TC(SH:603421) Qi Lu Wan Bao Wang·2025-07-24 10:58Core Viewpoint - Dingxin Communications is facing significant financial difficulties, leading to the decision to sell its newly established subsidiary, Qingdao Haina Smart Media Technology Co., Ltd., for 240 million yuan to improve its financial situation and operational efficiency [1][4][7]. Financial Performance - The company expects a loss of 190 million to 227 million yuan in the first half of the year, which represents an increase of nearly four times compared to the same period last year [1][4]. - The sale of the subsidiary is intended to temporarily cover the losses incurred during this period [7]. Business Challenges - Dingxin's core businesses in electricity and fire safety have been severely impacted. The electricity segment has suffered due to being blacklisted by the State Grid Corporation for two years and facing a 15-month market ban from Southern Power Grid [4]. - The fire safety business has also seen a significant decline in revenue due to ongoing adjustments in the real estate sector [4]. Asset Sale Details - The subsidiary, Haina Smart, was established only five months prior to the sale, with a registered capital of 10 million yuan and a property valued at 240.29 million yuan being injected into it shortly after its formation [4][5]. - The transaction will be paid in three installments: 24 million yuan by July 31, 2025, 144 million yuan after business registration changes, and 72 million yuan by September 20 [5]. Strategic Implications - The decision to sell the subsidiary is described as a strategic move to enhance asset operation efficiency, reduce management costs, and support the company's sustainable development [5][7]. - However, the underlying issues affecting Dingxin's core businesses remain unresolved, raising concerns about the company's ability to regain competitive strength in the future [7].