Layn(SZ:002166) Jing Ji Guan Cha Wang·2026-02-12 05:27Core Viewpoint - The company is undergoing a change in control and asset acquisition, aiming for vertical integration of its supply chain through the acquisition of 95.5% of Beijing Jinkangpu's shares [1][2]. Group 1: Control Change and Management - The company plans to resume trading on December 24, 2025, and will initiate a control change and a comprehensive transaction plan [2]. - The original controlling shareholder intends to transfer 8.09% of shares and relinquish voting rights for 25.5% of shares, with Guangzhou Defu Nutrition Investment Partnership becoming the new controlling shareholder [2]. - As of February 10, 2026, the share transfer agreement and asset audit are progressing as planned, with the company committing to disclose updates every 30 days [2]. Group 2: Project Advancement - The acquisition is aimed at downstream vertical integration, focusing on synergy in technology, market, and raw materials [3]. - Beijing Jinkangpu possesses advantages in formula development and customer networks, which may enhance the company's application solution capabilities and customer loyalty post-acquisition [3]. - The effectiveness of the integration and the pace of business expansion will be key areas for long-term observation [3]. Group 3: Strategic Development - The company will continue to focus on high-quality market targets around its core business of natural health ingredients, considering both horizontal and vertical integration opportunities [4]. - The resources from Defu Capital may facilitate the company's transformation from a raw material supplier to a platform enterprise, potentially leading to governance optimization and resource integration [4]. Group 4: Capacity Expansion - The company has completed global capacity layout, but the new factories have a short operational history, resulting in low current capacity utilization [5]. - Future capacity release will depend on sales growth of core products, expansion into new categories, and the rollout of synthetic biology technology products [5].