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  根据2025年4月25日发布的公告,石基信息拟通过发行股份方式收购控股子公司深圳市思迅软件股份有限公司(证券代码:838758.NQ)13.50%的股份(对应思迅软件14,312,500股)。

  思迅软件成立于2004年4月27日,是一家专注于零售行业数字化领域的知名标准化软件产品开发商及相关支付技术服务商,主要产品包括智慧零售、SaaS、数字运营和思迅Pay等。

  思迅软件2023年曾尝试北交所IPO但终止。2024年前三季度数据显示,其营业收入同比下降10.79%,扣非归母净利润下降12.38%。但石基信息停牌前市值达244亿元,市盈率高达-236倍,可能存在估值泡沫。历史上,石基信息对中电器件的两次收购(2013-2014年)交易价格因股东性质差异存在显著溢价,此次交易价格若以停牌前市值为基准,可能延续高溢价模式。

  截至2024年9月末,石基信息商誉规模达11.94亿元(占资产总额12.5%),主要来自数十个资产组的并购。

  值得注意的是,2019年商誉减值风险分析显示,公司对银科环企、Stayntouch等亏损子公司未计提减值,存在会计处理激进嫌疑。2017年9月,上市公司以9410万元继续投资银科环企,最终实现控股银科环企84.83%股权,累计产生商誉1.72亿元;2018年9月,石基香港购买Stayntouch剩余77.4%股权,累计形成商誉2.11亿元;2019年5月,公司以9375万元收购QuickCheck100%股权,并产生商誉1.23亿元。2019年,作为银科环企、Stayntouch的控股公司的石基香港,净利润为-1622万元;QuickCheck自购买日至2019年年末为上市公司贡献的净利润为-1035万元。对于业绩亏损的标的资产,石基信息在2019年均未计提商誉减值准备。

  思迅软件主营零售数字化系统,与石基信息最主要的酒店信息化业务关联度或有限。历史案例显示,阿里集团2017年收购的石基零售业务因整合不力导致阿里集团六年后亏损近80%退出。

  截至2024年三季度,石基信息货币资金较上年减少2.76亿元,而本次交易采用股份支付虽不直接消耗现金,但稀释每股收益。

  注:本文创作借助AI工具收集整理市场数据和行业信息,结合辅助观点分析和撰写成文。

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