CYG(SH:600525) Zheng Quan Zhi Xing·2025-06-25 18:29Core Viewpoint - The company is responding to the Shanghai Stock Exchange's regulatory inquiry regarding the sale of a 25% stake in its subsidiary, Changyuan Electronics, which is valued at 3.4 billion yuan, below its assessed value of 15.163 billion yuan [1][10]. Valuation and Transaction Price - The valuation of Changyuan Electronics was conducted using the income approach, with the assessed value of 100% equity at 15.163 billion yuan, while the 25% stake is priced at 3.4 billion yuan, indicating a discount of 10.31% from the assessed value [1][12]. - The net assets of Changyuan Electronics increased from approximately 3.71 billion yuan in 2018 to about 11.96 billion yuan currently, reflecting a significant growth [1][10]. Financial Projections - The projected revenue for Changyuan Electronics from 2025 to 2029 is as follows: - 2025: 126.77 million yuan - 2026: 134.34 million yuan - 2027: 140.20 million yuan - 2028: 144.80 million yuan - 2029: 148.88 million yuan - The revenue growth rates are projected to decline from 6.84% in 2025 to 2.82% in 2029 [2][8]. Cost and Profitability - The total operating costs for Changyuan Electronics are projected as follows: - 2025: 90.45 million yuan - 2026: 97.12 million yuan - 2027: 102.52 million yuan - 2028: 106.73 million yuan - 2029: 110.34 million yuan - The gross profit margin is expected to decrease from 28.65% in 2025 to 25.89% in 2029 [3][9]. Cash Flow and Financial Health - The projected cash flows for Changyuan Electronics are as follows: - 2025: 9.16 million yuan - 2026: 9.49 million yuan - 2027: 9.78 million yuan - 2028: 9.91 million yuan - 2029: 9.83 million yuan - The cash flow growth rate is expected to decline from 3.66% in 2025 to -0.82% in 2029 [9][10]. Transaction Rationale - The sale of the 25% stake is aimed at improving liquidity and optimizing the asset structure of the company, as the subsidiary has not provided significant dividends to the parent company [14][17]. - The company has faced financial challenges, including a reported loss of 9.78 billion yuan in 2024, necessitating the sale to repay bank loans and supplement operational funds [18]