Core Viewpoint - Tianyuan Pet (301335.SZ) has received an inquiry letter from the Shenzhen Stock Exchange regarding its asset acquisition and fundraising application, specifically questioning the income approach assessment of the target asset, Taotong Technology [1] Group 1: Asset Valuation - The original valuation of Taotong Technology was 777 million yuan, which has been adjusted to 723 million yuan, a decrease of approximately 54 million yuan [1] - The valuation adjustment is primarily due to the expiration of a distribution contract with a key partner, "Company B," in August 2025, which directly impacts future revenue forecasts [1] - Despite new brand partnerships partially offsetting losses, revenue forecasts for 2025 and 2026 have been reduced by 3.98% and 13.39%, respectively, with the impact narrowing in subsequent years [1] Group 2: Financial Metrics and Predictions - The assessment report incorporates actual operational data post-evaluation date, indicating that revenues from pet food brands A and B exceeded expectations, supporting the cautious nature of the valuation [1] - Gross margin predictions consider brand pricing power, industry competition, and changes in product mix, with high-margin pet food now accounting for 49% of the total [1] - The future gross margin is expected to exhibit a "decline followed by an increase," which is deemed reasonable [1] - The calculation of operating expenses is based on historical ratios, with sensitivity analysis showing that fluctuations in sales expenses have a more significant impact on the valuation results [1] - The discount rate used in the valuation aligns with industry norms, and tax predictions take into account the sustainability of high-tech enterprise qualifications [1]
天元宠物资产收购评估值下调6.95%遭问询 坤元资产回复