南京化纤拟剥离原有业务跨入高端制造业

Core Viewpoint - Nanjing Chemical Fiber plans to acquire 100% of Nanjing Process Equipment Manufacturing Co., Ltd. through asset swaps, share issuance, and cash payments, marking a significant shift in its business focus from fiber production to the development and manufacturing of rolling functional components [1][5]. Group 1: Business Transformation - Before the transaction, Nanjing Chemical Fiber's main business included the production and sale of viscose short fibers, lyocell fibers, and PET structural core materials, along with landscape water supply services [3]. - Post-restructuring, the company's main business will shift to the research, production, and sales of rolling functional components, which are essential for various mechanical equipment transmission systems [3][5]. - The rolling functional components are critical for high-end equipment manufacturing industries such as CNC machine tools, photovoltaic and semiconductor equipment, injection molding, and intelligent manufacturing [3][5]. Group 2: Financial Performance and Challenges - Nanjing Chemical Fiber has faced continuous losses due to economic downturns, intensified competition, and weak demand, with net profits of -177 million yuan, -185 million yuan, and -449 million yuan for 2022, 2023, and 2024 respectively [7]. - The company reported a 31.24% decline in revenue for Q1 2025, amounting to 73.13 million yuan, and a 63.26% drop in net profit [7]. - Previous acquisition attempts, such as the 389 million yuan purchase of a 51.91% stake in Shanghai Yueke, resulted in significant losses and goodwill impairment, highlighting the urgent need for a successful business transformation [8]. Group 3: Acquisition Details - The acquisition will involve an asset swap where Nanjing Chemical Fiber will exchange its assets and liabilities for 52.98% of Nanjing Process Equipment's shares, along with issuing shares to raise up to 500 million yuan for the transaction [8][9]. - The estimated value of the assets to be swapped is 729 million yuan, while the assets being acquired are valued at 1.607 billion yuan [9].