浙江亨通控股股份有限公司收购重庆澳龙生物制品有限公司40%股权详细解读

重大交易概览

浙江亨通控股股份有限公司（证券代码：600226，简称“亨通股份”）于2026年3月14日公告，董事会已批准公司以自有资金或自筹资金27,400万元，收购华派生物技术（集团）股份有限公司持有的重庆澳龙生物制品有限公司40%股权。交易完成后，亨通股份将成为澳龙生物的重要股东，持有其40%股权，但澳龙生物不会纳入亨通股份合并报表范围。

交易亮点及对投资者的意义

• 交易金额：本次40%股权转让价款为27,400万元，资金来源为自有资金或自筹资金，预计对公司现金流影响有限。
• 业绩承诺与对赌条款：华派生物（业绩承诺方）承诺澳龙生物2026、2027、2028年度归属于母公司股东的净利润分别不低于8,000万元、8,500万元和9,000万元，三年平均不低于8,500万元。若未达标，将按协议补偿，补偿方式包括现金及股权补偿，补偿总额不超过本次交易对价。
• 高估值与增值率：评估基准日为2025年8月31日，收益法评估澳龙生物全部权益价值为75,178万元，较账面价值12,092.08万元大幅增值63,085.92万元，增值率高达521.71%。高增值率主要由于基准日前公司实现了较大规模利润分配（25,500万元），拉低了净资产基数，同时公司2025年前8个月净利润较高。
• 交易支付安排：采用分期付款方式，股权转让协议签订后首笔支付8,991.47万元，华派生物完成债务清偿及出具书面证明后支付第二笔4,708.53万元，股权交割后5日内支付5,480万元，管理权调整后再支付5,480万元，首年业绩承诺完成后支付2,740万元。若未完成首年业绩承诺，将按业绩补偿金额调整支付。
• 资产整合与业务协同：本次收购将丰富亨通股份在生物科技板块的产品线，实现兽用疫苗、兽药、饲料添加剂等综合产品矩阵，提升公司在动物保健领域的市场份额，并有望实现渠道共享与研发协同。
• 董事会决议：本次交易已获第九届董事会第三十二次会议一致通过，无需提交股东大会审议，亦不构成关联交易和重大资产重组。

标的公司及交易对方详细情况

澳龙生物基本信息

• 成立于2007年12月，注册资本5,000万元。
• 主营业务为动物疫苗（如口蹄疫、布鲁氏菌病、猪瘟等）的研发、生产、销售及技术服务。
• 交易前股权结构：华派生物96%，重庆派亨澳通4%。交易后：华派生物56%，亨通股份40%，重庆派亨澳通4%。
• 2024年净利润1,956.91万元，2025年前8个月净利润6,484.36万元，显示出业绩快速增长。
• 财务报表已由天健会计师事务所审计。
• 标的公司目前无对外担保、委托理财，也非失信被执行人。

交易对方—华派生物简介

• 成立于2008年12月，注册资本15,334.525万元。
• 主营兽用生物制品、化药制剂、中药制剂等。
• 实际控制人为谢建勇（持股39.03%）。
• 与亨通股份无产权、业务、资产、债权债务、人员等关联。

交易条款与风险提示

关键条款摘要

• 业绩承诺与补偿机制细致，若未达标，华派生物需按协议补偿。
• 管理权调整后，亨通股份将提名董事2名，委派财务总监和副总经理。
• 违约责任明晰，逾期超过30日可单方解除协议，违约金高达交易对价的20%。
• 三年业绩承诺期后进行减值测试，若累计补偿不足，还需补偿差额。

风险提示（投资者须知）

• 交易实施风险：本次交易尚未最终完成，实施过程中可能因各种因素被暂停、中止或取消。
• 估值与业绩风险：本次交易采用收益法评估，若未来盈利未达预期，估值可能偏高。
• 业绩承诺执行风险：若标的公司因市场、政策、管理、核心人员流失等影响业绩下滑，存在业绩承诺无法完成及补偿难以执行的风险。
• 市场竞争风险：动物疫苗行业受政策、市场结构等多重影响，公司投资回报存在不确定性。

交易对公司及股东的影响

• 本次收购有望提升亨通股份在生物科技领域的综合竞争力，丰富产品线，增强盈利能力，具有较强的战略协同意义。
• 若澳龙生物能维持较高盈利水平并完成业绩承诺，将对亨通股份的业绩增长形成有力支撑，具备提升公司估值的潜力。
• 交易条款设计严密，对公司资金安全和股东利益形成有效保障。

总结

本次收购是亨通股份在生物科技板块的一次重要战略布局，交易金额和业绩承诺规模较大，对未来公司财务和市场表现具有潜在的正面推动作用。投资者需关注交易实施进展、标的公司业绩兑现情况以及行业政策变化对估值的影响，密切留意相关公告和信息披露。

免责声明

本文内容仅为新闻报道和信息解读，不构成任何投资建议。投资者据此操作，风险自担。请结合自身风险承受能力，理性决策，并关注公司后续公告。

English Version

Hengtong Holdings’ Strategic Acquisition of 40% Equity in Chongqing Aolong Bio-products – In-depth Analysis

Transaction Overview

Zhejiang Hengtong Holdings Co., Ltd. (Stock code: 600226, “Hengtong Holdings”) announced on March 14, 2026, that its board has approved the acquisition of a 40% stake in Chongqing Aolong Bio-products Co., Ltd. from Huapai Biotechnology (Group) Co., Ltd. for RMB 274 million (CNY 27,400,000). Upon completion, Hengtong Holdings will hold 40% of Aolong Bio but will not consolidate its financials.

Key Highlights and Investor Implications

• Deal Size: The price for the 40% equity is RMB 274 million, funded by the company’s own or self-raised funds, with limited impact on cash flow.
• Performance Commitment & Earn-out: Huapai Biotech guarantees Aolong Bio’s net profit (attributable to the parent, after excluding non-recurring items) for 2026, 2027, and 2028 will not be less than RMB 80 million, RMB 85 million, and RMB 90 million, respectively, with a three-year average not less than RMB 85 million. Failure to meet targets will trigger compensation, including both cash and equity, capped at the deal price.
• High Valuation & Premium: As of the valuation date (Aug 31, 2025), the discounted cash flow (DCF) method valued Aolong Bio at RMB 751.78 million, a 521.71% premium over book value (RMB 120.92 million). The high premium results from a large pre-valuation dividend (RMB 255 million), which lowered book equity, and strong profits in the first 8 months of 2025.
• Staged Payment Terms: The deal is paid in tranches: RMB 89.91 million on contract signing, RMB 47.09 million after debt clearance, RMB 54.8 million post-closing, RMB 54.8 million after management transition, and RMB 27.4 million after the first-year performance target is met. If targets are missed, payment will be adjusted per compensation terms.
• Business Integration & Synergy: The acquisition will expand Hengtong’s biotechnology portfolio, covering veterinary vaccines, animal drugs, and feed additives, and enhance its competitiveness in animal health through product, channel, and R&D synergies.
• Board Approval: The deal was unanimously approved by the board, requires no shareholder vote, and is not a related-party or major asset restructuring transaction.

Details of Target & Counterparty

About Aolong Bio

• Founded in Dec 2007, registered capital RMB 50 million.
• Focuses on animal vaccines (foot-and-mouth, brucellosis, swine fever, etc.).
• Pre-deal shareholders: Huapai Biotech 96%, Chongqing Paiheng Aotong 4%. Post-deal: Huapai 56%, Hengtong 40%, Paiheng Aotong 4%.
• 2024 net profit: RMB 19.57 million; Jan-Aug 2025 net profit: RMB 64.84 million, showing rapid earnings growth.
• Audited by Tianjian CPA; no external guarantees or trust investments, not listed as a dishonest entity.

About Huapai Biotech

• Founded Dec 2008, registered capital RMB 153.35 million.
• Main business: veterinary biologicals, chemical and traditional medicines.
• Actual controller: Xie Jianyong (39.03%).
• No related-party ties with Hengtong Holdings.

Key Deal Clauses & Risks

Key Terms

• Detailed performance earn-out; Huapai must compensate if targets are missed, including post-period impairment test compensation.
• Hengtong to appoint 2 directors, CFO, and deputy GM to Aolong Bio post-deal.
• Strict default clauses: late payment or closing >30 days allows deal termination, with penalty up to 20% of deal value.

Risks for Investors

• Implementation Risk: The deal is not finalized; may be paused, suspended, or canceled.
• Valuation & Earnings Risk: If Aolong Bio underperforms, valuation may prove excessive.
• Performance Guarantee Risk: Adverse market, policy, or management changes could lead to missed targets and compensation enforcement difficulties.
• Industry Competition Risk: Animal vaccine sector is policy-sensitive and competitive; investment returns are uncertain.

Implications for Company & Shareholders

• The acquisition could significantly strengthen Hengtong’s biotechnology business, expand its product range, and improve profitability.
• If Aolong Bio meets performance targets, it will materially support Hengtong’s earnings and valuation potential.
• Deal structure and terms offer good protection for company and minority shareholders.

Conclusion

This acquisition marks a major strategic step for Hengtong Holdings in biotechnology. The deal size and performance commitment are significant and could materially impact future results. Investors should closely monitor deal progress, Aolong Bio’s earnings delivery, and policy changes that may affect valuation, and stay alert to company disclosures.

Disclaimer

This article is for information and news purposes only and does not constitute investment advice. Investors should make decisions based on their own judgment and risk tolerance, and pay attention to subsequent company announcements.

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