Core Viewpoint - Guangzhou Borui Auto Parts Co., Ltd. has been established with a registered capital of 30,000 RMB, focusing on electric vehicle charging infrastructure and related services [1] Group 1: Company Overview - The company operates in various sectors including electric vehicle charging infrastructure operation, automotive decoration products manufacturing, and automotive wheel manufacturing [1] - It provides a range of technical services such as technology development, consulting, and transfer [1] - The company is involved in the research and development of auto parts, as well as the sales and retail of vehicles and auto components [1] Group 2: Industry Focus - The company engages in the recycling and secondary utilization of used power batteries from new energy vehicles, excluding hazardous waste management [1] - It also focuses on the sales of new energy vehicle production testing equipment and battery swapping facilities [1] - The company is positioned within the growing new energy vehicle market, which includes the wholesale and remanufacturing of auto parts [1]

Core Viewpoint - Jiangyin Haixia Precision Material Technology Co., Ltd. has been established with a registered capital of 2 million RMB, focusing on various manufacturing and research activities in the new materials and automotive parts sectors [1] Company Summary - The company is legally represented by Yang Meifang [1] - The registered capital is 2 million RMB [1] - The business scope includes general projects such as new material technology research and development, non-metallic mineral product manufacturing, and mold manufacturing [1] Industry Summary - The company engages in the manufacturing of automotive parts, including remanufacturing and component production [1] - It also covers a wide range of sales activities, including machinery, building materials, and synthetic materials [1] - The company is involved in import and export activities, as well as technology import and export [1]

Core Viewpoint - Bohai Automotive is planning to acquire four companies from its controlling shareholder, Hainachuan, for a total consideration of 27.28 billion yuan, aiming to alleviate its operational difficulties and enhance its core competitiveness in the automotive parts sector [3][8][10]. Group 1: Acquisition Details - The acquisition involves purchasing 51% stakes in Beiqi Moulding, Langfang Andautuo, and Langfang Laini Wiring Harness, as well as a 100% stake in Zhili Technology, with a total transaction price of 27.28 billion yuan, including 4.09 billion yuan in cash [3][8]. - The share issuance price is set at 3.44 yuan per share, resulting in the issuance of approximately 674 million shares, which will account for 41.49% of the post-transaction total share capital [8][10]. - The acquired companies have established stable partnerships with leading automotive manufacturers, including Beijing Benz and Volvo, and are positioned in various segments of the automotive parts market [9][10]. Group 2: Financial Performance and Projections - The four target companies are projected to generate revenues of 4.5 billion yuan, 533 million yuan, 10.82 million yuan, and 3.45 billion yuan respectively in 2024, with net profits of 478 million yuan, 72.72 million yuan, -36.11 million yuan, and 290 million yuan [9][10]. - Performance commitments have been set for the acquired companies, ensuring minimum net profits over the next three years, with specific targets for each company [9][10]. Group 3: Fundraising and Financial Strategy - Bohai Automotive plans to raise up to 13.79 billion yuan through a private placement to fund the acquisition and other projects, with over 50% of the raised funds allocated to supplementing working capital [12][14]. - The fundraising will also support projects such as updating production equipment for automotive bumpers and enhancing capabilities in smart vehicle communication systems [12][13]. Group 4: Operational Challenges - Bohai Automotive has faced significant operational challenges, with revenues declining from 49.18 billion yuan in 2019 to 42.27 billion yuan in 2024, and continuous net losses from 2021 to 2024, culminating in a loss of 12.64 billion yuan in 2024 [15][16]. - The company’s cash flow is under pressure, with only 6.1 billion yuan in cash against short-term borrowings of 12.43 billion yuan, indicating a critical liquidity risk [15][16].