MGI(SH:688114) Bei Jing Shang Bao·2026-02-03 11:03Core Viewpoint - BGI Genomics (688114) plans to acquire 100% equity of two companies, Shenzhen BGI Sanjian Qifa Technology Co., Ltd. and Hangzhou BGI Xufeng Technology Co., Ltd., for a total of 366 million yuan, integrating cutting-edge technologies in spatial omics and nanopore sequencing into its business [2][4]. Group 1: Acquisition Details - The total transaction price for the acquisition is 366 million yuan, with BGI Sanjian Qifa valued at 158 million yuan and BGI Xufeng at 208 million yuan [4]. - BGI Genomics will also inject 70 million yuan and 60 million yuan into BGI Sanjian Qifa and BGI Xufeng, respectively, to support their operations and business expansion [4]. - A loan of 70 million yuan will be provided to BGI Xufeng at an interest rate of 2.5% for three years to repay debts [4]. Group 2: Financial Performance and Projections - Both BGI Sanjian Qifa and BGI Xufeng are currently in the R&D phase and have not yet achieved profitability, with projected revenues of 607.43 million yuan and 279.96 million yuan for BGI Sanjian Qifa in 2024 and 2025, respectively [6]. - BGI Xufeng is expected to generate revenues of 440.23 million yuan and 661.38 million yuan in the same periods, with significant net losses reported [6]. - Profitability is anticipated for BGI Sanjian Qifa and BGI Xufeng by 2026 and 2028, respectively, with performance commitments set for net profits during these years [7][11]. Group 3: Strategic Implications - The acquisition will enable BGI Genomics to create a comprehensive technology chain covering short-read, long-read, and spatial omics technologies, positioning it uniquely in the global market [6][8]. - The integration of these technologies is expected to enhance BGI Genomics' competitive edge and profitability in the long term, potentially serving as a new growth engine [7][8]. - The strategic alignment of BGI Sanjian Qifa's spatial omics with BGI Genomics' existing platforms is anticipated to attract new customers and meet complex research needs [8]. Group 4: Valuation and Market Considerations - The valuation of BGI Sanjian Qifa shows a high appreciation rate of 2460.66%, while BGI Xufeng has a valuation increase of 296.55% [9][10]. - The assessment of these companies considers not only tangible assets but also intangible resources such as brand, technology, and customer relationships [10]. - The transaction is viewed as having a strong cost advantage compared to industry peers, with dynamic price-to-sales ratios around 3 times lower than comparable companies in their respective fields [10].