近期，万辰集团发布《重大资产购买暨关联交易实施情况报告书》，完成以支付现金方式收购南京万优 商业管理有限公司49.00%股权交易。 这笔交易并非简单的现金收购，而是一套"现金收购+股权转让+表决权委托"的组合拳。作为交易的一 部分，公司股东福建农开发、漳州金万辰及实控人王泽宁等，将向南京万优原实控人周鹏转让上市公司 989万股股份（占总股本5.27%）。为巩固控制权，周鹏及其配偶在获得股份后，拟将合计持有的6.55% 股份表决权委托给董事长兼总经理王泽宁行使。 这笔交易最受关注也最令人担忧的，是其对万辰集团财务状况造成的瞬时且巨大的压力。 根据公司公告的《备考审阅报告》，本次交易完成后，上市公司的资产负债率将从交易前的67.57%急 剧攀升至90.97%。 交易前，公司已间接控制南京万优51%股权；交易完成后，将直接及间接合计持有其75.01%的股权。南 京万优是万辰集团旗下"来优品"量贩零食品牌的运营主体，截至2025年5月底，拥有超过3212家门店， 是集团重要的收入和利润来源。 这种财务结构的剧变，根源在于交易的支付方式——全额现金收购。13.79亿元的真金白银支出，无疑 将大幅消耗公司的货币资金并推高 ...

Core Viewpoint - *ST Yushun is undergoing a significant asset restructuring by acquiring 100% equity of three data technology companies for a total cash consideration of 3.35 billion yuan, which is part of a larger 33.5 billion yuan deal aimed at expanding into the data center business [1][3][4]. Group 1: Transaction Details - The transaction involves the acquisition of three companies: Zhong'en Cloud (Beijing) Data Technology Co., Beijing Shenhui Biyuan Cloud Computing Technology Co., and Zhong'en Cloud (Beijing) Data Information Technology Co. [1][3] - The first phase of the transaction requires a temporary payment of 3.35 billion yuan, which is 10% of the total transaction price, to be deposited into a bank-controlled account [2][3]. - The financing structure includes a significant acquisition loan of up to 27.6 billion yuan from Minsheng Bank, representing 82.4% of the total transaction price, which is notably high compared to industry standards [5][6]. Group 2: Strategic Implications - The restructuring is seen as a "snake swallowing an elephant" type of acquisition, where the assets are divided into three entities to isolate risks and facilitate financing [4]. - This acquisition is expected to transform *ST Yushun's financial performance, potentially turning its losses into profits exceeding 1.5 billion yuan annually after the transaction [8]. - The acquired companies have shown strong revenue and profit figures, with projected revenues of 7.35 billion yuan, 8.15 billion yuan, and 2.18 billion yuan for 2023, 2024, and Q1 2025, respectively, significantly outperforming *ST Yushun's recent financial results [7][8].