Qianjing Landscape(SH:603778) Mei Ri Jing Ji Xin Wen·2025-12-09 11:20Core Viewpoint - Guosheng Technology is attempting to expand into the lithium battery structural components sector through an acquisition, despite its photovoltaic business not being stable, which has raised inquiries from the Shanghai Stock Exchange [1] Group 1: Business Performance - Guosheng Technology's main businesses are photovoltaic and ecological landscaping, with the photovoltaic segment generating revenue of 308 million yuan and a cost of 344 million yuan in the first half of 2025, resulting in a negative gross profit [2] - The company has been experiencing significant revenue declines, with continuous losses over the years [1][2] Group 2: Acquisition Rationale - The acquisition of Fuyue Technology is seen as a strategic move to create a second growth curve for the company, aligning with its "wind-solar-storage" integrated development strategy [3] - Fuyue Technology operates in the lithium battery sector, which is considered a sunrise industry with promising growth potential, and its products are expected to meet national industrial development directions [3] Group 3: Funding for Acquisition - The total transaction price for the acquisition is 241 million yuan, with funding sourced primarily from acquisition loans covering at least 80% of the total price, amounting to 192 million yuan [5][6] - The seller will provide a performance compensation guarantee of 20% of the transaction price, effectively offsetting the need for the company to use its own funds for the acquisition [6] Group 4: Financial Projections and Assurances - Guosheng Technology expects to receive performance compensation from Guosheng Energy totaling 104 million yuan by the end of 2026, which will aid in loan repayment [8] - Fuyue Technology is projected to generate approximately 60 million yuan in free cash flow from 2025 to 2028, indicating potential for future profitability [8]