国晟科技跨界“续命” 溢价11倍收购的锂电外壳里装着什么旧账？

Core Viewpoint - The story of Guosheng Technology highlights the phenomenon of companies in the photovoltaic industry struggling to survive, resorting to high-premium acquisitions in popular sectors as a potential lifeline amidst fierce competition and financial distress [1][2]. Group 1: Company Financial Struggles - Guosheng Technology has reported continuous losses for five years, with a total loss exceeding 600 million yuan from 2020 to 2024, and its core photovoltaic business has a gross margin of -0.82% in 2024 despite revenue growth [2][3]. - The company's asset-liability ratio reached 70.52% by the end of Q3 2025, with cash reserves of only 273 million yuan, indicating a severe financial strain [3]. Group 2: Acquisition Details - Guosheng Technology announced a plan to acquire 100% of the shares of Tongling Fuyue Technology Co., Ltd. for 240.6 million yuan, representing a staggering premium of 1167.27% over the target company's net assets of 18.99 million yuan [4]. - The target company, Fuyue Technology, is a newly established entity with a history of losses and is linked to a complex web of old assets and legal issues, raising questions about the true value of the acquisition [5]. Group 3: Regulatory Scrutiny and Market Reaction - Following the acquisition announcement, the Shanghai Stock Exchange issued an inquiry focusing on the fairness of the transaction, potential conflicts of interest, and the impact of acquisition loans on the company's cash flow [6]. - Guosheng Technology's stock experienced significant volatility, with multiple trading halts and a surge in price prior to the acquisition announcement, prompting concerns about possible insider trading [6]. Group 4: Broader Industry Context - The photovoltaic industry is facing structural overcapacity and intense competition, leading to price wars and a shift in policy towards innovation and cost reduction rather than mere capacity expansion [2][3]. - The case of Guosheng Technology reflects a broader trend of companies seeking new growth avenues through aggressive acquisitions, raising concerns about the sustainability and underlying value of such strategies in a challenging market environment [7].