空港股份拟剥离建筑施工业务 营收占比超七成

Core Viewpoint - Beijing Airport Technology Park Co., Ltd. plans to sell 80% of its subsidiary Tianyuan Construction, which is expected to constitute a major asset restructuring, following a previous acquisition of a heating company from its controlling shareholder [2][3]. Group 1: Business Restructuring - The sale of Tianyuan Construction will lead to a significant change in the company's main business structure, as this subsidiary has been a major contributor to revenue, accounting for over 60% of total revenue in most years [3][4]. - In 2024, the company's revenue is projected to drop to approximately 1.31 billion yuan after the divestiture, despite the anticipated improvement in profitability [4][6]. Group 2: Financial Performance - The construction segment generated about 3.51 billion yuan in revenue for the company in 2024, representing over 70% of total revenue [3][4]. - The net profit for Tianyuan Construction is estimated at -91.24 million yuan for 2024, contributing to the overall projected net loss of -119 million yuan for the company [4][6]. Group 3: Asset Quality Improvement - The divestiture is expected to improve the company's asset quality and enhance its sustainable operating and profitability capabilities by reducing the asset-liability ratio [8]. - Tianyuan Construction has experienced continuous losses since 2021, with net profits of -111 million yuan, -87 million yuan, -114 million yuan, and -91 million yuan over the past four years [7][8].