KYLAND(SZ:300353) Sou Hu Cai Jing·2025-10-23 09:34Core Viewpoint - Dongtu Technology is planning to acquire 100% equity of Gaoweike through a combination of share issuance and cash payment, amidst Gaoweike's history of failed IPO attempts and Dongtu's significant goodwill impairment [3][4][5][8]. Group 1: Acquisition Details - Dongtu Technology announced a suspension of trading on October 21, 2023, to prepare for the acquisition of Gaoweike [3]. - The acquisition will involve issuing shares and cash payments, with the transaction expected to be disclosed within 10 trading days [4]. - Gaoweike has attempted to go public three times over the past decade but has failed each time, with the last attempt resulting in a withdrawal of its IPO application in September 2024 [5][7]. Group 2: Financial Performance - As of June 2023, Gaoweike reported a net asset value of 646 million yuan, with revenues of 1.524 billion yuan and a net profit of 57.21 million yuan for 2022 [7][12]. - In contrast, Dongtu Technology reported a net asset value of approximately 2.146 billion yuan and a cash balance of 421 million yuan as of June 2025 [7]. - Dongtu Technology has faced significant losses, with a net profit of -1.1 billion yuan in 2022 and -1.22 billion yuan in the first half of 2023 [11][12]. Group 3: Goodwill Impairment - Dongtu Technology has a goodwill balance of 1.269 billion yuan, with 91.4% already impaired, primarily concentrated in three subsidiaries [8][9]. - The company has faced challenges in meeting performance commitments related to previous acquisitions, leading to substantial goodwill write-downs [9]. Group 4: Stock Incentive Plan - Dongtu Technology has proposed a stock incentive plan with performance targets for 2025 and 2026, aiming for a net profit of 50 million yuan in 2025 [10][11]. - The plan includes granting stock options at a price of 15 yuan per share, with the company's stock trading at 24.27 yuan prior to the acquisition announcement [10].