HJHS(SH:603616) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-17 02:13Core Viewpoint - The company, Han Jian He Shan, is under scrutiny for its acquisition of Qingqing Environmental Protection, which was made at a significantly high premium, raising questions about the prudence of the decision given the subsequent poor performance of the acquired entity [1][2]. Group 1: Acquisition Details - The acquisition of Qingqing Environmental Protection was completed in 2018 for 320 million yuan, representing a premium of 1833.38% over its valuation [1]. - The company claims the acquisition was driven by diversification needs and favorable policies in the environmental sector, with the transaction price being lower than the assessed value of 326 million yuan [2]. Group 2: Performance and Financial Issues - Qingqing Environmental Protection was expected to achieve a net profit of no less than 120 million yuan during the performance commitment period but only managed to report 123 million yuan, which was later adjusted down to 106 million yuan due to accounting errors [1]. - As of the end of 2024, Qingqing Environmental Protection has 115 million yuan in accounts receivable that are over four years old, with 81.23 million yuan of this amount remaining uncollected [1][2]. Group 3: Response to Regulatory Concerns - The company attributes the poor performance of Qingqing Environmental Protection from 2022 to 2024 to the completion of ultra-low emissions transformation in the steel industry, economic downturn, and increased competition [2]. - The company has taken measures to recover the outstanding accounts receivable, which it claims are primarily due to clients facing financial difficulties [2].