股票代码：600539 股票简称：狮头股份 上市地点：上海证券交易所 狮头科技发展股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易报告书（草案）摘要（修订稿） 交易类型 交易对方 王旭龙琦、邓浩瑜、李言衡、杭州利珀投资管理合伙企业（有限合 伙）、深圳芯瑞创业投资合伙企业（有限合伙）、深圳众微首润智 能装备创业投资合伙企业（有限合伙）、江苏疌泉元禾璞华股权投 资合伙企业（有限合伙）、江苏省现代服务业发展创业投资基金（有 发行股份及支付现金 限合伙）、江苏中小企业发展基金（有限合伙）、南京齐芯高精尖 购买资产 一号股权投资合伙企业（有限合伙）、醴陵众微创新创业投资基金 合伙企业（有限合伙）、深圳市西博捌号新技术创业投资合伙企业 （有限合伙）、海南隆晟基业投资合伙企业（有限合伙）、深圳市 辰峰启顺投资合伙企业（有限合伙） 募集配套资金 重庆益元企业管理有限公司、重庆益诚企业管理有限公司 独立财务顾问 二〇二五年八月 公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容的真实、 准确、完整，对本报告书及其摘要的虚假记载、误导性陈述或重大遗漏负相应的 法律责任。 本公司控股股东及其一 ...

Core Viewpoint - Lionhead Co., Ltd. (600539.SH) is undergoing a significant asset restructuring by acquiring 97.4399% of Hangzhou Lipo Technology Co., Ltd. for 662 million yuan, funded through share issuance and cash payments, alongside raising 240 million yuan from its controlling shareholders [1][2]. Group 1: Company Transformation and Financial Performance - Lionhead Co., Ltd. has aggressively transformed from a cement production company to an e-commerce entity, with e-commerce revenue accounting for 77.8% of its income in 2024 [1][2]. - The company's profitability has declined sharply, with net losses of 80.13 million yuan and 35.67 million yuan projected for 2023 and 2024, respectively [2][3]. - Lipo Technology, the acquisition target, reported revenues of 316 million yuan and 410 million yuan for 2023 and 2024, with net profits revised downwards by 15.9% and 19.3% from initial projections [4][5][6]. Group 2: Market and Competitive Landscape - The industrial machine vision market in China is projected to grow from 26.83 billion yuan in 2024 to 63.01 billion yuan by 2029, with a compound annual growth rate of 18.62% [2]. - Lipo Technology faces intense competition from established foreign players like Cognex and Keyence, which dominate 80% of the high-end market [2][3]. Group 3: Financial Risks and Profit Structure - A significant portion of Lipo Technology's profits comes from other income, which constituted 95% and 56.1% of total profits in 2023 and 2024, primarily from government subsidies and VAT refunds [6][8]. - The company's reliance on government subsidies raises concerns about future profitability, as changes in policy could lead to a sharp decline in earnings [8][9]. Group 4: Customer Dependency and Industry Risks - Lipo Technology's major clients are primarily in the photovoltaic sector, which is currently facing challenges, including production halts due to market conditions [9][12]. - The company's top five customers accounted for nearly 50% of its revenue in early 2025, indicating a high dependency on a few clients [11][12]. Group 5: Financial Indicators and Valuation Concerns - Lipo Technology's operating cash flows were negative at -26.53 million yuan and -69.96 million yuan for 2023 and 2024, respectively, with declining accounts receivable turnover ratios [14][16]. - The acquisition involves a high premium, with a valuation increase of 295.88%, raising concerns about potential goodwill impairment if performance does not meet expectations [17].

公告指出，在全球碳中和发展的大背景下，全球光伏行业长期发展态势良好，偏光片作为显示领域显示 面板的核心材料，存在稳定的需求预期。在光伏行业，2024年全球光伏组件出货量前十大厂商中九家为 利珀科技客户。目前，利珀科技积极拓展下游应用领域，并在锂电、半导体先进封装行业取得了批量订 单。 公告披露，2023年、2024年及2025年1月至5月期间，利珀科技分别实现营业收入3.16亿元、4.1亿元和 1.23亿元；净利润则分别为2451.06万元、3501.56万元和295.47万元。 目前，利珀科技主营业务收入以解决方案类产品为主，下游应用领域主要为光伏、膜材(主要为显示膜 材)，上述报告期内，前述应用领域的收入占比分别为86.41%、95.22%和89.07%，下游应用领域相对集 中。 经过5个月的等待之后，狮头股份（600539）董事会终于审议通过了《发行股份及支付现金购买资产并 募集配套资金暨关联交易报告书(草案)》(以下简称《草案》)，收购杭州利珀科技股份有限公司(下 称"利珀科技")控股权事项更进一步，但所购股权比例由100%微降至97.44%。 8月6日晚间，狮头股份发布公告，拟通过发行股份及支付现金 ...

东方证券股份有限公司 关于狮头科技发展股份有限公司本次交易产业政策和交易 类型的核查意见 狮头科技发展股份有限公司（以下简称"公司"、"上市公司"）拟通过发 行股份及支付现金方式，购买王旭龙琦、邓浩瑜等 14 名交易对方合计持有的杭 州利珀科技股份有限公司（以下简称"利珀科技"、"标的公司"）97.4399% 股份，并向重庆益元企业管理有限公司、重庆益诚企业管理有限公司发行股份募 集配套资金（以下简称"本次交易"）。 东方证券股份有限公司（以下简称"独立财务顾问"）接受上市公司委托， 担任本次交易的独立财务顾问。根据中国证券监督管理委员会（以下简称"中国 证监会"）《监管规则适用指引——上市类第 1 号》和《上海证券交易所上市公 司自律监管指引第 6 号——重大资产重组》等规范性文件的要求，独立财务顾问 对本次交易所涉及的产业政策和交易类型进行核查，并发表如下核查意见： 一、本次交易涉及的行业或企业是否属于中国证监会《监管规则适用指引 ——上市类第 1 号》确定的"汽车、钢铁、水泥、船舶、电解铝、稀土、电子 信息、医药、农业产业化龙头企业、高档数控机床和机器人、航空航天装备、 海洋工程装备及高技术船舶、先进轨 ...

Core Viewpoint - The article highlights the significant market activity surrounding Lionhead Co., driven by a major restructuring announcement and the involvement of a prominent retail investor, Xu Kaidong, who has been actively increasing his stake in the company [2][3][6]. Summary by Sections Lionhead Co. Restructuring - Lionhead Co. announced a plan to acquire 100% of Lipo Technology through a combination of issuing shares and cash payments, aiming to enhance its capabilities in machine vision technology [5][6]. - The acquisition is expected to facilitate a strategic transformation for Lionhead Co., allowing it to enter the machine vision sector and create a new growth trajectory [5]. Xu Kaidong's Influence - Xu Kaidong, a well-known retail investor, has been increasing his holdings in Lionhead Co., recently acquiring an additional 175,000 shares, positioning himself to benefit from the restructuring gains [6]. - Following the announcement, several stocks in which Xu has invested, such as Fangzheng Electric and Dayou Energy, experienced significant price movements, indicating a broader market enthusiasm for stocks associated with Xu [3][6]. Market Trends and M&A Activity - The current market is witnessing a diversification of themes, with a notable shift towards mergers and acquisitions (M&A) as companies seek to optimize resources and enhance their competitive positions [3][8]. - Recent M&A activities include companies like Zhichun Technology and Qunxing Toys, which are pursuing acquisitions to strengthen their market positions in high-tech and AI sectors [7]. - The regulatory environment is becoming more supportive of M&A, with the China Securities Regulatory Commission emphasizing the importance of high-quality restructuring to bolster the economy and innovation [7][8].