FAWER(SZ:000030) Xin Lang Cai Jing·2025-12-05 13:22Core Viewpoint - The acquisition of the remaining 49% stake in FAW Valeo Automotive Air Conditioning Co., Ltd. by Fawer Co., Ltd. for a symbolic price of 2 yuan raises concerns due to the target company's significant losses and the potential financial burden on Fawer Co. [1][2][5] Group 1: Acquisition Details - Fawer Co. completed the acquisition of the remaining 49% stake in FAW Valeo for a total price of 2 yuan, with 1 yuan paid for a 36.5% stake from Valeo Cooling Systems and 1 yuan for a 12.5% stake from Itochu Corporation [1] - The acquired company has been renamed Fawer Huaiqi Automotive Thermal Management Systems (Changchun) Co., Ltd. and will operate as a wholly-owned subsidiary of Fawer Co. [1] - The acquisition is positioned as a move into the "Joint Venture Cooperation 2.0 Era," indicating a shift in management control [1] Group 2: Financial Performance of the Target Company - FAW Valeo reported a net loss of 18.847 million yuan in 2024, with losses accelerating to 17.4493 million yuan in the first half of 2025, nearing the previous year's total loss [2] - The market has expressed skepticism regarding the acquisition, with concerns about potential hidden liabilities behind the low purchase price [2] Group 3: Fawer Co.'s Financial Situation - Fawer Co. reported a 5.50% year-on-year increase in revenue to 12.143 billion yuan for the first three quarters of 2025, but net profit attributable to shareholders decreased by 0.92% to 440 million yuan [3] - The company's accounts receivable reached 4.429 billion yuan, with a declining turnover rate from 5.43 times in 2021 to 2.96 times in 2025, indicating weakened cash recovery ability [3] - Non-recurring income accounted for 57.1% of net profit in the first half of 2025, highlighting limited profitability from core operations [3] Group 4: Asset Management Strategy - Fawer Co. recently divested a 40% stake in Changchun Fawer Wan'an Brake Control Systems Co., Ltd. for 26.222 million yuan, citing the need to optimize resource allocation by shedding non-core assets [4] - The contrasting strategies of divesting a relatively healthy asset while acquiring a loss-making entity raise questions about the overall impact on Fawer Co.'s financial health [5] - The newly acquired FAW Valeo, despite being labeled a "core strategic vehicle," is characterized by poor operational status and significant losses, which may further pressure the company's profitability [5]