相中大豪矿业 倍杰特欲借并购整合产业链

Core Viewpoint - The company Beijiete announced a restructuring plan involving the acquisition of a 55% stake in Wenshan Dahao Mining Development Co., Ltd. for approximately 225 million yuan, despite the target company not being profitable and having significant debt [1][3][5]. Group 1: Acquisition Details - Beijiete's wholly-owned subsidiary plans to acquire the stake in Dahao Mining, which has not yet generated revenue and has a total debt of approximately 191 million yuan as of October 31 [1][6]. - The acquisition aims to integrate the upstream and downstream of the industry chain, enhancing efficiency and risk resistance [4][6]. - Dahao Mining holds nine mining rights, including two mining rights and seven exploration rights, primarily for antimony, tungsten, and lead-zinc [3][4]. Group 2: Financial Performance - Beijiete reported a revenue increase of 11.42% year-on-year for the first three quarters, totaling 728 million yuan, but its net profit decreased by 31.4% to approximately 106 million yuan [7]. - Dahao Mining's projected revenues for 2024 and the first seven months of 2025 are both zero, with net losses of approximately 16.5 million yuan and 12.9 million yuan, respectively [5][6]. Group 3: Debt Management - Following the acquisition, Beijiete's subsidiary plans to manage 105 million yuan of Dahao Mining's debt through a loan specifically for debt repayment, with the remaining debt transferred to the original owners [6]. - Beijiete has also initiated a fundraising plan to raise up to 1 billion yuan, with 100 million yuan allocated for working capital [6].