TBEA(SH:600089) Mei Ri Jing Ji Xin Wen·2025-10-16 14:25Core Viewpoint - TBEA Co., Ltd. (SH600089) announced the acquisition of approximately 225 million shares of Yangzhou Shuguang Cable Co., Ltd., representing 74.1942% of its total equity, for a total consideration of approximately 946 million yuan to enhance its market share in high-end cable products [2][5][7]. Group 1: Acquisition Details - TBEA's subsidiary, TBEA Electric Equipment Group Co., Ltd., signed a share transfer agreement with 49 individuals and a partnership to acquire shares of Shuguang Cable [2][6]. - The total estimated valuation of Shuguang Cable is approximately 1.275 billion yuan based on the transaction amount and share percentage [7]. - The transaction does not constitute a related party transaction or a major asset restructuring as per regulatory definitions [5][7]. Group 2: Financial Performance of Shuguang Cable - Shuguang Cable reported a revenue of approximately 2.236 billion yuan and a net profit of about 124 million yuan for the year 2024, with a non-recurring net profit of approximately 118 million yuan [8]. - For the first half of 2025, Shuguang Cable's revenue was around 985 million yuan, with a net profit of approximately 43.2 million yuan [8]. - The share transfer price was based on an asset valuation conducted by Shanghai Shenwei Asset Appraisal Co., Ltd., which estimated the total equity value of Shuguang Cable at approximately 1.254 billion yuan, reflecting a 16.53% increase in value [8]. Group 3: Future Financing Plans - TBEA plans to apply for the issuance of various non-financial corporate debt financing instruments to optimize its financing structure and reduce costs [9]. - The company is also seeking to issue asset-backed securities (REITs) with a shelf registration of 3 billion yuan, using its energy infrastructure as underlying assets [9]. - Additionally, TBEA's subsidiary plans to issue a special asset-backed plan (REITs) with a scale not exceeding 1.5 billion yuan, backed by two renewable energy projects [9].