五年间并购、重组计划全告吹，“屡战屡败”的金鸿顺梦碎“马达新贵”

Core Viewpoint - Jin Hongshun's restructuring plan to acquire a 95.79% stake in New Thinking Motor Co., Ltd. has been terminated due to a lack of consensus among the parties involved, marking the fourth failed attempt at mergers and acquisitions in five years [1][5]. Group 1: Company Overview - Jin Hongshun (603922.SH) was listed in 2017 and primarily engages in the development, production, and sales of automotive body and chassis stamping parts and related molds [2]. - The company has faced continuous losses in net profit excluding non-recurring items for six consecutive years since 2019, largely due to challenges in the traditional automotive industry [2]. Group 2: Industry Context - The traditional automotive sector is experiencing a downturn due to the impacts of electrification, connectivity, and intelligence, leading to decreased market demand and intensified competition [2]. - The rapid development of new energy vehicles is driving a transformation in the automotive industry, resulting in a "white-hot" competitive environment and reduced profit margins for upstream component manufacturers [2]. Group 3: Acquisition Details - New Thinking Motor, founded in 2014, specializes in the design, development, production, and sales of micro automatic focusing voice coil motors and other types of motors, and is recognized as a leading supplier in China [1][3]. - The company reported revenues of 465 million yuan, 879 million yuan, and 975 million yuan for the years 2022, 2023, and the first eight months of 2024, respectively, with a projected total output value of 1.6 billion yuan in 2024 and 2 billion yuan in 2025 [2][3]. Group 4: Impact of Termination - The termination of the acquisition is stated to have no significant adverse effects on Jin Hongshun's existing operations, financial status, or strategic development [5]. - This marks the fourth failed merger or acquisition attempt for Jin Hongshun in five years, with previous attempts including the acquisition of Huibo Yuntong Technology Co., Ltd. and other ventures that also did not materialize [5][6].