联检科技（301115）重大公告：拟使用超募资金收购冠标检测38.9281%股权

一、公告概述

联检（江苏）科技股份有限公司（下称“联检科技”，“公司”）发布公告，拟使用部分超募资金5313.69万元收购控股子公司冠标（上海）检测技术有限公司（下称“冠标检测”）38.9281%股权。交易完成后，公司将直接持有冠标检测92.6181%的股权，进一步巩固对冠标检测的控制权。本次交易不涉及公司合并报表范围变更，保荐机构已出具无异议核查意见，不构成关联交易或重大资产重组。

二、募集资金与超募资金使用明细

公司于2022年首次公开发行A股募集资金净额为17.52亿元，扣除发行费用后，原定募投项目合计96932.30万元，超募资金达78230.73万元。公司已多次将超募资金用于补充流动资金、现金管理、股权收购、股票回购及研发项目，并严格履行审议和披露程序。截至公告披露日，已使用超募资金54702.58万元，超募资金余额为23528.15万元，其中尚未指定用途的超募资金为16070.63万元，全部存放于专户。

• 已用于股权收购项目（杭州西南检测55%、冠标检测55%）合计13165.21万元（项目结项预计节余资金2224.79万元）。
• 股票回购已两次实施，共计回购股份5903,011股，使用超募资金9240万元。
• 永久补充流动资金累计34000万元。
• 研发中心升级项目投入5754.92万元。

三、本次收购冠标检测股权交易细节

交易对手： 骆丽琼（冠标检测董事、联检科技汽车事业部营销总经理）、宁文涛（冠标检测运营副总经理），均非关联方。
交易标的： 冠标检测38.9281%股权，收购价款5313.69万元。
交易后股权结构：

• 联检科技：92.6181%
• 骆丽琼：4.5%
• 宁文涛：0.5%
• 常州市晋平创业投资合伙企业（员工持股平台）：2.3819%

四、冠标检测经营及财务情况

公司基本信息： 注册资本1024.40万元，主营检测科技与设备、技术服务、技术开发等。
财务数据：

• 2025年营业收入9119.66万元，净利润2650.78万元。
• 2026年1-3月营业收入2413.04万元，净利润530.03万元。
• 2025年度经营现金流2531.80万元。

分红事项： 本次收购已考虑1500万元分红，分红后未分配利润为7204.52万元。
估值与支付： 评估机构采用收益法，冠标检测全部权益价值为13650万元（已考虑分红事项），收购价款按照较低估值进行，体现交易的公允性。

五、股权转让协议主要条款

1. 收购方联检科技以现金5313.69万元收购骆丽琼、宁文涛所持冠标检测38.9281%股权。
2. 价款分五期支付，分别为协议签署后10日内支付40%、工商变更完成后支付40%、2026-2028年度审计报告出具后分三期支付余款。
3. 核心人员需签署竞业、保密等协议，保证业务及客户转移至冠标检测，5年内不得自营或为他人经营同类业务，如有违约需赔偿20%收购价款。
4. 公司治理结构调整，联检科技提名2名董事、冠标检测董事长及总经理，全面参与日常经营与管理。
5. 员工持股计划将于交易后3个月内完成，估值原则不低于本次交易估值。
6. 分红安排：交易完成后10个工作日内向联检科技及其它股东分红1500万元。
7. 业绩承诺与补偿机制：2028年审计后，原股东有权要求联检科技以高估值收购剩余5%股权（静态PE=7.35倍或本次交易估值孰高）。

六、收购目的与影响

战略意义： 汽车检测行业受益于智能化、电动化及政策推动，市场规模持续增长。控股冠标检测有利于提升管理效率、强化战略协同、减少少数股东损益分流，增强盈利能力。
业绩与风险： 虽冠标检测2024年度业绩承诺未达标（业绩承诺期实际完成5613.87万元，未达6400万元），但2025年业务转型初见成效，订单与利润增长，公司未计提商誉减值。未来仍存在业绩不及预期、商誉减值风险，需持续关注。
价格敏感信息： 本次收购进一步提升对冠标检测控制权，交易定价公允合理，并设有严密的业绩补偿、核心人员锁定、业务整合等机制，若冠标检测后续业绩持续向好，将对公司盈利能力及估值产生积极影响。若后续经营不达预期，可能影响公司商誉和业绩表现。

七、风险提示

经营风险： 冠标检测仍为独立法人，若管理疏忽或行业、市场发生变化，未来经营情况存在不确定性，可能导致业绩不及预期及商誉减值风险。
信息披露义务： 公司将按照相关法律法规及时履行信息披露义务。

八、投资者须知与潜在影响

本次收购属于战略性控股并深度整合核心子公司，若冠标检测业务转型成功、盈利能力提升，将显著增强联检科技整体业绩和估值，对股价形成正面推动。若经营不达预期，或市场环境变化，则可能带来负面影响。投资者需重点关注冠标检测业绩变动、商誉减值风险及后续整合进展。

免责声明

本文内容仅供参考，不构成投资建议。投资者需结合自身风险偏好，理性分析相关公告及公司经营情况，谨慎决策。公司及本人不对因依据本文内容作出的投资行为承担任何法律责任。

English Version

Lianjian Technology (301115): Major Announcement—Acquisition of Guanjiao Testing Shares with Surplus IPO Funds

1. Overview

Lianjian (Jiangsu) Technology Co., Ltd. (“Lianjian Technology”, “the Company”) announced its intention to use surplus IPO funds amounting to RMB 53.1369 million to acquire a 38.9281% equity stake in its subsidiary Guanjiao (Shanghai) Testing Technology Co., Ltd. (“Guanjiao Testing”). Upon completion, Lianjian will directly hold 92.6181% of Guanjiao Testing, strengthening its control. This deal does not affect consolidated reporting, is not a related-party transaction or a major asset restructuring, and has received no-objection opinions from the sponsor.

2. IPO Fund and Surplus Fund Usage Details

The Company raised RMB 1.752 billion (net) in its 2022 IPO, with the original projects totaling RMB 969.32 million, leaving surplus funds of RMB 782.31 million. Surplus funds have been used for working capital, cash management, equity acquisitions, stock buybacks, and R&D, with full compliance and disclosures. As of disclosure, RMB 547.03 million has been used, with RMB 235.28 million remaining, RMB 160.71 million of which is undesignated.

• Equity acquisitions (Hangzhou Xinan Testing 55%, Guanjiao Testing 55%): RMB 131.6521 million (RMB 22.2479 million surplus to be managed in the fund account).
• Stock buybacks twice: RMB 92.4 million used for 5,903,011 shares.
• Permanent working capital supplementation: RMB 340 million.
• R&D center upgrade: RMB 57.54 million.

3. Guanjiao Testing Equity Acquisition Details

Counterparties: Luo Liqiong (Director, GM of Lianjian Auto Division), Ning Wentao (Deputy GM), both non-related parties.
Target: 38.9281% Guanjiao Testing equity for RMB 53.1369 million.
Post-transaction structure:

• Lianjian Technology: 92.6181%
• Luo Liqiong: 4.5%
• Ning Wentao: 0.5%
• Changzhou Jinping Venture (employee platform): 2.3819%

4. Guanjiao Testing Operations and Financials

Basic Info: Registered capital RMB 10.244 million, main business in testing technology and equipment, technical services and development.
Financials:

• 2025 revenue: RMB 91.1966 million; net profit: RMB 26.5078 million.
• Q1 2026 revenue: RMB 24.1304 million; net profit: RMB 5.3003 million.
• 2025 cash flow from operations: RMB 25.318 million.

Dividend: RMB 15 million planned, post-dividend undistributed profits RMB 72.0452 million.
Valuation: Using the income approach, equity value set at RMB 136.5 million (after dividend); actual equity value RMB 151.5 million. Acquisition price reflects market fairness.

5. Key Terms of Equity Transfer Agreement

1. Lianjian Technology to pay RMB 53.1369 million in cash for 38.9281% stake from Luo Liqiong and Ning Wentao.
2. Payment in five phases: 40% within 10 days of contract, 40% after commercial registration, remaining in three annual installments after audit reports for 2026-2028.
3. Core staff must sign non-compete, confidentiality, and IP agreements; must transfer business and clients to Guanjiao Testing; 5-year lock-up, violation incurs 20% of price as penalty.
4. Post-acquisition governance: Lianjian nominates two directors, chairman, and GM; full integration of management.
5. Employee shareholding plan within three months after transaction, valuation not less than current deal.
6. Dividend: RMB 15 million to be distributed within 10 days after transaction.
7. Performance guarantee: After 2028 audit, original shareholders can require Lianjian to buy remaining 5% at the higher of deal valuation or a static PE of 7.35 times average net profit (with exclusions for non-recurring items).

6. Purpose and Impact

Strategic rationale: China’s vehicle testing industry benefits from electrification, policy support, and market growth. Full control of Guanjiao Testing improves management efficiency, synergy, and reduces minority dilution, boosting earnings.
Performance & Risks: Guanjiao Testing missed 2024 performance target (actual RMB 56.1387 million vs. target RMB 64 million), but 2025 shows improvement. No goodwill impairment taken due to positive outlook. Risks include further missed targets and market volatility.
Price-sensitive information: This acquisition strengthens control and future potential. If Guanjiao Testing’s turnaround succeeds, it could drive Lianjian’s profits and valuation higher. However, underperformance may impact goodwill and results negatively.

7. Risk Warning

Operational risk: Guanjiao Testing remains an independent legal entity; management lapses or adverse market conditions may introduce uncertainty, underperformance, or goodwill impairment.
Disclosure: The company will comply with all disclosure obligations under relevant laws and regulations.

8. Investor Notes & Potential Impact

This is a strategic move to consolidate and integrate a core subsidiary. Success in Guanjiao Testing’s business transformation and earnings rebound will materially benefit Lianjian Technology’s performance and valuation, potentially moving share prices. Investors should monitor Guanjiao Testing’s performance, goodwill risk, and integration progress.

Disclaimer

This article is for reference only and does not constitute investment advice. Investors should assess their own risk tolerance, analyze all relevant company disclosures and operations, and make decisions prudently. Neither the company nor the author is liable for any investment actions taken based on this content.

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