标的资产高增长“变脸”？溢价跨界收购后股价惨遭跌停

Core Viewpoint - Lionhead Co., Ltd. has announced a significant change in its acquisition plan for Lipu Technology, reducing the acquisition stake from 100% to 97.4399% due to unpaid share transfer payments by the founder [2][8]. The financial performance of Lipu Technology has also shown a notable decline, with the projected net profit for 2024 revised down from 43.27 million to 35.01 million, indicating a nearly 20% reduction [2][12]. Financial Performance - As of the end of 2023, Lipu Technology's asset-liability ratios were 83.8%, 74.92%, and 71.21% for the years 2023, 2024, and May 2025 respectively [3]. The company's revenue for the first five months of this year was 123 million, while its inventory reached 220 million, indicating a high inventory turnover issue [3][12]. - The net profit for Lipu Technology is projected at 35.01 million for 2024, with a performance commitment for 2025 set at "not less than 33 million," suggesting potential negative growth [12][13]. Acquisition Details - The acquisition involves purchasing 97.4399% of Lipu Technology's shares from 14 parties, with a total valuation of 679.8 million yuan, resulting in a price-to-earnings ratio of 19.42 [2][8]. The share issuance price for the new shares is set at 6.69 yuan, which is approximately 47% lower than the closing price on August 6 [8][12]. - The acquisition is structured with differentiated pricing for various transaction parties, with valuations ranging significantly, indicating a complex pricing strategy [18]. Strategic Intent - Lionhead Co., Ltd. aims to transform its business model by entering the machine vision sector through this acquisition, seeking to create a second growth curve and enhance its profitability [11][12]. However, the financial health of Lipu Technology raises concerns about the sustainability of this strategy given its high debt and inventory levels [10][12].