裕同科技出海新动作：拟斥资5348万元控股匈牙利老牌包装企业 设两年考核红线

Core Viewpoint - The acquisition of 60% stake in Gelbert Eco Print by Yutong Technology for €654.37 million (approximately RMB 53.48 million) represents a strategic move to enhance its global capacity and local service capabilities in Europe, amidst the ongoing global supply chain restructuring [2][3]. Group 1: Acquisition Details - Yutong Technology's subsidiary, Hong Kong Yutong Printing Co., Ltd., will acquire 60% of Gelbert, with the transaction valuing the company at an EBITDA multiple of approximately 6.4 times based on 2024 audited figures [2][3]. - The acquisition includes a "retained purchase price" mechanism linked to Gelbert's financial performance in 2026 and 2027, allowing Yutong to withhold part of the payment if performance targets are not met [2][6]. Group 2: Financial Performance of Gelbert - Gelbert is projected to achieve a revenue of RMB 63.13 million and an EBITDA of RMB 13.93 million in 2024, with total assets of RMB 59.93 million and net assets of RMB 15.25 million as of May 31, 2025 [3][4]. Group 3: Strategic Significance - The acquisition is seen as a critical step in Yutong's global capacity layout, aiming to integrate its advanced manufacturing capabilities with Gelbert's local resources to better serve international clients [3][4]. - This move is expected to enhance Yutong's localized service capabilities and open new growth opportunities in the European market [4]. Group 4: Shareholding Structure Changes - Post-transaction, Hong Kong Yutong will become the controlling shareholder with 60% ownership, while the original major shareholder, Gellér Management Kft, will reduce its stake to 40%, and the minor shareholder, J&N CONSULTING, will exit entirely [4][5]. Group 5: Risk Mitigation Measures - Yutong has implemented multiple safeguards, including performance-based payment structures and non-compete agreements with Gelbert's founders, to mitigate integration risks and ensure business continuity [6][7].