明德生物两笔收购背后的隐忧：主业承压下的扩张赌局？

Group 1 - The core point of the article highlights the strategic acquisitions made by Mingde Biological, which are raising concerns due to the company's declining performance and the financial instability of the acquired targets [1][2]. - Mingde Biological has faced significant revenue declines post-COVID-19, with projected net profits for 2025 expected to drop by 75.85% to 83.9%, indicating a lack of operational strength [1]. - The company has chosen to acquire 51% of Hunan Lanyi for 35.7 million yuan, despite Hunan Lanyi having a negative net asset of -62.42 million yuan and continuous losses projected for 2024 and 2025 [1]. Group 2 - Mingde Biological emphasizes that the acquisition aims to achieve business synergy and complement the industrial chain, particularly in chronic disease management and glycosylated hemoglobin testing [1]. - There are concerns regarding whether the two financially pressured companies can truly create a "1+1>2" effect in a highly competitive IVD industry, especially given Mingde's own weak profitability [2]. - The acquisition includes a high-stakes performance guarantee, requiring Hunan Lanyi to achieve an average net profit of 20 million yuan from 2026 to 2028 for Mingde to acquire the remaining 49% stake, posing significant challenges [3]. Group 3 - The potential risks associated with the acquisition include the impact of failing to meet performance targets on future integration and the possibility of short-term strategies harming long-term health [3]. - Continuous acquisitions, such as the ongoing one for Wuhan Bikaier, may further increase Mingde Biological's financial and operational pressures during this industry adjustment period [3]. - The ability of Mingde Biological to balance short-term operational stability with long-term growth will be a critical challenge for its management [3].