BHAS(SH:600960) Chang Jiang Shang Bao·2025-06-05 23:38Core Viewpoint - Bohai Automobile is planning a major asset restructuring to adapt to the evolving automotive industry, focusing on new energy and intelligent development [1][5]. Group 1: Restructuring Details - Bohai Automobile's stock was suspended on June 3, with an expected suspension period of no more than 10 trading days due to the planned major asset restructuring [1]. - The company intends to acquire partial or full equity of four companies from its controlling shareholder, Beijing Hainachuan Automotive Parts Co., Ltd. [2]. - The four target companies include: 51% of Beijing Beiqi Molding Technology Co., Ltd., 51% of Hainachuan Andautuo (Langfang) Seating Co., Ltd., 100% of Innofab Intelligent Technology (Beijing) Co., Ltd., and 50% of Langfang Leni Wiring System Co., Ltd. [2]. Group 2: Financial Performance - Bohai Automobile has faced significant financial pressure, with a cumulative loss of approximately 1.8 billion yuan over five years from 2020 to 2024 [7]. - In the first quarter of this year, the company reported a revenue of 999.7 million yuan, a year-on-year decrease of 13.80%, and a net profit attributable to shareholders of 556,800 yuan, indicating a slight recovery but still showing a loss in non-recurring profit [7][8]. - The company’s total assets and net assets of the largest target company, Beiqi Molding, were reported at 3.508 billion yuan and 1.068 billion yuan, respectively, as of the end of 2024 [2][3]. Group 3: Strategic Direction - The restructuring aims to improve asset layout and business operations in line with the automotive industry's shift towards electrification and intelligence [1][5]. - Bohai Automobile has previously engaged in multiple acquisitions to diversify its operations beyond piston manufacturing, evolving into a comprehensive parts supplier in the automotive sector [6]. - The successful acquisition of Beiqi Molding, which has shown significant growth in sales and profitability, could help Bohai Automobile overcome its current financial difficulties [9].