据奥浦迈12月10日公告，公司以"发行股份+现金"方式收购澎立生物的交易方案，已于8日获上交所并购 重组委审议通过。这也是"并购六条"发布以来，A股首单同时落地"重组股份对价分期支付"与"私募投资 基金锁定期反向挂钩"两项创新机制的项目。 这次交易至少有三个方面值得市场关注。首先就是突破了传统的"一次性支付"。在以股份支付对价的部 分，奥浦迈首期只支付69.13%的股份，其余部分与业绩对赌挂钩，分三期支付。 这些失败的案例原因各不相同，但价格是绕不开的核心问题。价格太低，卖方不愿意卖，溢价太多，又 要牵涉到支付方式的选择、业绩对赌条款如何设计、业绩补偿如何兑现等问题。要解决的问题越多，达 成协议的难度就越大。并购对象可能股东众多，各自诉求不同，统一的定价很难获得股东的一致支持。 笔者留意到，奥浦迈公告提及，澎立生物财务投资者拿到的对价，是"经过交易各方多轮谈判"的结果， 其中难度之大可想而知。 上市公司的并购事项往往被视为利好，股价因此大涨的情况十分常见。如果并购告吹，股价则可能大幅 下跌。以奥拉股份为例，此前*ST双成也准备对其实施并购，上市公司股价一飞冲天，累计最大涨幅超 过7倍，但随着财务风险暴露、重组 ...

Core Viewpoint - The announcement details the change of the continuous supervision sponsor representative for Anhui Jinchun Nonwoven Fabric Co., Ltd. from Chen Lei to Wang Jianwei due to work changes, while ensuring that the supervision responsibilities continue without interruption [1][2]. Group 1: Change of Sponsor Representative - The original sponsor representative, Chen Lei, is replaced by Wang Jianwei from CITIC Jianan Securities for the ongoing supervision of the company's IPO project [1]. - The continuous supervision period is from August 24, 2020, to December 31, 2023, and the company has not yet fully utilized the raised funds from the IPO [1]. Group 2: Company’s Response to Shareholder Suggestions - The company received a shareholder suggestion letter regarding the acquisition of 51% of Anhui Jinsengyuan Material Technology Co., Ltd. for 51.918 million yuan [5][6]. - The target company reported revenues of 71.11 million yuan in 2024 and 23.17 million yuan from January to August 2025, with a projected decline in revenue for 2025 [6]. - The company has set performance commitments for the target company to ensure the protection of shareholder interests, with net profit commitments of 700,000 yuan, 1.2 million yuan, and 1.3 million yuan for 2025 to 2027 [6][12]. Group 3: Transaction Details and Valuation - The acquisition price for the 51% stake in the target company is set at 51.918 million yuan, with a valuation increase of 71.65 million yuan, representing a 237.66% increase [6][9]. - The static price-to-earnings ratio for the transaction is 12.01, which is lower than the industry average of 15.04, indicating a reasonable valuation [10]. Group 4: Performance Commitment and Payment Terms - The transaction includes performance commitments and a structured payment plan based on the achievement of these commitments, with payments scheduled at 60%, 30%, and 10% over the commitment period [13][14]. - The performance commitments are designed to align the interests of the company and its shareholders, ensuring that the target company meets its financial goals [12][17]. Group 5: Company’s Financial Health - The company has a strong cash position, with 384.9 million yuan in cash as of September 30, 2025, ensuring that the acquisition will not adversely affect its financial status [18]. - The structured payment terms are intended to mitigate financial pressure while ensuring compliance with performance commitments [18].