CTCG(SH:600358) 2 1 Shi Ji Jing Ji Bao Dao·2025-05-14 13:45Core Viewpoint - ST United (600358.SH) is planning to acquire part or all of Jiangxi Runtian Industrial Co., Ltd. through a combination of issuing shares and cash payment, aiming to gain control over Runtian Industrial [1][4]. Company Summary - ST United is the first tourism-related listed company in Jiangxi Province, with recent expansions into internet advertising, cross-border purchasing, and tourism, but has not seen significant improvement in performance in recent years [4]. - The company has reported a continuous net profit loss for 20 years, with a revenue decline of 37.14% to 365 million yuan in 2024, and a net loss attributable to shareholders of 64 million yuan, a year-on-year decline of 275.6% [4]. - The stock of ST United was suspended from trading starting May 15, 2025, to prevent abnormal price fluctuations, with the suspension expected to last no more than 10 trading days [4]. Industry Summary - Runtian Industrial specializes in packaged drinking water and has 10 major production bases across China, with a sales network covering 22 provincial-level administrative regions. In 2024, it ranked among the top ten in China's beverage industry for both packaged drinking water and natural mineral water [4]. - The bottled water market in China reached a total scale of 215 billion yuan in 2023, with packaged drinking water being the largest category, accounting for 23.6% of the market. The retail value of packaged drinking water is expected to reach 314.3 billion yuan by 2028, with a compound annual growth rate of 7.9% [5].