评估增值率238%！华峰铝业1亿元收购控股股东旗下负资产公司 到底为啥？

Core Viewpoint - Huafeng Aluminum Industry plans to acquire 100% equity of Shanghai Huafeng Puen Polyurethane Co., Ltd. for approximately 100 million yuan despite the target company's negative net assets of -72.38 million yuan, indicating a high valuation driven by urgent capacity expansion needs [2][3][4]. Group 1: Acquisition Details - The acquisition involves Huafeng Aluminum purchasing a company that is currently inactive and has a net asset value of -72.38 million yuan, yet it has an assessed value of 100.06 million yuan, resulting in a valuation increase of 238.25% [3][4]. - The target company, established in 2008, specializes in the production and research of polyurethane insulation materials but has been underperforming, leading to its current inactive status [2][3]. - Huafeng Aluminum will also indirectly assume the target company's debt of 126 million yuan, potentially raising the total cost of the acquisition to over 220 million yuan [5][4]. Group 2: Strategic Rationale - The acquisition is strategically aimed at alleviating the current tight storage and production capacity issues faced by Huafeng Aluminum due to high order volumes [7][8]. - The location of Huafeng Puen, adjacent to Huafeng Aluminum, provides significant logistical advantages, allowing for better material flow and storage solutions [6][8]. - Post-acquisition, Huafeng Aluminum plans to discontinue Huafeng Puen's existing business and repurpose its facilities for the research and production of aluminum thermal transmission materials, thereby enhancing production efficiency and capacity [7][8]. Group 3: Financial Performance - In the first three quarters of 2025, Huafeng Aluminum reported a revenue of 9.11 billion yuan, reflecting an 18.63% year-on-year increase, and a net profit of 896 million yuan, up 3.24% year-on-year [7].