Jiamei Packaging(SZ:002969) Di Yi Cai Jing·2025-12-18 11:20Core Viewpoint - The acquisition of Jia Mei Packaging by Zhu Yue Hong Zhi through a combination of share transfer and tender offer has raised speculation about potential reverse mergers in the robotics sector, as it marks the third instance this year of a primary market robotics company gaining control of a secondary market listed company [2][3][6]. Group 1: Acquisition Details - On December 16, Jia Mei Packaging announced that its controlling shareholder plans to transfer 29.9% of its shares to Zhu Yue Hong Zhi, which will also make a tender offer for an additional 25% of shares [2][3]. - The share transfer price is set at 4.45 yuan per share, totaling approximately 1.243 billion yuan, which is slightly below the closing price before the suspension [3]. - After the completion of the transactions, Zhu Yue Hong Zhi will hold 54.9% of Jia Mei Packaging, becoming the new controlling shareholder [3]. Group 2: Financial Performance and Commitments - Jia Mei Packaging has committed to maintaining a net profit of no less than 120 million yuan annually from 2026 to 2030, with cash compensation required if this target is not met [4]. - The company's net profits for the past three years were 17 million yuan, 154 million yuan, and 183 million yuan, indicating rapid growth, but there are concerns about a significant decline in performance in 2025 [4]. - In the first three quarters of 2025, Jia Mei Packaging reported revenues of approximately 2.039 billion yuan, a year-on-year decrease of 1.94%, and a net profit of about 39.16 million yuan, down 47.25% year-on-year [4]. Group 3: Market Implications and Trends - The acquisition has sparked speculation about potential reverse listings for Zhu Yue Hong Zhi's parent company, Duying Technology, which is a leading player in the domestic robotic vacuum market [5]. - Duying Technology holds a 12.4% share of the global market for robotic vacuums as of the first three quarters of 2025, ranking third [5]. - The trend of primary market technology companies acquiring control of secondary market listed companies is becoming more common, with similar cases observed in other robotics firms [6][7].