BRIGHT DAIRY(SH:600597) Shen Zhen Shang Bao·2025-12-01 01:59Core Viewpoint - On November 28, Guangming Dairy announced plans to acquire 40% of the shares of Xiaoxiniu from Huzhou Fuxin for 500 million RMB, despite Xiaoxiniu's significant performance decline this year, with its net profit for the first eight months falling below half of the performance commitment average [1][3]. Group 1: Acquisition Details - Guangming Dairy will purchase 40% of Xiaoxiniu's shares for 500 million RMB, a reduction from the originally agreed price of 622 million RMB based on performance metrics [3]. - The acquisition follows a previous purchase of 60% of Xiaoxiniu's shares for 612 million RMB in 2021, which included performance-based clauses [2][3]. - Xiaoxiniu's performance commitment period is from 2022 to 2024, with an average net profit commitment of over 72.19 million RMB [3]. Group 2: Financial Performance - Xiaoxiniu's net profit for the first eight months of this year was approximately 30% of last year's total, indicating a significant decline [4]. - For 2024 and the first eight months of 2025, Xiaoxiniu's net profits are projected to be 104 million RMB and 34.58 million RMB, respectively [4]. - Guangming Dairy's liquid milk revenue has been under pressure, with a reported decline in revenue of 0.99% year-on-year for the first three quarters of this year [6][9]. Group 3: Market Position and Strategy - Xiaoxiniu specializes in dairy product development, production, and sales, focusing on highland characteristics, with products including ambient milk and yogurt [3][5]. - Guangming Dairy has leveraged its distribution channels in East and South China to enhance Xiaoxiniu's sales performance [5]. - The company has established a mature channel system in Qinghai and surrounding cities, with potential for high-end product sales [6]. Group 4: Financial Health of Guangming Dairy - As of the third quarter, Guangming Dairy reported total liabilities of 11.39 billion RMB and an asset-liability ratio of 50.90% [11]. - The company's core product, liquid milk, saw a revenue decrease of 8.57% year-on-year, totaling 10.15 billion RMB for the first nine months of 2025 [10]. - Guangming Dairy's stock price has remained relatively stable, closing at 8.23 RMB per share on November 28, with a market capitalization of approximately 11.35 billion RMB [11].