收购标的海兰寰宇销售费用率远超同行业遭问询 海兰信回复

Core Viewpoint - Hailanxin (300065.SZ) plans to issue shares to acquire Hailan Huanyu, raising market concerns due to the significantly high sales expense ratio of Hailan Huanyu compared to industry peers [1] Group 1: Sales Expense Ratio - Hailan Huanyu's sales expense ratios for 2023 and 2024 are 23.61% and 18.86%, respectively, with a staggering 49.94% for the first quarter of 2025, while the average sales expense ratios for comparable companies in the same period are only 7.25%, 6.00%, and 7.39% [1] - The sales expenses for Hailan Huanyu during the reporting period were 44.70 million yuan, 49.08 million yuan, and 8.86 million yuan, primarily consisting of employee compensation, business entertainment, travel expenses, and intermediary service fees [1] Group 2: Business Expansion and Client Acquisition - The company is in a rapid business expansion phase, increasing its sales personnel from over 60 to over 80, and has acquired 135 new clients during the reporting period, including 16 significant clients with contracts exceeding 5 million yuan [1] - The company attributes the high sales expense ratio to its relatively small revenue scale compared to industry peers and the nature of its business, indicating that the expense ratio is expected to decrease as the business stabilizes in the future [1]