El grupo Haqi Group enfrenta una "lucha de cuatro años" en su adquisición relacionada. ¡El plan ha cambiado repetidamente y la valoración del objetivo de la transacción se ha reducido en un 60%!

截至今年3月，海汽集团每月一则、“配方”熟悉的重组进展公告已经持续了一年半：
As of March this year, Haikui Group has been issuing a familiar “formula” announcement on restructuring progress once a month for a year and a half:

重大资产重组事项仍在进行，但交易推进存在一定障碍，能否最终实施完成存在重大不确定性。
The major asset restructuring is still underway, but there are certain obstacles in advancing the transaction, and there is significant uncertainty about whether it can ultimately be implemented.

自2022年5月首次官宣启动关联方资产收购，近四年时间里，海汽集团的重组方案历经三次重要修改，
Since the official announcement in May 2022 to initiate the acquisition of related party assets, Haikui Group’s restructuring plan has undergone three significant modifications in nearly four years,

标的资产估值腰斩，核心条款步步缩水，支付方式发生重大变更，稳定性尽失，而重组落地时间表却迟迟未见踪影。
the valuation of the target assets has halved, core terms have been progressively reduced, payment methods have undergone significant changes, stability has been lost, and the timeline for the restructuring has yet to materialize.

随着监管部门对“忽悠式重组”的惩治力度持续加码，这场逐渐陷入僵局的重组大戏能否顺利破局？
As regulatory authorities continue to strengthen their crackdown on “deceptive restructurings,” will this gradually stalemated restructuring drama find a resolution?

重组“拉锯战”开启
The restructuring “stalemate” begins

海汽集团主营业务为汽车客运、客运站经营及汽车综合服务，2016年7月于上交所挂牌上市。
Haikui Group’s main business is automobile passenger transport, passenger station operations, and comprehensive automotive services, and it was listed on the Shanghai Stock Exchange in July 2016.

近年来，全国高铁网络快速铺展、私家车保有量大幅攀升，中长途班线客运需求应声下滑，
In recent years, the national high-speed rail network has rapidly expanded, and the number of private cars has significantly increased, leading to a decline in demand for medium and long-distance passenger transport,

公司主业遭受冲击，上市以来营业收入峰值定格在2018年。
resulting in a shock to the company’s main business, with its peak operating revenue since listing fixed in 2018.

2020年至2024年，海汽集团扣非净利润连续五年亏损，
From 2020 to 2024, Haikui Group has reported non-net profit losses for five consecutive years,

最新业绩预告显示，2025年公司净利润预计亏损4000万元至8000万元，
the latest performance forecast shows that the company is expected to lose between 40 million and 80 million yuan in net profit in 2025,

扣非净利润亏损4800万元至9600万元。
with a non-net profit loss of between 48 million and 96 million yuan.

与此同时，公司资产负债率年年攀升，2025年三季度达到69.17%。
Meanwhile, the company’s debt-to-asset ratio has been rising year after year, reaching 69.17% in the third quarter of 2025.

面对主业的持续萎靡，海汽集团将目光投向了免税业务。
Faced with the continued decline of its main business, Haikui Group has turned its attention to the duty-free business.

2020年海南自贸港建设方案出台，免税概念一跃成为资本市场上最炙手可热的题材。
In 2020, the construction plan for the Hainan Free Trade Port was released, and the duty-free concept suddenly became one of the hottest topics in the capital market.

同年，海汽集团实控人海南省国资委将其持有的海汽控股股权出资变更至海南旅投，
In the same year, the actual controller of Haikui Group, the Hainan State-owned Assets Supervision and Administration Commission, changed its equity contribution in Haikui Holdings to Hainan Lvtou,

坐拥免税牌照的海南旅投就此成为上市公司间接控股股东，当前间接持股比例42.5%。
and Hainan Lvtou, which holds the duty-free license, thus became the indirect controlling shareholder of the listed company, currently holding 42.5% indirectly.

“免税+重组”的双重预期迅速引爆公司股价，
The dual expectations of “duty-free + restructuring” quickly ignited the company’s stock price,

2020年8月，海汽集团股价冲高至68.22元/股的历史最高点，
in August 2020, Haikui Group’s stock price soared to a historic high of 68.22 yuan per share,

两个月内涨幅超过500%。
with an increase of over 500% within two months.

2022年5月，海汽集团正式停牌筹划重大资产重组，
In May 2022, Haikui Group officially suspended trading to plan a major asset restructuring,

拟以发行股份和支付现金的方式，作价50.02亿元，
planning to acquire for 5.002 billion yuan through stock issuance and cash payment,

向间接控股股东海南旅投购买其持有的海旅免税100%股权，并同步募集不超过18亿元配套资金。
to purchase 100% equity of Hainan Duty-Free held by the indirect controlling shareholder Hainan Lvtou, while concurrently raising no more than 1.8 billion yuan in supporting funds.

重组利好再度推高股价，
The good news of the restructuring once again pushed up the stock price,

在免税概念的加持下，海汽集团复牌后连收11个涨停板，
with the support of the duty-free concept, Haikui Group’s stock price hit the limit up for 11 consecutive trading days after resuming trading,

股价在短短一个月内从12.02元/股最高飙升至45.78元/股，涨幅达280%。
with the price skyrocketing from 12.02 yuan per share to 45.78 yuan per share in just one month, an increase of 280%.

只是股价狂欢过后，海汽集团的重组计划便陷入了漫长的拉锯期。
However, after the stock price frenzy, Haikui Group’s restructuring plan fell into a long stalemate.

方案多次修改估值缩水
The plan has undergone multiple modifications, and the valuation has shrunk

自首次公告收购海旅免税至今，海汽集团的重组进程已持续近四年，
Since the first announcement of the acquisition of Hainan Duty-Free, Haikui Group’s restructuring process has continued for nearly four years,

其间重组方案历经多次修改，几度中止，经过多轮监管问询，前景至今仍充满不确定性。
during which the restructuring plan has undergone multiple modifications, been suspended several times, and faced multiple rounds of regulatory inquiries, with its prospects still full of uncertainty.

2023年4月，海汽集团首次调整交易方案，
In April 2023, Haikui Group made its first adjustment to the transaction plan,

将交易作价由50.02亿元下调至40.8亿元，
lowering the transaction price from 5.002 billion yuan to 4.08 billion yuan,

配套募资金额由不超过18亿元调减至14亿元，
and reducing the amount of supporting funds from no more than 1.8 billion yuan to 1.4 billion yuan,

后因财务数据过期，重组中止。
but the restructuring was halted due to outdated financial data.

2024年3月，海汽集团重启重组计划，并发布重组方案重大调整公告：
In March 2024, Haikui Group rebooted its restructuring plan and issued an announcement of significant adjustments to the restructuring plan:

交易作价进一步下调至20.37亿元，较最初估值缩水近60%；
the transaction price was further reduced to 2.037 billion yuan, a nearly 60% decrease from the initial valuation;

配套融资规模压缩至7.38亿元，业绩承诺大幅调减。
the scale of supporting financing was compressed to 738 million yuan, and performance commitments were significantly reduced.

对于此次方案调整，海汽集团称主要原因是标的公司业绩不及预期。
Regarding this adjustment, Haikui Group stated that the main reason was that the target company’s performance was below expectations.

然而仅时隔半年，2024年9月，海汽集团再次对重组方案作出重大调整，
However, just six months later, in September 2024, Haikui Group made another significant adjustment to the restructuring plan,

将原“发行股份和支付现金购买海旅免税100%股权”的方案，
changing the original plan of “issuing shares and paying cash to purchase 100% equity of Hainan Duty-Free”

变更为“以支付现金及/或资产方式，收购剥离华庭项目后的海旅免税控制权”。
to “acquiring the control of Hainan Duty-Free after stripping the Huating project through cash and/or asset payments.”

新方案取消了发行股份和配套融资安排、模糊了股权收购比例，
The new plan canceled the arrangements for issuing shares and supporting financing, blurred the equity acquisition ratio,

也未提及业绩承诺等关键条款。
and did not mention key terms such as performance commitments.

此后，海汽集团每月例行发布重组进程公告，却始终无实质性进展，
Since then, Haikui Group has routinely issued announcements on the restructuring process each month, but there has been no substantial progress,

公司最新公告显示，“因受国内免税市场竞争激烈、消费需求放缓等因素影响，
the company’s latest announcement shows that "due to intense competition in the domestic duty-free market and a slowdown in consumer demand,

预计2025年标的公司剔除华庭项目后的业绩可能出现较大下滑，
it is expected that the performance of the target company, excluding the Huating project, may experience a significant decline in 2025,

公司推进本次重组存在一定的障碍，能否最终实施完成存在重大不确定性”。
the company faces certain obstacles in advancing this restructuring, and there is significant uncertainty about whether it can ultimately be implemented."

从“发行股份+现金收购+配套募资”到“现金/资产”收购，
From “issuing shares + cash acquisition + supporting fundraising” to “cash/assets” acquisition,

收购方案大幅简化，也对上市公司的支付能力形成考验。
the acquisition plan has been significantly simplified, which also tests the listed company’s payment capacity.

2025年三季报显示，海汽集团货币资金2.81亿元，
The third quarter report for 2025 shows that Haikui Group has monetary funds of 281 million yuan,

与海旅免税最后公告的估值相比，资金缺口超17亿元；
which shows a funding gap of over 1.7 billion yuan compared to the last announced valuation of Hainan Duty-Free;

另一方面，公司有息负债超10亿元，高企的资产负债率进一步加剧了融资压力。
on the other hand, the company has interest-bearing liabilities exceeding 1 billion yuan, and the high debt-to-asset ratio has further exacerbated financing pressure.

“从当前情况看，并购重组走简易程序的最快3个月内就能完成，
"From the current situation, a simplified merger and acquisition process can be completed in as fast as 3 months,

走普通程序的平均用时6—12个月，构成重组上市的平均需要12—18个月，
while the average time for a regular process is 6 to 12 months, and an average of 12 to 18 months is needed for restructuring and listing,

对于特别复杂的案例，并购周期可能超过两年。”
and for particularly complex cases, the merger and acquisition cycle may exceed two years."

大成律师事务所高级合伙人王杰向证券时报记者介绍。
Wang Jie, a senior partner at Dacheng Law Firm, told the Securities Times reporter.

海汽集团的重组用时已超过这一范围。
Haikui Group’s restructuring has already exceeded this timeframe.

重组落地困难重重
Restructuring faces numerous difficulties

苏港管理会计与审计研究院研究员刘志耕表示，
Liu Zhigeng, a researcher at the Suzhou Institute of Management Accounting and Auditing, stated that

关联并购周期过长通常存在四大原因：
the long cycle of related mergers and acquisitions usually has four main reasons:

一是标的业绩不及预期，
First, the performance of the target is below expectations,

二是估值与业绩承诺的博弈陷入僵持，
second, the game between valuation and performance commitments has reached a stalemate,

三是监管审查日趋严格，
third, regulatory scrutiny is becoming increasingly stringent,

四是交易各方的利益协调存在困难。
fourth, there are difficulties in coordinating the interests of all parties involved in the transaction.

此前，监管部门围绕海汽集团重组方案展开多轮问询，
Previously, regulatory authorities conducted multiple rounds of inquiries regarding Haikui Group’s restructuring plan,

核心聚焦估值虚高、资金来源、业绩承诺等关键问题。
focusing on key issues such as inflated valuations, sources of funds, and performance commitments.

并购的标的资产实际业绩与预期严重脱节，更是被市场质疑其估值存在较大“泡沫”。
The actual performance of the target assets in the acquisition is severely disconnected from expectations, leading the market to question whether there is a significant “bubble” in its valuation.

在2022年最初的并购方案中，
In the initial acquisition plan of 2022,

海旅免税100%股权估值50.02亿元，增值率超过13倍。
the valuation of 100% equity of Hainan Duty-Free was 5.002 billion yuan, with a value increase rate of over 13 times.

该方案同时承诺，标的公司2022年至2024年的净利润分别不低于1.16亿元、3.58亿元、5.38亿元。
The plan also promised that the net profit of the target company from 2022 to 2024 would not be less than 116 million yuan, 358 million yuan, and 538 million yuan, respectively.

然而在2021年，海旅免税的归母净利润为-2446.89万元，尚未盈利。
However, in 2021, the net profit attributable to the parent of Hainan Duty-Free was -24.4689 million yuan, and it had not yet turned a profit.

海旅免税的高估值，建立在上市公司对其业绩增长的乐观预期之上。
The high valuation of Hainan Duty-Free is based on the optimistic expectations of the listed company regarding its performance growth.

海旅免税约80%的收入来自离岛免税业务，
About 80% of Hainan Duty-Free’s revenue comes from offshore duty-free business,

2020年12月成立的海旅免税城是其核心业务载体。
and the Hainan Duty-Free City, established in December 2020, is its core business platform.

上市公司最初预测，海旅免税2022年和2023年免税业务收入的年增速均超过50%。
The listed company initially predicted that Hainan Duty-Free’s duty-free business revenue growth rate would exceed 50% in both 2022 and 2023.

但从实际情况来看，2022年起，海南省离岛免税销售额在经历两年爆发式增长后迎来了大幅调整，
However, in reality, starting in 2022, the sales of offshore duty-free goods in Hainan Province underwent significant adjustments after two years of explosive growth,

叠加市场竞争日趋激烈，海旅免税的业绩严重不及预期。
combined with increasingly intense market competition, the performance of Hainan Duty-Free has been severely below expectations.

2022年和2023年，其归母净利润仅为0.61亿元、1.39亿元，
In 2022 and 2023, its net profit attributable to the parent was only 61 million yuan and 139 million yuan,

仅完成业绩承诺值的52.58%和38.83%，
which only fulfilled 52.58% and 38.83% of the performance commitment values,

从公司披露信息来看，标的公司业绩在2024年、2025年进一步大幅下滑。
according to the company’s disclosed information, the performance of the target company is expected to decline further in 2024 and 2025.

公司治理层面，自重组启动以来，海汽集团核心管理层频繁更迭。
In terms of corporate governance, since the restructuring began, Haikui Group’s core management has frequently changed.

2024年1月，原董事长刘海荣因工作调动辞职，
In January 2024, former chairman Liu Hairong resigned due to a job transfer,

2025年6月继任董事长冯宪阳辞职，
and in June 2025, the succeeding chairman Feng Xianyang also resigned,

符人恩接任董事长一职。
and Fu Ren’en took over as chairman.

2025年11月，总经理马超辞职并不再担任公司任何职务，
In November 2025, general manager Ma Chao resigned and no longer held any position in the company,

目前总经理一职由符人恩临时兼任。
and currently, the position of general manager is temporarily held by Fu Ren’en.

高层的频繁动荡，难免对重组决策的连续性产生影响。
The frequent turmoil at the top level inevitably impacts the continuity of restructuring decisions.

“海汽集团在收购海旅免税过程中，多次对重组方案作出重大调整，
"Haikui Group has made multiple significant adjustments to the restructuring plan during the acquisition of Hainan Duty-Free,

这反映出交易核心基础已经动摇，是上市公司在标的业绩不振、行业下行与监管压力下的被动妥协，
which reflects that the core foundation of the transaction has been shaken, and it is a passive compromise by the listed company under the pressure of poor target performance, industry downturn, and regulatory scrutiny,

而非主动的方案优化，本质是公司从‘战略升级’向‘止损求生’的转变。”
rather than an active optimization of the plan, fundamentally representing a shift from “strategic upgrading” to “loss mitigation and survival,” Liu Zhigeng analyzed.

对于重组推进障碍、方案调整依据、资金缺口等问题，记者向海汽集团寻求采访，截至发稿，未获回应。
Regarding the obstacles to restructuring progress, the basis for plan adjustments, funding gaps, and other issues, the reporter sought an interview with Haikui Group, but had not received a response by the time of publication.

“并购难产”风险需警惕
Risks of “difficult acquisitions” need to be vigilant

自“并购六条”落地后，A股重组审核流程持续优化，
Since the implementation of the “six rules for mergers and acquisitions,” the restructuring review process for A-share listed companies has continued to optimize,

上市公司并购效率大幅提升。
greatly improving the efficiency of mergers and acquisitions for listed companies.

记者统计，2025年以来上市公司作为竞买方发起的重大资产重组中，
The reporter has compiled data showing that since 2025, among the major asset restructurings initiated by listed companies as buyers,

从首次披露到重组完成，平均用时334天，
the average time from the first announcement to completion of the restructuring is 334 days,

用时最短的不足两个月，最长的约为两年。
with the shortest duration being less than two months and the longest approximately two years.

相较之下，海汽集团重组进程久拖不决，
In contrast, the prolonged indecision in Haikui Group’s restructuring process,

核心方案多次修改的现象，远非正常情况，但也并非个例。
and the multiple modifications of its core plan are far from normal but are not unique.

这类重组周期过长的公司，大多具备主业低迷、炒作情绪高涨等特征，
Companies with excessively long restructuring cycles often exhibit characteristics of a sluggish main business and heightened speculative sentiment,

且多数走向重组失败的结局。
and most end up failing in their restructuring efforts.

例如，中毅达2021年5月启动百亿收购，
For example, Zhongyida launched a 10 billion acquisition in May 2021,

拟拿下瓮福集团100%股权，该重组方案历经监管部门多轮问询，
planning to acquire 100% equity of Wengfu Group; this restructuring plan underwent multiple rounds of inquiries by regulatory authorities,

历时近三年后，于2024年2月终止。
and after nearly three years, was terminated in February 2024.

刘志耕认为，重组周期过长对上市公司的负面影响主要体现在五个方面：
Liu Zhigeng believes that the negative impact of excessively long restructuring cycles on listed companies mainly manifests in five aspects:

其一，上市公司错失转型窗口期，导致主业未振，新业未立；
First, the listed company misses the window for transformation, resulting in its main business not recovering and new businesses not being established;

其二，投资者预期反复受挫，导致股价长期承压，融资能力被严重削弱；
second, investors’ expectations are repeatedly frustrated, leading to long-term pressure on stock prices and severely weakening financing capacity;

其三，交易公允性受质疑，
third, the fairness of the transaction is called into question,

交易核心条款的大幅修改和退让，易引发市场对资产定价是否公允、是否存在利益输送的猜测；
and substantial modifications and concessions of core transaction terms easily trigger market speculation about the fairness of asset pricing and whether there is interest transfer;

其四，与监管沟通的效率低下，暴露公司治理能力的短板；
fourth, the inefficiency of communication with regulators exposes shortcomings in corporate governance;

其五，标的资产持续贬值，最终或成“负资产”注入上市公司，
fifth, the continuous devaluation of the target assets may ultimately become “negative assets” injected into the listed company,

反而加重上市公司财务负担，面临“接盘”风险。
which would increase the financial burden on the listed company and expose it to “takeover” risks.

王杰表示，重组方案多次重大调整，并非完全负面，
Wang Jie stated that multiple significant adjustments to the restructuring plan are not entirely negative,

但频率过高、幅度过大，通常意味着前期论证不足、博弈激烈或存在利益倾斜。
but excessive frequency and magnitude usually indicate insufficient preliminary validation, intense competition, or tilted interests.

在他看来，频繁调整本质上会拉长周期、放大不确定性、削弱市场信任，
In his view, frequent adjustments essentially lengthen the cycle, amplify uncertainty, and weaken market trust,

最终显著提高重组失败率与合规风险，
ultimately significantly increasing the failure rate of restructuring and compliance risks,

长期损害上市公司价值与中小股东权益。
and long-term harm to the value of the listed company and the rights of minority shareholders.

“监管与市场应重点区分是合规性修正，还是随意性调整；
"Regulators and the market should focus on distinguishing whether it is a compliance correction or arbitrary adjustments;

是为保护上市公司，还是向特定方让利。”
whether it is to protect the listed company or to provide benefits to specific parties."

“要判断方案是真调整还是‘忽悠式重组’，
"To determine whether the plan is a genuine adjustment or ‘deceptive restructuring,’

要看方案调整方向是收敛还是发散。
one must look at whether the direction of the plan adjustment is convergent or divergent.

真重组修改时通常标的范围缩小、定价更合理、合规瑕疵被修补，最终方案收敛，
In genuine restructuring, when modifications occur, the scope of the target usually narrows, pricing becomes more reasonable, and compliance flaws are rectified, leading to a convergent final plan,

而‘忽悠式重组’的方案越改越乱，
while in ‘deceptive restructuring,’ the plan becomes increasingly chaotic,

标的忽大忽小、估值反复跳、业绩承诺时有时无、
the targets fluctuate wildly, valuations jump back and forth, performance commitments are sometimes there and sometimes not,

交易结构频繁推翻，每次公告都‘重大调整’，
the transaction structure is frequently overturned, and every announcement claims ‘significant adjustments,’

但永远不解决关键问题。”
but never resolves the key issues."

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