格林美4亿再购河南循环集团部分股权 高负债下“双向交易”为哪般？

Core Viewpoint - Greeenmei plans to acquire a 16.38% stake in Henan Recycling Technology Industry Group for 400 million RMB to enhance its circular industry strategy [1] Group 1: Investment Details - The acquisition is part of a series of "two-way transactions" between Greenmei and Henan Recycling Group, which includes previous asset sales by Greenmei [1] - Henan Recycling Group, fully owned by Henan Investment Group, operates in various sectors including electronic waste dismantling and scrap vehicle recycling [1] - Greenmei's investment comes at a time when it faces financial challenges, with a reported revenue of 9.937 billion RMB for Q3 2025, a year-on-year increase of 31.89% [1] Group 2: Financial Performance - Despite revenue growth, Greenmei's gross margin has been under pressure, with a gross margin of 12.48% in mid-2025, down 7.65 percentage points year-on-year [1] - As of Q3 2025, Greenmei's interest-bearing debt reached 32.18 billion RMB, a 37.76% increase, significantly outpacing the 10.55% revenue growth [2] - The company's liquidity is concerning, with a cash-to-current liabilities ratio of only 20.99% and cash constituting just 7.03% of total assets [2] Group 3: Asset Transactions - The investment is structured as a "asset integration + equity cooperation" model, indicating a collaborative approach rather than a one-sided investment [2] - Prior to the 400 million RMB acquisition, Greenmei had transferred shares of three companies to Henan Recycling Group in December 2024 [2] - In October 2025, Henan Recycling Group acquired certain electronic waste and plastic recycling assets from Greenmei, including 100% equity of Jiangxi Green Recycling Materials Co., Ltd. for 280 million RMB [3] Group 4: Henan Recycling Group's Status - As of January to September 2025, Henan Recycling Group reported revenues of 67.30 million RMB but incurred a net loss of 1.63 million RMB [5] - The investment by Greenmei targets a company that is currently operating at a loss and has a relatively limited scale [6] - Post-transaction, Henan Recycling Group will be classified as an associate company of Greenmei, meaning it will not be included in Greenmei's consolidated financial statements [6]