NCFC(SH:600889) Chang Jiang Shang Bao·2025-05-13 23:12Core Viewpoint - Nanjing Chemical Fiber (600889.SH) is undergoing a significant restructuring to transform its business due to ongoing losses in its main operations, with the aim of acquiring 100% of Nanjing Gongyi's shares and raising up to 500 million yuan in supporting funds [1][4][5] Group 1: Restructuring Details - The restructuring plan includes major asset swaps, issuance of shares, and cash payments to acquire Nanjing Gongyi, with a total transaction price of 1.607 billion yuan [2][3] - Nanjing Chemical Fiber will divest all existing main operations and shift its focus to the research, production, and sales of rolling functional components, entering the core component manufacturing industry in China [2][4] - The transaction involves the exchange of Nanjing Chemical Fiber's assets and liabilities for an equivalent portion of Nanjing Gongyi's shares, along with cash payments to acquire the remaining shares [3][4] Group 2: Financial Performance - Nanjing Chemical Fiber reported a projected net loss of 449 million yuan for 2024, continuing a trend of losses over the past seven years, totaling approximately 1.674 billion yuan [1][6] - In contrast, Nanjing Gongyi demonstrated strong profitability, with revenues of 493 million yuan and 497 million yuan in 2023 and 2024, respectively, and net profits of approximately 78.81 million yuan and 410 million yuan [1][6] - The asset swap is expected to enhance Nanjing Chemical Fiber's financial position, with the divested assets valued at 557 million yuan and the acquired assets valued at 1.607 billion yuan, reflecting significant valuation increases [4][7] Group 3: Performance Commitments - The restructuring includes dual performance commitments for Nanjing Gongyi, with net rental income and revenue sharing targets set for the years 2025 to 2027, ensuring future profitability [7]