索辰科技1.9亿元现金收购亏损企业：1152%评估增值率下的豪赌|并购谈

Core Viewpoint - A loss-making company, Suochen Technology, has acquired a 60% stake in another loss-making industrial software firm, Likong Technology, for 192 million yuan, with an impressive valuation increase rate of 1151.92% [1][2][8] Group 1: Acquisition Details - Suochen Technology, known as the "first domestic CAE software stock," is acquiring Likong Technology through its wholly-owned subsidiary [1][7] - Likong Technology has been continuously losing money over the past two years, yet it has a valuation of 3.24 billion yuan, which represents a significant drop of over 75% in valuation within a year [3][10] Group 2: Financial Performance - Likong Technology's revenue for 2023, 2024, and the first half of 2025 is reported as 250 million yuan, 217 million yuan, and 68 million yuan, respectively [3][10] - The net profit attributable to the parent company for the same periods shows losses of 41.55 million yuan, 34.80 million yuan, and 13.05 million yuan [3][10] Group 3: Valuation Fluctuations - In September 2024, Sinopec Capital attempted to sell its 8.33% stake in Likong Technology at a base price of 108 million yuan, indicating a valuation of approximately 1.296 billion yuan at that time [3][10] - The current transaction's valuation of 324 million yuan indicates a drastic reduction in the company's worth over the past year [3][10] Group 4: Performance Commitments - The transaction features differentiated pricing, with core management's valuation of Likong Technology at 271 million yuan, while financial investors have higher valuations ranging from 510 million yuan to 525 million yuan [4][11] - The sellers have made explicit performance commitments for Likong Technology, promising net profits of no less than 20 million yuan, 28.4 million yuan, and 32.4 million yuan for the years 2025 to 2027 [4][11] Group 5: Strategic Implications - The acquisition is viewed as a strategic move for Suochen Technology to seek business breakthroughs despite its own performance pressures, as it has faced stock price declines since its debut on the Sci-Tech Innovation Board [5][12]