Core Viewpoint - Wihua New Materials (603310.SH) is acquiring a 70% stake in Jiangsu Heyutai Chemical Co., Ltd. for 154 million yuan to extend its industrial chain and enhance core competitiveness, despite Heyutai not being profitable yet [1][2]. Group 1: Acquisition Details - The acquisition will be funded through the company's own funds and bank loans, with Heyutai becoming a controlled subsidiary post-transaction [1]. - The transaction is valued at 266 million yuan, with a premium rate of 4.22% [4]. - Prior to the acquisition, Wihua New Materials provided some intermediates necessary for Heyutai's production [2]. Group 2: Financial Performance - Heyutai's projected revenues for 2024 and the first half of 2025 are 464 million yuan and 202 million yuan, respectively, with net losses of 14.12 million yuan and 4.91 million yuan [3]. - As of June 2025, Heyutai's total assets are 778 million yuan, total liabilities are 523 million yuan, and net assets are 255 million yuan [4]. - Wihua New Materials has faced performance pressures, with a 15.18% decline in revenue to 660 million yuan and a 40.96% drop in net profit to 109 million yuan in the first three quarters of 2025 [4]. Group 3: Strategic Rationale - The acquisition allows Wihua New Materials to bypass lengthy and costly pesticide product registration processes, potentially saving 2-3 years and enabling quicker market entry [2]. - Wihua aims to improve Heyutai's performance by expanding sales channels, enhancing production capacity utilization, optimizing product processes, and strengthening internal management, targeting profitability by 2026 [4].
巍华新材推1.54亿元收购拓展产业链 标的半年亏491.2万元交易前分红