's total equity is assessed at 603 million yuan, reflecting a 57.4% premium over its book value, necessitating future performance growth to justify this valuation [1]. Group 2: Shareholder Actions - Prior to the acquisition announcement, shareholders have been actively reducing their stakes, with Shucheng Yuming planning to sell up to 186,100 shares between January 8 and April 8, 2025 [2]. - Another shareholder, Gaoxin Yida, completed a 0.58% stake reduction on March 6, 2024 [2]. Group 3: Financial Performance - Yingli Co.'s financial performance has been volatile, with net profits declining from 63.52 million yuan in 2021 to losses of 27.85 million yuan in 2022 and 35.01 million yuan in 2023 [2]. - The company returned to profitability in 2024, achieving a revenue of 1.843 billion yuan and a net profit of 10.27 million yuan [2]. - For the first half of 2025, Yingli Co. reported a revenue of 1.05 billion yuan, a year-on-year increase of 39.62%, and a net profit of 6.28 million yuan, up 23.06% year-on-year, although the net profit margin remains low at 0.6% [2].
定增减持迷局|英力股份4.7亿元跨界并购 业绩波动大净利率仅0.54%