KYLAND(SZ:300353) Sou Hu Cai Jing·2025-10-21 05:16Core Viewpoint - Dongtu Technology announced plans to acquire 100% equity of Beijing Gaoweike Electric Technology through share issuance, with stock suspension expected to last no more than 10 trading days [1] Group 1: Acquisition Details - The acquisition target, Gaoweike, operates in a wide range of areas including technology development, consulting, and sales of industrial automation control systems, serving as a key agent for major manufacturers like Mitsubishi, Schneider, SMC, Siemens, and ABB in China [1] - The transaction involves 43 shareholders, including actual controllers Zhang Xun and Liu Xinping [1] Group 2: Previous IPO Attempts - Gaoweike has attempted to go public three times, all of which were unsuccessful, with the latest attempt being a withdrawal of its application in September 2024 after passing the review in September 2023 [1][2] - The company faced multiple inquiries from the Shenzhen Stock Exchange regarding its shareholder structure and financial practices during its IPO attempts [2] Group 3: Financial Performance - From 2019 to the first half of 2023, Gaoweike reported revenue of 1.107 billion, 1.315 billion, 1.635 billion, 1.524 billion, and 739 million respectively, with net profits of 18.15 million, 37.05 million, 47.28 million, 58.60 million, and 31.04 million [2] - The company has shown consistent revenue and net profit growth over the past few years [2] Group 4: Supplier Concentration - Gaoweike's procurement is highly concentrated, with the top five suppliers accounting for 78.13%, 78.09%, and 78.89% of total purchases from 2020 to 2022 [2] Group 5: Accounts Receivable Risks - The company has a risk of bad debts in accounts receivable, with values of 315 million, 398 million, and 426 million from 2020 to 2022, representing 35.57%, 39.63%, and 37.53% of current assets respectively [3] - Bad debt provisions for accounts receivable were 51.78 million, 60.84 million, and 64.91 million, accounting for 14.12%, 13.25%, and 13.23% of the respective balances [3] Group 6: Dongtu Technology's Performance - In the first half of the year, Dongtu Technology reported revenue of 390 million, a year-on-year decrease of 7%, while net profit showed a loss of 88.80 million, indicating a reduction in losses compared to the previous year [4]