Mei Ri Jing Ji Xin Wen·2025-10-08 13:37Core Viewpoint - Bohai Automobile plans to acquire equity stakes in four core subsidiaries from its controlling shareholder, Hainachuan, for a total price of up to 2.728 billion yuan, marking a significant step in its strategic transformation amid the electric and intelligent automotive trends [1][2]. Summary by Sections Acquisition Details - The acquisition involves four key assets: 51% of Beijing Beiqi Moulding Technology Co., Ltd., 51% of Hainachuan Andautuo (Langfang) Seat Co., Ltd., 100% of Inafa Intelligent Technology (Beijing) Co., Ltd., and 50% of Langfang Leoni Wiring Systems Co., Ltd. [2] - The total transaction price is set at 2.728 billion yuan, with 2.319 billion yuan paid in shares and 409 million yuan in cash [2][3]. Financial Impact - Post-acquisition, Bohai Automobile's total assets are expected to increase from 7.410 billion yuan to 12.364 billion yuan, a growth of 66.84%, while revenue is projected to rise from 4.227 billion yuan to 9.276 billion yuan, an increase of 119.41% [6]. - Despite the anticipated revenue growth, the company is still expected to incur a net loss of 880.685 million yuan in 2024, indicating challenges in turning around profitability [7]. Valuation and Premiums - The acquisition features high valuation premiums, particularly for the 50% stake in Langfang Leoni Wiring Systems, which has an assessed value increase of 1759.98% [3][9]. - The performance of the acquired assets is subject to a three-year profit commitment from Hainachuan, with specific net profit targets set for 2025, 2026, and 2027 [9][10]. Operational Challenges - The integration of the acquired companies poses significant operational risks due to potential differences in business models and corporate cultures [10]. - The increase in related party transactions following the acquisition raises concerns about the company's independence and governance standards [11]. Future Outlook - The transaction is seen as a critical move for Bohai Automobile to enhance its market presence and operational scale, but the ability to convert this scale into sustainable profitability remains a key challenge [8][11].