市场竞争激烈、业绩明显承压，景业智能（688290.SH）执着推进对大股东旗下资产的并购，寻求突 破。 长江商报消息●长江商报记者 徐佳 1月26日晚间，景业智能发布修订后的资产收购计划。公司拟以现金1亿元收购控股股东杭州行之远控股 有限公司（以下简称"行之远"）持有的合肥市盛文信息技术有限公司（以下简称"合肥盛文"）51%股 权，交易完成之后，景业智能将持有合肥盛文51%股权。 长江商报记者注意到，2025年9月末，景业智能就曾计划收购合肥盛文控股权。彼时，由于行之远收购 合肥盛文仅一年，且合肥盛文估值溢价率较高，上交所火速对景业智能发出监管工作函，引发市场热 议。 而在修订后的方案中，景业智能降价800万元继续推进对合肥盛文51%股权的收购，与行之远的收购成 本保持一致，且交易各方将业绩承诺延期至2028年，即2026年至2028年合肥盛文的净利润将累计不低于 6100万元。 即便如此，本次交易中，合肥盛文整体估值溢价率依旧高达464.97%，未来的业务整合风险不容忽视。 执着收购大股东资产的背后，是景业智能业绩承压。业绩预告显示，景业智能预计2025年的归母净利润 为-2750万元左右，为公司自2022 ...

Core Viewpoint - The acquisition of a 51% stake in Hefei Shengwen Information Technology Co., Ltd. by Jingye Intelligent (688290.SH) from its controlling shareholder, Hangzhou Xingzhiyuan Holdings Co., Ltd., has raised regulatory scrutiny due to the high premium involved in the transaction, which is valued at 2.15 billion yuan with a premium rate of 464.97% [1][6]. Group 1: Acquisition Details - Jingye Intelligent plans to acquire 51% of Hefei Shengwen for 108 million yuan in cash, which will make Hefei Shengwen a subsidiary of Jingye Intelligent [3][4]. - The controlling shareholder, Hangzhou Xingzhiyuan, acquired the same stake in Hefei Shengwen for only 100 million yuan in May 2024, indicating a profit of 8 million yuan from this transaction [1][6]. - Hefei Shengwen reported revenues of 11.74 million yuan and a net loss of 10.35 million yuan in the first eight months of 2025, raising questions about the feasibility of the performance commitments made by Hangzhou Xingzhiyuan [1][9]. Group 2: Financial Performance - In the first half of 2025, Jingye Intelligent achieved revenues of 110 million yuan, a year-on-year increase of 16.15%, but net profit and non-recurring net profit decreased by 55.3% and 19.51%, respectively [2][9]. - The financial performance of Hefei Shengwen shows a concerning trend, with a total revenue of 48.85 million yuan in 2024 and a net profit of 7.99 million yuan, followed by a significant loss in 2025 [9][10]. - Hefei Shengwen has made performance commitments to achieve non-recurring net profits of at least 1 million yuan, 1.7 million yuan, and 2.2 million yuan for the years 2025 to 2027, totaling no less than 49 million yuan [9]. Group 3: Strategic Implications - The acquisition is seen as a strategic move for Jingye Intelligent to enhance its presence in the military and defense sectors, aiming to integrate special robots and intelligent information systems [8]. - The company is currently facing a bottleneck in revenue growth, with fluctuating financial results since its listing in April 2022 [8].

Core Viewpoint - The company Jingye Intelligent (688290.SH) plans to acquire 51% equity of Hefei Shengwen to enhance resource and industry integration, optimize product layout, and improve market competitiveness [1] Group 1: Acquisition Details - The acquisition will be financed through the company's own funds via cash payment [1] - The assessed value of 100% equity of Hefei Shengwen is RMB 215 million, with an appraisal appreciation rate of 464.97% as of the evaluation benchmark date of August 31, 2025 [1] - The agreed transaction price for the 51% equity is RMB 108 million [1] Group 2: Hefei Shengwen's Business Focus - Hefei Shengwen specializes in the research, production, and sales of engineering information technology and intelligent products [1] - Core products include domestically controllable intelligent platforms, intelligent perimeter security systems, satellite inversion systems, electromagnetic field simulation assessment systems, and closed-space security equipment [1] - The company possesses strong technological independence and system integration capabilities [1] Group 3: Strategic Intent - The acquisition aims to accelerate the company's strategic layout and business expansion in the military industry [1] - Both parties will deepen the integration of special robots and intelligent information systems, creating multiple synergies in customers, markets, technology, products, and operations [1] - This move is expected to enhance the company's comprehensive competitiveness in the military sector and drive performance growth [1]