Galaxy Magnets(SZ:300127) Xin Lang Zheng Quan·2025-09-30 09:14Core Viewpoint - The capital operations of Galaxy Magnetics have raised market concerns regarding potential利益输送, as the company is conducting a low-priced private placement while its executives are cashing out at higher market prices [1][2][3]. Group 1: Capital Operations - Galaxy Magnetics plans to issue shares at a price of 23.15 yuan per share to acquire 100% of Sichuan Kyoto Longtai Technology Co., Ltd, which is significantly lower than the market price, representing a 28% discount from the last closing price of 32.29 yuan before suspension [1]. - Concurrently, executives of Galaxy Magnetics are planning to reduce their holdings at market prices higher than the private placement price, raising questions about the rationale behind such capital operations [2][3]. Group 2: Financial Performance - The company has experienced a decline in performance, with revenue dropping from 999.2 million yuan in 2022 to 799 million yuan in 2024, and net profit decreasing from 194 million yuan in 2021 to 147 million yuan in 2024 [2]. - The first half of 2025 showed a revenue of 389 million yuan, reflecting a year-on-year decrease of 2.01% [2]. Group 3: Market Implications - The acquisition plan aims to find a second growth curve through external expansion, targeting Kyoto Longtai, which specializes in permanent magnet ferrite tiles for automotive applications, particularly in the electric vehicle sector [3]. - The disparity between the private placement price and the market price of executive share reductions may create skepticism among investors regarding the company's future prospects [3].