大湖股份(600257.SH)：擬通過收購及增資取得東方華康60%股權
格隆匯5月29日丨大湖股份(600257.SH)公佈，公司與東方華康及其全體股東簽署了《股權轉讓及增資協議》，各方以上海申威資產評估有限公司採取收益法對標的公司股權評估作價作為定價基礎，經公司與東方華康各股東協商確認，東方華康股東全部權益評估值為人民幣6.25億元。在此次交易中，公司合計以現金2.5億元(包括公司於2020年1月已投資的5000萬現金)收購東方華康醫療管理有限公司(“東方華康”或“標的公司”)原有股東增資稀釋後所持有的40%股權，並通過向標的公司增資1.25億元取得標的公司20%的股權。
此次交易完成後，公司將持有標的公司60%股權，並將標的公司納入合併報表範圍。
此次交易評估增值率較高為374.10%，部分評估參數高於目前實際情況，未來可能存在實際經營過程中標的資產的實際使用牀位數及實際牀位使用率不能達到預測牀位數及預測牀位使用率，從而導致標的資產不能實現預期效益的風險。
標的資產存在營業收入的收回對被納入醫保範圍具有較大依賴性，未來可能存在醫保政策變化或調整，從而影響標的資產營業收入，進而導致標的資產業績承諾無法實現的風險。
截止2019年度末，標的公司處於虧損狀態，目前實際經營情況與承諾的業績存在一定差距，標的資產未來可能存在經營業績未達到預期或遠低於預期的經營風險。
此次交易資產收購資金主要來源於銀行借款，將加大公司日常經營流動性的壓力，增加公司的財務成本，同時此次交易貸款融資可能存在貸款審批未獲得通過、貸款審批通過但資金未到賬和後續資金償還不及時的風險。
為切實保障標的資產盈利預測符合實際狀況，各方同意暫緩支付3000萬元股權轉讓款，待上海金城護理院核定牀位數達到804張，常州陽光康復醫院、無錫國濟康復醫院、無錫國濟護理院、無錫頤養院總核定牀位數達到1150張後，再予支付。
關於標的公司質押情況，公司已督促交易對方予以解除，後續交易過户不存在實質性障礙風險。同時，為加強此次交易業績補償的保障措施，標的公司此次業績補償方咖輔健康、上海擢英、李愛川三者已將其合計持有的標的公司28.4%股權質押給本公司。
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