TJRD(SH:600322) Chang Jiang Shang Bao·2025-06-16 00:53Core Viewpoint - The company, Jintou Chengkai, is advancing an asset restructuring plan to transform its business and improve profitability by acquiring high-quality heating assets from its parent company, Tianjin Energy Group, while divesting its real estate development business [1][4]. Group 1: Restructuring Details - Jintou Chengkai plans to acquire 100% equity of three companies: Jinneng Co., Tianjin Thermal, and Gangyi Heating, for a total consideration of 58.62 billion yuan through asset swaps, issuance of shares, and cash payments [1][2]. - The restructuring involves the divestment of its real estate assets and the acquisition of heating assets, marking a strategic shift in its business focus [3][4]. - The company aims to raise up to 500 million yuan in supporting funds, which will be used entirely for cash payments related to the transaction [2]. Group 2: Financial Impact - Post-restructuring, Jintou Chengkai's revenue is projected to increase from 2.712 billion yuan to 3.895 billion yuan, representing a growth of 43.64%, while net profit is expected to rise from a loss of 210 million yuan to a profit of 375 million yuan, a staggering increase of 278.35% [1][7]. - The total asset value and equity attributable to the parent company are expected to grow significantly, with total assets increasing from 13.464 billion yuan to 16.322 billion yuan (21.23% increase) and equity rising from 16.9137 million yuan to 3.975 billion yuan (23,402.57% increase) [7]. - The restructuring is anticipated to alleviate the company's high debt ratio, which stood at 97.76% as of March 2025, thereby enhancing liquidity and risk resilience [7]. Group 3: Market Position and Operations - The three acquired companies will collectively serve 1.24 million households and businesses in Tianjin, covering a heating area of 174 million square meters, which accounts for 29% of the city's total centralized heating area [6]. - The financial performance of the acquired companies indicates strong revenue generation, with Jinneng Co. projected to achieve revenues of 2.977 billion yuan and 3.094 billion yuan in 2023 and 2024, respectively [6].