DHPI(SH:603856) Chang Jiang Shang Bao·2025-05-27 08:30Core Viewpoint - Donghong Co., Ltd. is divesting its 7.30% stake in Tianjin Pipeline Engineering Group Co., Ltd. to optimize its asset structure and focus on its core business, with the transaction valued at approximately 156 million yuan [2][4]. Group 1: Transaction Details - The stake being sold was acquired through a public bidding process in December 2020 and subsequent capital increases, totaling an investment of about 128 million yuan [2]. - The sale price of 156 million yuan indicates that Donghong Co., Ltd. did not realize a profit from this transaction when considering the cost of funds [2]. Group 2: Financial Performance of Pipeline Group - In 2023, the Pipeline Group reported revenues of 4.924 billion yuan and a net profit of 372 million yuan, while for the first five months of 2024, revenues were 781 million yuan with a net profit of 90.05 million yuan [2]. - A significant decline in net profit is expected for 2024, with projections indicating a drop compared to 2023, alongside anticipated losses in the latter half of the year [3]. Group 3: Donghong Co., Ltd. Business Overview - Donghong Co., Ltd. specializes in engineering pipelines and related services, having been listed on the A-share market in November 2017 [4]. - From 2017 to 2020, the company experienced stable growth, with revenues increasing from 1.506 billion yuan to 2.393 billion yuan, and net profit more than doubling from 122 million yuan to 319 million yuan [4]. - However, since 2021, the company has faced challenges, with revenues fluctuating and not showing significant growth compared to 2020 levels, and net profits remaining below 2020 figures [5]. Group 4: Recent Financial Trends - In the first quarter of this year, Donghong Co., Ltd. reported revenues of 521 million yuan and a net profit of 42.83 million yuan, reflecting year-on-year declines of 19.08% and 17.78%, respectively [5]. - As of the end of the first quarter, the company's accounts receivable stood at 1.119 billion yuan, accounting for 44.11% of current assets, indicating a relatively high level [5].