Huangshanghuang(SZ:002695) 21世纪经济报道·2025-08-12 10:59Core Viewpoint - The article discusses the recent stock market performance of Huangshanghuang and its high-premium acquisition of Lixing Food, highlighting the potential risks and challenges associated with the acquisition strategy [1][2]. Group 1: Company Performance - Huangshanghuang's stock price fell sharply after a high-premium acquisition announcement, closing at 14.35 yuan per share, with a total market value of 8.028 billion yuan [1]. - The company experienced a 20.94% increase in stock price over the five trading days prior to the announcement [1]. - In 2024, Huangshanghuang reported a revenue of 1.739 billion yuan, a year-on-year decrease of 9.44%, and a net profit of 40 million yuan, down 42.86% [2]. - For the first half of 2025, the company’s net profit was 77 million yuan, but revenue still declined by 7.19% to 984 million yuan [2]. Group 2: Acquisition Details - Huangshanghuang plans to acquire 51% of Lixing Food for 494.7 million yuan, representing a premium of approximately 250% over Lixing Food's net assets as of June 2025 [1]. - The acquisition is aimed at expanding business scope, with Lixing Food being a leading player in the freeze-dried food sector, holding military orders and having products in major supermarkets [1][2]. - Lixing Food's projected net profits for 2025-2027 are set at no less than 75 million, 89 million, and 100 million yuan respectively, totaling 264 million yuan, which exceeds its current profit levels [1][2]. Group 3: Historical Context - This is the second acquisition attempt by Huangshanghuang in eight months, following a failed attempt to acquire Zhancui Food due to disagreements with the controlling shareholder [2][3]. - The collaboration between Huangshanghuang and Lixing Food has historical roots, as they previously co-developed a freeze-dried technology product in 2021 [3].