SXN(SH:600661) Shang Hai Zheng Quan Bao·2025-11-26 19:08Core Viewpoint - The company announced a significant acquisition of Shanghai Leyou, aiming to enhance its strategic positioning in the aging economy sector while addressing investor concerns regarding the high premium paid for the acquisition and the associated risks [1][2][4]. Group 1: Acquisition Details - The company plans to acquire 100% of Shanghai Leyou for 38 million yuan, despite Leyou's negative net asset value of -9.1295 million yuan, resulting in a premium rate of 516.23% [2]. - The acquisition is seen as a strategic move to achieve business synergy, leveraging Leyou's established market presence in the tourism sector to enhance the company's offerings for the elderly demographic [2][4]. - The company has set performance targets for Leyou, requiring a combined revenue of at least 480 million yuan and a net profit of 5 million yuan from 2025 to 2028, which poses a significant challenge given Leyou's current losses [2][4]. Group 2: Board and Investor Concerns - During the board meeting, four out of eleven directors abstained from voting on the acquisition, citing concerns over business synergy and project clarity [3][4]. - The company acknowledged these concerns and emphasized the importance of strategic alignment and the potential for Leyou to contribute positively to the company's core education business [3][4]. Group 3: Future Plans and Financial Performance - The company reported substantial profit growth in the first three quarters of 2025 and is optimistic about maintaining this growth trajectory [5]. - Plans for 2026 include setting specific revenue targets and expansion strategies, although details will be disclosed in future announcements [5]. - The company is committed to increasing its investment in research and development, particularly in educational technology and course development, despite a decrease in R&D expenses in the previous quarter [6]. Group 4: Market Position and Shareholder Engagement - The company is actively exploring opportunities in the silver economy, with plans to open additional locations for its "Happy Community" initiative, which currently has four stores [8]. - The company is aware of its stagnant stock price despite a bullish market and attributes this to various external factors, including macroeconomic conditions and market liquidity [8]. - Future decisions regarding shareholder dividends will be based on operational performance, cash flow, and development plans [7].