【导读】砸亿元"跨界"并购遭监管问询！600868存大额商誉减值风险！ 见习记者 荧墨 8月1 9 日，梅雁吉祥（600868.SH）发布公告 称 ，拟以自有资金1.06亿元收购侯兴刚、吴海燕夫妇持有的上海新积域信息技术服务有限 公司（ 以下 简称新积域 ） 65%股权， 以 拓展 其 BPO（业务流程外包）业务，评估增值率为266.03%。 随后， 上交所 向梅雁吉祥 发出 购买资产 问询函，要求 该公司 说明关于交易必要性及业务整合管理、交易作价及商誉 、业绩承诺及业绩 奖励、标的公司关联交易及其他应收款 四方面问题。 此外， 在本次交易中，新积域100%股权采用收益法的评估价值为1.63亿元，增值率高达266.03%。收购完成后，梅雁吉祥的合并资产负 债表中将形成约7600万元商誉。 在 交易作价及商誉 方面，上交所表示， 新积域最近一次股权变更为2021年1月，股东商志骏将其持有标的公司35%股权作价394万元转 让给吴海燕。 上交所要求梅雁吉祥说明， 标的公司 预测期营业收入及毛利率高于历史期的原因及合理性；结合标的公司历史财务数据、前次股权转让及 对应估值情况，说明本次评估值较前次大幅增长的原因及 ...

Core Viewpoint - Meiyan Jixiang (600868) is initiating a cross-industry acquisition by planning to acquire 65% of Shanghai Xinjiyu Information Technology Service Co., Ltd. for 106 million yuan, aiming to enter the service outsourcing industry [2][5]. Group 1: Acquisition Details - The valuation of Shanghai Xinjiyu's total equity is 163 million yuan, representing a 266.03% increase over its book value [2][3]. - Shanghai Xinjiyu, established in 2013, has a registered capital of 10 million yuan, with its shareholders being Hou Xinggang (65%) and Wu Haiyan (35%) [2][3]. - After the acquisition, the shareholding structure will change to Meiyan Jixiang holding 65%, Hou Xinggang 20%, and Wu Haiyan 15% [2]. Group 2: Financial Performance - For the fiscal year 2024, Shanghai Xinjiyu is projected to generate revenue of 171 million yuan and a net profit of 7.44 million yuan [3][5]. - In the first five months of 2025, the company reported revenue of 66.76 million yuan and a net profit of 4.92 million yuan [3]. - As of May 2025, Shanghai Xinjiyu's total assets were valued at 97.89 million yuan, with net assets of 44.59 million yuan [3]. Group 3: Market Position and Future Outlook - Shanghai Xinjiyu has approximately 180 active orders, serving clients across various industries, including NIO, Daikin, and Adidas [4]. - The BPO industry is expected to maintain a continuous upward trend, with a fragmented competitive landscape and significant market demand [4]. - The gross profit margin for Shanghai Xinjiyu in 2024 is estimated at 8.79%, with projections for 2026-2030 ranging between 12.24% and 12.75% [5]. Group 4: Regulatory Scrutiny - The high premium in the acquisition has attracted the attention of regulatory authorities, leading to inquiries regarding the necessity and rationality of the transaction [2][6]. - The acquisition is expected to create approximately 76 million yuan in goodwill on the consolidated balance sheet of Meiyan Jixiang [6]. - The Shanghai Stock Exchange has requested explanations regarding the significant increase in the valuation of Shanghai Xinjiyu compared to previous assessments [6].