Core Viewpoint - The acquisition of 52% stake in Fagor Aiderlan by Doli Technology raises concerns due to the significant pre-transaction dividend and the company's declining financial performance [1][2][4] Financial Performance - Doli Technology reported a revenue of 3.592 billion yuan in 2024, a decrease of 8.19% year-on-year [2] - The net profit attributable to shareholders was 425 million yuan, down 14.43% compared to the previous year [2] - The gross profit margin was 21.08%, a decline of 2.13 percentage points year-on-year [2] - In Q1 2025, total revenue was 873 million yuan, an increase of 11.82% year-on-year, but net profit decreased by 17.10% to 95.27 million yuan [2] Inventory and Operational Efficiency - Doli Technology's inventory reached 808 million yuan in 2024, an increase of 43% year-on-year, with inventory turnover days rising to 87 days, up 24% [3] - The increase in inventory may indicate declining product competitiveness or changes in market demand, posing risks in a sensitive industry like automotive parts [3] Governance and Regulatory Issues - The company faced regulatory scrutiny for governance issues, including non-compliance in the use of raised funds and internal control deficiencies [3] - The financial advisor and representatives received warnings for inadequate diligence during the IPO process, raising concerns about the company's internal controls [3] Acquisition Rationale - Doli Technology stated that the acquisition aims to enhance product structure, improve business layout, and advance internationalization [3] - The target company, Fagor Aiderlan, specializes in aluminum alloy casting and is a designated supplier for BMW and Mercedes [3] Strategic Timing Concerns - Questions arise regarding the appropriateness of pursuing international expansion given the company's declining net profit and worsening inventory turnover efficiency [4] - The substantial pre-transaction dividend raises concerns about potential harm to the interests of the listed company [4]

洛阳钼业：拟30亿元收购一储量359吨的海外金矿 智通财经4月22日电，智通财经记者从洛阳钼业相关人士处获悉，公司拟通过海外实体以全现金方式收 购加拿大上市公司Lumina黄金全部已发行和未发行的所有普通股，交易总价约为5.81亿加元（折合人民 币约30亿元）。本次收购的核心资产为位于厄瓜多尔Cangrejos金矿项目100%股权。据预可研报告， Cangrejos保有资源量13.76亿吨，金平均品位0.46g/t，内蕴黄金金属638吨；储量6.59亿吨，金平均品位 0.55g/t，内蕴黄金金属359吨。未来矿山寿命预计26年。（智通财经记者 梁祥才） ...