“蛇吞象”重组折戟，光智科技扣非净利连续四年告负

Core Viewpoint - The failed restructuring of Guangzhi Technology has led to significant operational and cash flow pressures for the company, with its stock price plummeting from a peak of 115.55 yuan to 44.16 yuan, a decline of nearly 62% [1][2]. Group 1: Restructuring Details - Guangzhi Technology announced the termination of its asset restructuring with Xian Dao Electronics Technology Co., Ltd. due to "changes in the external environment" and "failure to reach agreement on certain commercial terms" [2]. - The restructuring was initially expected to enhance Guangzhi's market position, as Xian Dao was valued at 20 billion yuan while Guangzhi's market value was only around 3 billion yuan at the time of the announcement [2]. - Following the announcement of the restructuring, Guangzhi's stock price surged over 400%, but after the termination, it experienced a significant drop, including a limit down on June 30 [2][5]. Group 2: Financial Performance - Guangzhi Technology has reported negative net profits for four consecutive years, with a total loss exceeding 400 million yuan from 2021 to 2024 [3][4]. - The company's revenue grew from 129 million yuan in 2019 to 1.455 billion yuan in 2024, but the net profit attributable to the parent company remained negative during this period [3]. - The operating costs of Guangzhi increased significantly, with growth rates of 69.15%, 40.09%, 10.51%, and 27.78% from 2021 to 2024, outpacing revenue growth rates [4]. Group 3: Market Reaction and Shareholder Impact - Individual investors who bought shares before the restructuring announcement made substantial profits, while institutional investors who bought in at high prices faced losses as the stock price fell sharply [6]. - Notably, individual investors like Wang Xueping and Zhang Jianlong saw significant gains, with floating profits of approximately 128.7 million yuan and 85.89 million yuan, respectively, before exiting their positions [6]. - Institutional investors, including major firms like UBS and JPMorgan, entered the market during the price surge but subsequently sold off their holdings as the stock price declined, resulting in losses [6].