PATEO (02889) has announced that on August 21, 2026, it plans to acquire a 20% equity interest in Guangzhou Seagull Kitchen And Bath Products Co., Ltd. (002084.SZ) from Zhongyu Investment for RMB 800 million, equating to approximately RMB 6.19 per A-share. Upon completion of the acquisition, the company will hold 20% of the target's total issued share capital and will become its controlling shareholder.

The target group primarily engages in the research, development, manufacturing, and servicing of full-category components and parts for high-end sanitary ware, ceramics, bathtubs, shower rooms, bathroom cabinets, integrated kitchen cabinets, and ceramic tiles within prefabricated integrated kitchen and bathroom spaces. Directors believe this transaction offers the group several opportunities and benefits: (i) "Hardware, software, chips, and cloud" represents a key strategic focus, and this deal extends the group's smart automotive capabilities into smart home and other related terminal scenarios, establishing a "vehicle-home integrated" strategic layout to promote long-term growth; (ii) The group will leverage its operational management experience and industrial resource advantages to assist the target company in iterative industry upgrades, enhancing its core competitiveness and fostering sustainable, healthy development; (iii) This transaction enables the group to achieve cross-capital market positioning, broadening its overall investor base.