业绩低迷，“卤味第一股”重启收购

Core Viewpoint - The acquisition of 51% stake in Lixing Food by Huangshanghuang for 4.95 billion yuan is expected to significantly enhance the company's net profit and overall financial performance [2][4]. Group 1: Acquisition Details - Huangshanghuang plans to acquire 51% of Lixing Food for 4.947 billion yuan, which will grant it controlling interest in the company [2][4]. - The acquisition will allow Lixing Food to be included in Huangshanghuang's consolidated financial statements, potentially boosting its net profit [4][9]. - Lixing Food specializes in OEM/ODM processing services and has a diverse product range, including freeze-dried foods, which are popular both domestically and internationally [5][6]. Group 2: Financial Performance - In the first half of the year, Huangshanghuang reported a net profit of 76.92 million yuan, while Lixing Food's net profit was 41.88 million yuan, indicating a strong potential for profit enhancement post-acquisition [4][7]. - Lixing Food's projected revenue for 2024 is 415 million yuan, with a net profit of approximately 42.22 million yuan, and for the first half of 2025, it is expected to generate 251 million yuan in revenue with a net profit of 41.88 million yuan [7][11]. - The total assets of Lixing Food as of June 30, 2025, are approximately 505.33 million yuan, with total liabilities of about 227.95 million yuan [8]. Group 3: Valuation and Performance Commitments - The valuation of Lixing Food's 100% equity is set at 970 million yuan, with a premium of about 250% for the 51% stake based on its net assets [11]. - The sellers have committed to performance guarantees, ensuring that Lixing Food's net profit for 2025, 2026, and 2027 will not be less than 75 million, 89 million, and 100 million yuan respectively, totaling a cumulative net profit of 264 million yuan over three years [11]. - Huangshanghuang's revenue has been declining since 2020, with a significant drop in net profit, but there are signs of recovery with a net profit of 68.1 million yuan in the first half of 2025 [12].