迅游科技并购狮之吼：强强联合开启全球化平台战略
迅游科技并购狮之吼：强强联合开启全球化平台战略
Xunyou Technology Acquires LionMobi: A Strategic Move Towards Global Platformization
核心交易获批：迅游科技（股票代码：300467）近日发布公告，公司发行股份及支付现金购买狮之吼(LionMobi)100%股权的重大资产重组方案已获中国证监会核准批复。本次交易总金额达27亿元人民币，同时配套募集资金6.73亿元。
Deal Approval: Xunyou Technology (SZSE:300467) announced that its acquisition of LionMobi has been approved by China Securities Regulatory Commission. The deal values at 2.7 billion CNY with an additional 674 million CNY in supporting funds.
战略意义：通过本次并购，迅游科技将实现：
Strategic Significance: This acquisition enables Xunyou to:
- 平台化转型：整合狮之吼的3亿全球用户资源
- Platform Transformation: Access to LionMobi's 300M global users
- 业务协同：游戏加速+工具应用的广告变现闭环
- Business Synergy: Gaming acceleration + tool apps monetization
- 全球化布局：借助狮之吼成熟的海外分发渠道
- Global Expansion: Leverage LionMobi's overseas distribution network
狮之吼核心业务数据
LionMobi Key Metrics
明星产品：Power Clean（全球32个国家工具类TOP10）
Flagship Product: Power Clean (Top10 utility app in 32 countries)
财务表现：
Financial Performance:
| 年份/Year | 营收/Revenue | 净利润/Net Profit |
|---|---|---|
| 2015 | 29.87M CNY | -27.03M CNY |
| 2016 | 431M CNY | 124M CNY |
| 2017(1-4月/Apr) | 127M CNY | 33.53M CNY |
游戏加速业务新机遇
Gaming Acceleration New Opportunities
受益于《绝地求生》(PUBG)现象级热度：
Boosted by PUBG's popularity:
- 中国玩家占比49.28%（全球第一）
- Chinese players account for 49.28% (No.1 globally)
- 峰值同时在线290万人
- Peak concurrent users: 2.9M
- 迅游加速器作为行业龙头直接受益
- Xunyou Accelerator as market leader benefits directly
投资建议
Investment Recommendation
考虑并表因素，预计2018-2019年：
Post-acquisition 2018-2019 estimates:
- 净利润：3.63亿/4.63亿元
- Net Profit: 363M/463M CNY
- EPS：1.60/2.04元
- EPS: 1.60/2.04 CNY
- PE：35X/27X
风险提示：业绩对赌不及预期、行业竞争加剧
Risks: Performance commitment failure, intensifying competition