Qianjing Landscape(SH:603778) Zhong Guo Zheng Quan Bao·2025-11-26 01:49Core Viewpoint - The company is facing scrutiny from the Shanghai Stock Exchange regarding its proposed acquisition of 100% equity in Tongling Fuyue Technology Co., Ltd. for 241 million yuan, with significant concerns raised about the transaction's fairness and potential risks involved [2][3]. Group 1: Acquisition Details - The company received an inquiry letter from the Shanghai Stock Exchange regarding the acquisition, focusing on the fairness of the transaction, as the valuation of the target company shows a 1167.27% increase [2]. - The inquiry highlights the need for the company to justify the selection of evaluation parameters and whether it harms the interests of minority investors [2]. - The company plans to apply for acquisition loans to cover part of the transaction price, raising questions about its cash flow impact [2]. Group 2: Financial Performance - The company's total revenue for the first three quarters of 2025 was 450 million yuan, representing a year-on-year decline of 57.79%, with a net loss attributable to shareholders of 151 million yuan [3]. - The company's stock has experienced unusual fluctuations, with a cumulative price increase exceeding 20% over two consecutive trading days [3]. - The company's price-to-book ratio stands at 7.30, significantly higher than the industry average of 3.09 [3]. Group 3: Business Operations - The company is engaged in the research, production, and sales of large-sized high-efficiency heterojunction photovoltaic cells [4]. - There are concerns regarding the company's ability to achieve expected returns from its recent investment in Guosheng Global New Energy (Tieling) Co., Ltd., which has not yet commenced actual operations [3]. - The uncertainty surrounding the performance commitments related to the acquisition of Tongling Fuyue Technology Co., Ltd. raises additional risks regarding business integration [3].