TOSPO(SH:603303) Chang Jiang Shang Bao·2026-01-14 02:53Core Viewpoint - Debang Lighting (603303.SH) aims to enhance its business performance through the acquisition of Zhejiang Jiali (Lishui) Industrial Co., Ltd., a new third board manufacturer of automotive lighting, for a total consideration of 1.454 billion yuan, which will make Jiali a subsidiary of Debang [1][3]. Group 1: Acquisition Details - The acquisition plan involves cash payment for the transfer of existing shares and subscription for new shares, with a total cost of 1.454 billion yuan [2][3]. - Debang will acquire 60.9171 million shares for 654 million yuan and subscribe for up to 102 million new shares, raising a maximum of 818 million yuan [3]. - Post-transaction, Debang will hold 67.48% of Jiali's shares, making it a controlling subsidiary, with Jiali's valuation at 2.219 billion yuan after the deal [3][4]. Group 2: Financial Performance and Risks - Jiali's revenue and net profit are projected to decline in 2024, with a reported revenue of 1.814 billion yuan and a net loss of 13.2374 million yuan in the first eight months of 2025 [1][5]. - Jiali's customer concentration is high, with over 60% of sales coming from the top five clients, raising concerns about asset quality and collection risks [1][7]. - Debang's financial metrics indicate a significant impact from the acquisition, with the total assets and liabilities expected to increase substantially, leading to a higher debt ratio [7].