TJRD(SH:600322) Di Yi Cai Jing·2025-06-25 12:04Core Viewpoint - The article discusses the recent asset restructuring of Tianjin Investment City Development Co., Ltd. (津投城开), which involves divesting its real estate business and acquiring heating-related assets, marking a significant shift in its operational focus [2][3]. Group 1: Asset Restructuring Details - Tianjin Investment City Development has received approval from the Tianjin State-owned Assets Supervision and Administration Commission for a major asset restructuring plan [2]. - The restructuring involves the acquisition of 100% equity in Tianjin Energy Co., Tianjin Thermal Power Co., and Gangyi Heating Co., while divesting all real estate-related assets and liabilities [2][3]. - The divested assets are valued at 198 million yuan, while the acquired assets are valued at a total of 5.862 billion yuan [2][3]. Group 2: Financial Performance and Strategic Shift - The company reported revenues of 3.36 billion yuan, 3.05 billion yuan, and 2.71 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year declines of 27.97%, 9.14%, and 11.19% [4]. - The net profit, after excluding non-recurring losses, totaled a loss of 2.451 billion yuan, with a debt-to-asset ratio reaching 96.32% by the end of 2024 [4]. - The company aims to transition from a real estate development focus to a stable urban heating business to enhance its risk management and long-term stability [4]. Group 3: Implications for the Industry - This transaction is part of a broader initiative by Tianjin Energy Group to promote a new round of state-owned enterprise reform, enhancing the market-oriented and standardized operation of the acquired assets [5]. - The integration of heating assets is expected to contribute positively to the development of Tianjin's heating industry [5].