奥浦迈重组事项迎来新进展。11月11日，奥浦迈披露收购澎立生物医药技术（上海）股份有限公司（以 下简称"澎立生物"）100%股权草案的二次修订稿，这笔总额高达14.51亿元的并购案步入新阶段。然 而，交易顺利推进背后却伴随着隐忧。根据最新披露，交易完成后奥浦迈预计将新增约5.55亿元商誉， 这一数字如同高悬的达摩克利斯之剑，为公司埋下商誉减值的风险。同时，澎立生物的业绩呈现下滑态 势。在此背景下，交易方案中的业绩承诺能否如期实现，成为市场关注的焦点。值得一提的是，独立董 事陶化安再次对这一并购议案投下反对票，其认为公司现阶段不具有并购的必要性。这已不是陶化安首 次表达对这一交易的否定态度，其持续质疑的声音，为这起并购案增添了更多不确定性。 将新增5.55亿元商誉 重组草案显示，奥浦迈拟以发行股份及支付现金的方式向31名交易对方购买澎立生物100%的股权，并 募集配套资金。其中购买股权部分的交易价格约14.51亿元。 奥浦迈表示，澎立生物营业收入呈增长趋势，但由于去年标的公司研发投入力度加大、对外收购的子公 司尚处于亏损阶段，2024年度标的公司归属净利润较前一年略有下降。 此外，报告期内，澎立生物主营业务毛利 ...

Core Viewpoint - Aopu Mai (688293) is progressing with its acquisition of 100% equity in Pengli Biopharmaceutical Technology (Shanghai) Co., Ltd. for a total of 1.451 billion yuan, but faces concerns regarding goodwill impairment and the declining performance of the target company [1][5][6]. Group 1: Acquisition Details - The acquisition involves issuing shares and cash payments to 31 parties for the purchase of Pengli Biopharmaceutical's equity, with a transaction price of approximately 1.451 billion yuan [5]. - After the transaction, Aopu Mai expects to add about 555 million yuan in goodwill, which represents 13.74% of the total assets and 19.55% of the net assets as of the end of 2024 [6]. - The valuation of Pengli Biopharmaceutical shows an increase of 5.25 billion yuan, with a valuation rate of 56.62% [5]. Group 2: Financial Performance of Target Company - Pengli Biopharmaceutical's revenue for 2023, 2024, and the first half of 2025 is projected to be 318 million yuan, 331 million yuan, and 187 million yuan, respectively, with net profits of 59.75 million yuan, 44.51 million yuan, and 23.86 million yuan [7]. - The gross profit margins for Pengli Biopharmaceutical are 47.3%, 42.98%, and 43.58% for the same periods, indicating a decline due to various factors [7]. - The performance commitment agreement stipulates that the target company must achieve net profits of at least 52 million yuan, 65 million yuan, and 78 million yuan for the years 2025 to 2027 [7]. Group 3: Independent Director's Concerns - Independent director Tao Hua'an has consistently voted against the acquisition, expressing that the company does not currently need to pursue mergers and acquisitions [9]. - The independent director's repeated opposition raises concerns about the transaction's acceptance and potential uncertainties [9]. - The board's approval of the revised acquisition proposal occurred despite the independent director's dissenting votes, indicating a divide in opinion regarding the merger's necessity [9].