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“并购六条”后支付工具逐渐多样化（起）

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所属报告：

【开源证券】中小盘周报：“并购六条”一周年：创新驱动，科技领航-250928（35页）.pdf

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中小盘周报化的估值方法和更灵活的交易设计。从支付方式看，“并购六条”落地以来上市公司已开始探索多样化支付方式。“并购六条”鼓励上市公司综合运用股份、定向可转债、现金等支付工具实施并购重组，增加交易弹性。“并购六条”落地一年以来，监管部门持续鼓励探索多元化重组支付方式。一方面，发行股份仍是最成熟、最受市场欢迎的重组支付方式，占比超 50%；另一方面，“并购六条” 落地后已有领益智造、中国动力、富乐德、华海诚科、新相微、英集芯等 11家上市公司将定向可转债作为重组交易支付方式之一。从估值方法看，多家公司采用适应新质生产力公司发展特点的、更加市场化的估值方法，充分体现标的公司技术创新价值。部分公司基于标的未来盈利情况设置估值调整或附加合并对价安排，有利于交易双方更好平衡风险与收益。以圣湘生物为例，公司收购中山未名海济生物医药有限公司（简称“中山海济”）100%股权，设置“向上调整”的估值调整安排（“Earn-out”机制）。在中山海济基础估值 8.075亿元的基础上，若 2025年、2026年达成既定的业绩目标，圣湘生物相应按比例调增其估值，且估值调增上限不超过 3.925 亿元。最终合计需支付的交易对价不超过 12亿元。从交易设计看，非法定业绩承诺情形下，灵活设置业绩承诺安排的交易逐渐增多。4月 1日，华海清科披露已完成现金收购参股子公司芯嵛半导体（上海）有限公司剩余 82%的股权，由于标的公司尚未实现稳定收入和盈利，为保障上市公司利益，此次交易设置两套业绩承诺考核指标，包括营业收入与核心产品收入占比，以及核心产品销售验收台数，并将各期考核完成情况与收购对价分期支付进度挂钩。同时，交易要求业绩承诺方在收到各期交易对价后，以一定比例

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