炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月12日，煌上煌（002695.SZ）开盘后迅速跌停，截至收盘，4.6万手封死跌停板，股价报14.35元/股， 总市值缩水至80.28亿元。此前，煌上煌股价连续5个交易日上涨，8月5日至8月11日，股价累计涨幅达 20.94%。 市场资金转向或与煌上煌昨日抛出的高溢价并购公告有关。根据公告，煌上煌拟以4.947亿元受让福建 立兴食品股份有限公司（以下简称"立兴食品"）51%股权，相较于立兴食品2025年6月末的净资产，溢 价率约为250%。 对此，上述工作人员表示，此前收购失败主要是对方原因，当前与立兴食品沟通顺利，可期待后续进 展。另据媒体公开报道，双方本次合作早有伏笔，2021年煌上煌曾通过子公司真真老老与立兴食品共同 研发推出冻干锁鲜技术粽子产品。 | < W | | | 煌上煌(002695) | | | | --- | --- | --- | --- | --- | --- | | | | | 闭市 08-12 15:00:00 融 通 | | | | 14.35 | | 额 4.27亿 | 股本 5.59亿 市盈 142 ...

对此，煌上煌证券部工作人员向以投资者身份采访的21财经·南财快讯记者表示，收购旨在扩大业务范围。 本次高溢价收购主要原因在于，立 兴食品是冻干领域龙头企业，有一定实力与技术，公司看好立兴食品未来发展前景。目前立兴食品产品已成功进入某大型知名商超，且持有军 工订单。该工作人员强调，二级市场受多重因素影响，建议投资者理性分析。 值得注意的是，本次交易设置了业绩承诺：2025-2027年立兴食品扣非净利润分别不低于7500万、8900万、1亿元，三年累计需完成2.64亿元。 不过，这一目标远超立兴食品当前盈利水平。 公开资料显示，立兴食品成立于2006年，是一家冻干食品龙头企业，拥有37条冻干生产线，年产冻干产品近6000吨、植物萃取粉及浓缩液近 10000吨的能力，其产能规模及市场占有率位居全国前列，被誉为"全品类冻干大师"。根据公告，2024年和2025上半年，立兴食品实现营收分 别为4.15亿元和2.51亿元，各期净利润分别为4221.75万元和4188.3万元。 而作为酱卤行业首家上市公司的煌上煌，近年来业绩表现却不尽如人意。财报显示，公司2024年营收17.39亿元，同比减少9.44%；归母净利润 0.4 ...

Core Viewpoint - The company Rifa Precision Machinery (002520.SZ) is facing significant financial losses due to the operational crises of its overseas subsidiaries, leading to a projected net profit loss of 223 million to 333 million yuan for the first half of 2025, representing an increase in losses of 855.45% to 1323.55% year-on-year [1]. Group 1: Financial Performance - Rifa Precision Machinery's revenue has been declining since 2022, with a reported revenue of 1.804 billion yuan in 2024, down 13.4% year-on-year, and a net profit loss of 675 million yuan [3]. - Cumulatively, the company has incurred losses of approximately 3.108 billion yuan over the past three years [3]. Group 2: Overseas Subsidiaries Issues - The financial losses are primarily attributed to two overseas subsidiaries: Airwork and MCM. Airwork has been taken over by a syndicate due to ongoing operational losses, while MCM has initiated bankruptcy protection due to liquidity crises [1][2]. - Airwork's aircraft leasing business has significantly contracted, leading to a notable decline in revenue and profits compared to the previous year [1][2]. - MCM's financial situation has deteriorated, with its net assets turning negative by March 2025, amounting to -57.33 million yuan [2]. Group 3: Acquisition and Goodwill Impairment - The company has faced repercussions from high-premium acquisitions, particularly the acquisition of Airwork for 1.335 billion yuan, which resulted in a goodwill of 668 million yuan [4]. - MCM was acquired for a total of 1.104 million euros for 80% equity, leading to a goodwill of 26.256 million yuan, which has since been fully impaired due to continuous losses [5][6][7]. - The company has been involved in legal disputes regarding performance guarantees related to these acquisitions, with significant financial implications [5].

Core Viewpoint - The company, Bozhong Precision (688097.SH), announced a plan to acquire 70% of Shanghai Wodian Industrial Automation Co., Ltd. for 420 million yuan, despite a significant anticipated decrease in the target company's net assets, raising questions about the high valuation and the rationale behind the acquisition [1][2][7]. Group 1: Acquisition Details - The acquisition price of 420 million yuan reflects a high premium, with a valuation of 600 million yuan based on a 416.16% increase in value assessed using the income approach [2][5]. - The expected goodwill from the acquisition is approximately 360 million to 362 million yuan, based on the target's identifiable net asset value being only 82.77 million to 85.54 million yuan at the time of consolidation [2][6]. - The target company's net assets are projected to decrease by 30-40% shortly after the acquisition, despite a recent capital injection of 39.9 million yuan from its shareholders [2][5][7]. Group 2: Financial Performance and Projections - The target company, Shanghai Wodian, had a net asset value of 145 million yuan at the end of Q1 2025, which would increase to approximately 184.9 million yuan after the recent capital injection, yet the acquisition valuation suggests a significant decline [5][6]. - The financial data indicates that the target's revenue for Q1 2025 was 82.74 million yuan, with a net profit attributable to shareholders of 12.65 million yuan [6][10]. - The company has set performance targets for the acquired entity, requiring a cumulative net profit of no less than 185 million yuan from 2025 to 2027, or 260 million yuan if the performance commitment period is extended [9][10]. Group 3: Strategic Context - Bozhong Precision is a leading player in the 3C automation equipment sector and is looking to diversify its business beyond the consumer electronics sector, particularly into the new energy and semiconductor fields [8][9]. - The company has postponed several investment projects in the new energy sector, indicating a cautious outlook on the domestic new energy market [8][9]. - The acquisition of Shanghai Wodian is seen as a strategic move to enhance capabilities in the automotive intelligent equipment sector, leveraging the target's technology and customer resources [9][10].