TJRD(SH:600322) Zhong Guo Jing Ying Bao·2025-06-30 09:57Core Viewpoint - Tianjin Jintou Urban Development Co., Ltd. (600322.SH) is undergoing a transformation plan to exit the real estate sector and shift towards urban centralized heating business due to continuous losses and rising debt ratios [2][3] Group 1: Restructuring Details - The restructuring plan has received approval from the Tianjin State-owned Assets Supervision and Administration Commission and has been passed by the shareholders' meeting [2] - The restructuring consists of three parts: major asset replacement, issuance of shares and cash payment for asset acquisition, and raising matching funds [2][3] - The assets to be acquired are valued at 58.62 billion yuan, while the assets to be disposed of are valued at 1.98 billion yuan [2][4] Group 2: Financial Implications - The net asset value of the disposed assets is 36.36 billion yuan, with a significant impairment loss of 34.38 billion yuan, resulting in a 94.57% impairment rate [3][4] - After the restructuring, the company's net assets are projected to increase from 0.17 billion yuan to 39.75 billion yuan, and the debt ratio is expected to decrease from 96.32% to 69.61% by the end of 2024 [7] - Revenue is anticipated to rise from 27.12 billion yuan to 38.95 billion yuan, and net profit is expected to shift from a loss of 2.31 billion yuan to a profit of 4.3 billion yuan [7] Group 3: Historical Context and Performance - The company has faced declining revenues, with a drop from nearly 10 billion yuan in 2019 to below 3 billion yuan in 2024 [6] - The company has reported continuous net losses since 2020, with four out of the last five years showing negative net profit [6] - The asset-liability ratio has been on the rise, surpassing 90% in 2021 and reaching 97.76% in the first quarter of 2025 [6]