粤海饲料时隔一年后将股权收购比例提高至60% 标的天石饲料估值不变 但业绩承诺有所下降

Core Viewpoint - The company, Yuehai Feed, has announced an increase in its acquisition stake in Yixing Tianshi Feed Co., Ltd. from 51% to 60%, with a transaction price of 132 million yuan, following the signing of a formal equity transfer agreement [2][3]. Group 1: Acquisition Details - The overall valuation of Tianshi Feed remains at 220 million yuan, while the acquisition price for the increased stake is set at 132 million yuan [3]. - The performance commitment from the seller has been adjusted, with the promised net profits for 2025 and 2026 being reduced by over 2 million yuan compared to previous commitments [3]. - The acquisition aims to enhance Yuehai Feed's control over the supply chain of key raw materials in the feed additive industry [4]. Group 2: Historical Context - Yuehai Feed has previously attempted two other acquisitions in the past three years, both of which were ultimately terminated due to various reasons, including price discrepancies and failure to provide necessary due diligence materials [5][6]. - The company had initially planned to complete the acquisition of Tianshi Feed by mid-2024, but the current progress indicates a delay [7]. Group 3: Financial Performance - Tianshi Feed reported a net profit of 26.16 million yuan for 2024, exceeding the previous commitment of 22 million yuan [4]. - In the first half of 2025, Tianshi Feed achieved a net profit of 11.72 million yuan [4]. - For the first three quarters of the year, Yuehai Feed reported sales of 660,000 tons, with a revenue of 4.997 billion yuan and a net profit of 26.2 million yuan [7].