GPTY(SZ:000545) Sou Hu Cai Jing·2025-07-01 11:22Core Viewpoint - Jinpu Titanium Industry (000545.SZ) has initiated a significant capital action in mid-2025 after three consecutive years of losses, planning to acquire Nanjing Lide Dongfang Rubber and Plastic Technology Co., Ltd. (Lide Dongfang) through asset disposal and cash payment, which may serve as a crucial lifeline for the company amid ongoing challenges in its primary titanium dioxide business [1][11]. Group 1: Transaction Details - The transaction will involve a major asset swap, issuance of shares, and cash payment to acquire controlling equity in Lide Dongfang, with the counterparties being Nanjing Jinpu Dongyu Investment Co., Ltd. and Nanjing Hengyutaihe Investment Partnership [2]. - Jinpu Titanium plans to dispose of some of its assets and liabilities as part of this transaction [3]. Group 2: Background of Lide Dongfang - Lide Dongfang is the only domestically autonomous enterprise for high-speed rail rubber hoses and a standard setter for automotive hoses, with products serving various sectors including rail transportation, wind energy, automotive, aerospace, and marine engineering [8]. - The company has seen significant revenue growth, with sales increasing from over 300 million yuan in 2020 to surpassing 1 billion yuan in 2024 [8]. Group 3: Financial Performance of Jinpu Titanium - In 2024, Jinpu Titanium reported total revenue of 2.133 billion yuan, a year-on-year decline of 5.86%, and a net loss of 244 million yuan, which is a 39.81% increase in losses compared to the previous year [11]. - The company has accumulated losses exceeding 550 million yuan over the past three years, with the primary reasons cited as weak market demand for titanium dioxide due to the real estate downturn and intensified market competition [11]. - Jinpu Titanium's attempts to pivot towards the new energy sector have not met expectations, further exacerbating its financial difficulties [11][12].