煌上煌花5亿收购的立兴食品，9月贡献474万元利润

Core Viewpoint - The company, Huangshanghuang, reported its worst third-quarter performance in five years, with a revenue decline of 5.08% year-on-year, totaling 1.379 billion yuan [2] Revenue Performance - For the first three quarters, the company achieved revenue of 1.379 billion yuan, a decrease from previous years: 1.933 billion yuan in 2021, 1.618 billion yuan in 2022, and 1.581 billion yuan in 2023, indicating a continuous decline in revenue over four consecutive years [2] Profitability - Despite the revenue decline, the company reported a net profit of 101 million yuan, an increase of 28.59% year-on-year, returning to the level of the same period in 2023 [3] - The improvement in profit was attributed to effective cost control, with sales expenses down by 26.39% to 163 million yuan, management expenses down by 5.7% to 125 million yuan, and R&D expenses down by 16.62% to 44.18 million yuan [3] Acquisition Strategy - The company is seeking new growth avenues through cross-industry acquisitions, having completed a nearly 500 million yuan acquisition of leading freeze-dried food company Lixing Foods, which was valued at a 250% premium [3][5] - Following the acquisition, Lixing Foods contributed approximately 474.31 million yuan to the company's net profit in September, accounting for about 20% of Huangshanghuang's total net profit for the third quarter [5] Financial Impact of Acquisition - The acquisition significantly impacted several financial metrics, with accounts receivable increasing over sixfold to 128 million yuan, and short-term borrowings doubling to 92 million yuan [5] - The company's goodwill surged from 2.242 million yuan in mid-2023 to 33.5 million yuan in the third quarter, marking a nearly 14-fold increase, raising concerns about potential impairment risks [6] Debt and Risk Concerns - The company's debt-to-asset ratio reached a near ten-year high of 24.08% in the third quarter, raising market concerns about the sustainability of its financial health if Lixing Foods' future earnings do not meet expectations [6]