Leadman(SZ:300289) Zhong Guo Jing Ying Bao·2025-11-21 07:26Core Viewpoint - Lidman is undergoing a transformation through a high-premium acquisition of 70% of Xiansheng Xiangrui's shares for 1.733 billion yuan, despite facing performance pressures and a significant cash shortfall [3][4]. Group 1: Acquisition Details - Lidman plans to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, representing a 162% premium over the company's book value [3][4]. - The acquisition will result in approximately 1.019 billion yuan of goodwill on Lidman's balance sheet, raising concerns about potential impairment if Xiansheng Xiangrui's actual performance falls short of expectations [4][6]. - Xiansheng Xiangrui's estimated total equity value is 2.674 billion yuan, with a significant increase from its book value of 1.02 billion yuan [4]. Group 2: Financial Performance of Xiansheng Xiangrui - Xiansheng Xiangrui's revenue and net profit have shown a declining trend, with projected revenues of 653 million yuan in 2023 and 582 million yuan in 2024, alongside net profits of 210 million yuan and 180 million yuan respectively [5]. - The company's core product, TB-PPD, has a high revenue dependency, accounting for 95.95% of revenue in 2023, which poses risks if sales do not meet expectations [6][7]. Group 3: Lidman's Financial Challenges - Lidman reported a significant cash shortfall, with only 618 million yuan available against the acquisition cost of 1.733 billion yuan [7][8]. - The company is expected to pay 70% of the acquisition price (1.213 billion yuan) shortly after the agreement, which is nearly equivalent to its total cash reserves [7]. - Lidman has faced declining revenues and profits, with a projected revenue drop of 19.79% in 2024 and a net loss of 75.1 million yuan [8].