只因多氟多一个订单，国晟科技就敢贷款8成 11倍溢价收购这家“初创”企业？

Group 1 - The core of the news revolves around the acquisition of Fuyue Technology by Guosheng Technology at an 11-fold premium, raising concerns about the rationale behind such a high valuation for a company with minimal net assets [1][3][4] - Guosheng Technology's main business is in photovoltaic cells and plants, and it is now venturing into solid-state batteries, planning to build a 10GWh solid-state battery manufacturing project [3][24] - The market response to this acquisition is polarized, with some viewing it as a significant positive for Guosheng Technology, while others suspect it may be a case of profit transfer or stock price manipulation [1][4][5] Group 2 - Fuyue Technology, which specializes in high-precision aluminum shell materials for lithium-ion batteries, reported a revenue of 74.83 million yuan in the first eight months of 2025, indicating it is a small player in a highly competitive market [9][10][27] - The leading companies in the battery structure component industry are Keda Li and Zhenyu Technology, with Keda Li holding a global market share of approximately 30% and over 50% in China, showcasing significant competitive advantages that Fuyue Technology lacks [8][27] - Fuyue Technology's net profit margin of 13.48% in the first eight months of 2025 is notably high compared to industry standards, raising questions about its sustainability and competitive positioning [10][29] Group 3 - The acquisition involves a performance commitment from Fuyue Technology's sellers, promising net profits of 20 million yuan, 30 million yuan, and 40 million yuan for the years 2026, 2027, and 2028, respectively, totaling 90 million yuan [32][33] - Guosheng Technology plans to finance 80% of the acquisition through loans, which will increase its debt ratio significantly, raising concerns about financial stability [34][35] - The relationship between Fuyue Technology and its major customer, identified as the listed company Duofluo, is uncertain, particularly regarding future orders beyond the signed 2026 procurement framework agreement [12][31][35]