PATEO (02889) intends to invest 800 million yuan to acquire a 20% stake in Guangzhou Seagull Kitchen And Bath Products (002084.SZ).

PATEO (02889) announced that on August 21, 2026, the company plans to acquire a 20% stake in Guangzhou Seagull Residential Industrial Co., Ltd. (002084.SZ) from Zhongyu Investment for 800 million yuan, equivalent to approximately 6.19 yuan per A-share. Upon completion of the acquisition, the company will hold 20% of the total issued share capital of the target company and will become the controlling shareholder of the target company. It is reported that the target group mainly engages in the research and development, manufacturing, and service of high-end sanitary ware, ceramics, bathtubs, shower rooms, bathroom cabinets, overall kitchen cabinets, tiles, and other full-category components for prefabricated integrated kitchen and bathroom spaces. The board believes that this transaction will provide the group with the following opportunities and benefits: (i) "soft and hard core cloud" is an important strategic layout for the group, and this transaction will further expand the group's capabilities in smart automobiles to smart homes and other related terminal scenarios, building a "car-home integrated" strategic layout, promoting the long-term development of the group; (ii) the group will leverage relevant operational management experience and industry resource advantages to assist the target company in its industrial iteration and upgrading, enhance the core competitiveness of the target company, and promote the long-term, healthy development of the target company; (iii) this transaction can help the group achieve a layout across capital markets, enriching the overall investor base of the group.