Core Viewpoint - The acquisition of Nanjing Shenyuan Intelligent Technology Co., Ltd. by Jinding Investment is a strategic move aimed at transforming the company's business model and seeking new growth opportunities in the humanoid robot industry [2][3]. Necessity of the Transaction - Jinding Investment has faced performance bottlenecks in its main business and is in urgent need of new growth points. The humanoid robot industry has been identified as a key area for strategic transformation [2]. - Nanjing Shenyuan is one of the earliest developers of six-dimensional force sensors in China, with a focus on customized production and a high technical barrier, despite currently operating at a loss [2]. - Financial data indicates that Nanjing Shenyuan generated revenues of 2.088 million yuan in 2024 and 163,800 yuan from January to April 2025, with net losses of 5.7349 million yuan and 2.7954 million yuan respectively. Jinding Investment reported revenues of 281 million yuan and 338 million yuan for 2023 and 2024, with net profits of 15 million yuan and a loss of 268 million yuan [2]. Fairness of the Transaction - The pre-transaction valuation of Nanjing Shenyuan is set at 300 million yuan, an increase from a previous valuation of 200 million yuan due to rising demand for six-dimensional force sensors in the humanoid robot sector [3]. - The current valuation is considered reasonable compared to similar companies in the industry and reflects the technological scarcity and growth potential of Nanjing Shenyuan [3]. - To protect the interests of the listed company and minority investors, Jinding Investment has established performance commitments and compensation arrangements with the actual controller of Nanjing Shenyuan [3]. Subsequent Arrangements - Post-acquisition, Jinding Investment plans to focus on the core components of humanoid robots, while Nanjing Shenyuan will concentrate on the multi-dimensional force sensor field [4]. - Measures have been taken to ensure team stability through non-compete clauses, and there are expected synergies between Jinding Investment's past investments and Nanjing Shenyuan's operations [4]. - The financial health of Jinding Investment is strong, with low debt levels, ensuring that the acquisition will not significantly impact cash flow or liquidity [4]. - Nanjing Shenyuan's core technologies are independently developed, with clear ownership of intellectual property rights [4]. Insider Trading Investigation - Jinding Investment has disclosed the entire process of planning the acquisition and capital increase, including all relevant timeframes and participants [5]. - A thorough self-examination revealed no instances of insider information leakage or illegal trading by insiders [5].

Group 1 - The core point of the article is that Jiuding Investment (SH 600053) announced the convening of its 10th Board of Directors meeting on September 1, 2025, to discuss the proposal for acquiring a stake in Nanjing Shenyuan Intelligent Technology Co., Ltd. and increasing its capital [1] - Jiuding Investment's revenue composition for the year 2024 is as follows: Real estate accounts for 49.24%, private equity investment management for 47.32%, construction business for 2.1%, and other businesses for 1.35% [1] - As of the report date, Jiuding Investment has a market capitalization of 8 billion yuan [1]

Meeting Details - The 8th meeting of the 10th Board of Directors of Kunwu Jiuding Investment Holdings Co., Ltd. was held on September 1, 2025, via communication voting [1] - The meeting was convened by Chairman Wang Liang and attended by all 9 directors, ensuring compliance with the Company Law and Articles of Association [1] Resolutions Passed - The board approved the proposal to submit the acquisition of a partial stake in Nanjing Shenyuan Intelligent Technology Co., Ltd. and its capital increase to the shareholders' meeting for further review [1] - The proposal was passed with 9 votes in favor, 0 votes against, and 0 abstentions [2]

证券代码：600053 证券简称：九鼎投资 公告编号：2025-055 昆吾九鼎投资控股股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股东大会召开日期：2025年9月17日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 17 日 14 点 00 分 召开地点：北京市朝阳区安立路 30 号仰山公园 2 号楼大会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 17 日 至2025 年 9 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易 ...

Core Viewpoint - The company is responding to an inquiry regarding its acquisition of a loss-making target company, highlighting potential risks and the rationale behind the acquisition strategy. Group 1: Acquisition Details - The target company's pre-transaction valuation is set at 300 million yuan, indicating a risk of goodwill impairment due to its current financial state [2][24]. - The company has signed a supplementary agreement with the actual controller of the target company to include performance commitments to protect the interests of the listed company and minority investors [2][19]. - The board has submitted the transaction proposal for review at the upcoming shareholders' meeting scheduled for September 17, 2025 [2][19]. Group 2: Target Company Overview - The target company, Nanjing Shenyuan Intelligent Technology Co., Ltd., specializes in six-dimensional force sensors, which are crucial for applications in robotics and aerospace [5][6]. - The business model involves customizing products based on client specifications, with a focus on high-precision force measurement technology [5][6]. - The target company has a strong technical foundation, with 50 domestic patents and 8 international patents as of May 31, 2025 [7][8]. Group 3: Financial Performance - The target company has reported fluctuating revenues, with 2023 revenue at 6.49 million yuan and a projected net loss of 55 million to 44 million yuan for the first half of 2025 [3][9]. - The company has faced operational challenges, including a temporary halt in production due to relocation, which has impacted its revenue generation [9][12]. - The target company has established stable relationships with several clients, but has not yet secured large-scale production orders, resulting in limited revenue [8][11]. Group 4: Strategic Rationale - The acquisition is part of the company's strategy to diversify and find new growth opportunities, particularly in the human-shaped robot industry, which is expected to grow significantly [19][20]. - The company aims to leverage the target's technology and market position to enhance its competitive edge in the robotics sector [20][21]. - The transaction is designed to optimize resource allocation and improve the overall quality of the listed company's development [20][21]. Group 5: Risks and Challenges - The target company is currently in a loss-making state, with risks related to market expansion, industry competition, and cost control that could affect future profitability [1][24]. - There are concerns regarding the integration of the target company post-acquisition, which could lead to operational inefficiencies if not managed properly [24][25]. - The target company's reliance on the robotics industry makes it vulnerable to fluctuations in market demand and changes in government policies [22][23].

证券代码：600053 证券简称：九鼎投资 公告编号：2025-053 昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 关于《上海证券交易所关于对昆吾九鼎投资控股股份 有限公司收购股权及增资事项的问询函》的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●标的公司尚处于亏损状态，若未来出现市场开拓受阻、行业竞争加剧或成 本控制不力等情况，可能导致销售收入或盈利水平不达预期，目标公司存在持续 亏损的风险。 ●标的公司目前订单以项目定制化为主，收入体量较小。标的公司当前仍处 于业务拓展期，目前存在尚未获得大批量量产订单的风险。 ●本次交易完成后，若后续整合不力，将会引发业务发展不及预期、资金使 用效率下降、人员结构不稳定和管理效率下降等多个方面的潜在风险，进而导致 本次交易目的未达预期，若整合不达预期，可能导致亏损加大，对上市公司持续 经营产生重大不利 ...

证券代码：600053 证券简称：九鼎投资 公告编号：2025-055 昆吾九鼎投资控股股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 17 日 14 点 00 分 召开地点：北京市朝阳区安立路 30 号仰山公园 2 号楼大会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 17 日 至2025 年 9 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 股东 ...

证券代码：600053 证券简称：九鼎投资 编号：临 2025-054 （一）《关于将〈关于收购南京神源生智能科技有限公司部分股权并对其增资的 议案〉提交公司股东会审议的议案》 昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 第 十 届 董 事 会 第 八 次 会 议 决 议 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 昆吾九鼎投资控股股份有限公司（以下简称 "本公司"或"公司"）第十届董事会第 八次会议通知于 2025 年 9 月 1 日以通讯方式发出。会议于 2025 年 9 月 1 日在公司以 通讯表决的方式召开（本次会议为紧急会议，召集人已在会议上就相关情况做出说明）。 本次董事会会议应出席董事 9 名，实际出席董事 9 名。会议由董事长王亮先生主持， 公司高级管理人员列席了本次会议。本次董事会的召集和召开符合《公司法》和《公 司章程》 ...

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 803.72 million, a significant decrease from 1.8016 billion in the same period last year, representing a decline of about 55.5% [1] - The total profit for the same period was -491.72 million, compared to a profit of 108.56 million in the previous year, indicating a substantial loss [1] - The net profit attributable to shareholders was -475.50 million, down from 79.82 million year-on-year, reflecting a negative trend [1] - The net profit after deducting non-recurring gains and losses was -476.90 million, compared to a profit of 23.28 million in the previous year [1] - The net cash flow from operating activities was -116.53 million, an improvement from -485.87 million in the same period last year [1][24] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 2.58 billion, down from 2.63 billion at the end of the previous year [1] - The company's total assets saw a notable change, with other non-current financial assets increasing by 2.33%, while accounts receivable decreased by 21.02% [35] - Contract liabilities decreased by 28.43%, and employee compensation payable dropped by 58.44%, indicating a reduction in short-term obligations [38] Shareholder Structure - The top ten shareholders as of the end of the first half of 2025 included new entrants such as Liao Shaoceng and Morgan Stanley & Co. International PLC, replacing previous shareholders [52] - Notably, 45.3% of the company's shares were under pledge, with the largest shareholder pledging 76.63% of their holdings [52] Valuation Metrics - As of August 27, 2025, the company's price-to-earnings ratio (TTM) was approximately -23.72, with a price-to-book ratio of about 2.98 and a price-to-sales ratio of approximately 32.3 [1]

Core Viewpoint - Jiuding Investment (600053) reported significant declines in revenue and net profit for the first half of 2025, indicating severe financial distress and operational challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 80.37 million yuan, a decrease of 55.39% year-on-year [1]. - The net profit attributable to shareholders was -47.55 million yuan, representing a decline of 695.71% compared to the previous year [1]. - In Q2 2025, total revenue was 42.87 million yuan, down 67.09% year-on-year, with a net profit of -14.28 million yuan, a decrease of 616.95% [1]. - The gross margin was 37.91%, down 43.59% year-on-year, while the net margin was -58.93%, a drop of 1471.72% [1]. - Total expenses (selling, administrative, and financial) reached 66.95 million yuan, accounting for 83.3% of total revenue, an increase of 64.21% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was -0.11 yuan, a decrease of 696.2% year-on-year [1]. - The company's net asset value per share was 5.95 yuan, down 11.11% from the previous year [1]. - Operating cash flow per share was -0.03 yuan, an increase of 76.02% year-on-year [1]. Historical Performance Insights - The company's historical return on invested capital (ROIC) has been weak, with a median of 6.48% over the past decade and a particularly poor ROIC of -9.5% in 2024 [2]. - The company has reported losses in four out of its 27 annual reports since going public, indicating a challenging financial history [2]. - The inventory-to-revenue ratio has reached 435.55%, suggesting potential issues with inventory management [2].