Core Viewpoint - Beijing Hailanxin Data Technology Co., Ltd. plans to acquire 100% equity of Hainan Hailan Huanyu Ocean Information Technology Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds for this transaction [1][2]. Company Overview - Hainan Hailan Huanyu Ocean Information Technology Co., Ltd. was established on November 17, 2016, with a registered capital of 121.96 million RMB, focusing on marine services, environmental services, meteorological services, big data services, and software development [1][2]. - The company aims to become a leader in China's smart maritime defense sector, providing advanced radar monitoring products and information services [2]. Performance Summary - The reported operating revenues for the target company were 189.30 million RMB, 260.29 million RMB, and 177.40 million RMB for the years ending December 31, 2023, December 31, 2024, and March 31, 2025, respectively [3][4]. - The net profit figures were 21.39 million RMB, -11.62 million RMB, and -13.15 million RMB for the same periods, indicating fluctuations in profitability [4][5]. Revenue Composition - The main business revenue for the target company constituted 99.99% of total revenue, with other business income being negligible [4][5]. - The revenue breakdown shows that radar monitoring products and services accounted for significant portions of the total revenue, with radar monitoring information services contributing 72.66% in the latest reporting period [5][6]. Gross Margin Analysis - The gross margins for the main business were reported at 39.31%, 44.10%, and 10.65% for the respective periods, with improvements noted in the gross margin for radar monitoring products due to price increases [5][6]. - The decline in gross margin for radar monitoring information services was attributed to fixed costs associated with depreciation [5][6]. Sales Performance Verification - The independent financial advisor conducted a thorough verification of the sales revenue, including interviews, document checks, and analytical procedures to ensure the authenticity of the reported figures [6][7]. - The verification process included examining internal control systems, revenue recognition policies, and supporting documentation for sales transactions [6][7]. Expense Overview - The total expenses for the target company were 131.17 million RMB, 88.35 million RMB, and 18.86 million RMB, with the proportion of expenses to operating revenue being 106.31%, 33.94%, and 69.29% respectively [8][9]. - Significant portions of the expenses were attributed to sales, management, and research and development costs, with sales expenses constituting nearly 50% of operating revenue in the latest period [8][9].