SLSVC(SH:600123) Mei Ri Jing Ji Xin Wen·2025-08-08 12:21Core Viewpoint - Company plans to acquire 62% stake in Shandong Jiaxiang Yilong Port Co., Ltd. for 149 million yuan to diversify into inland shipping and logistics [1][2] Group 1: Acquisition Details - The acquisition involves a cash payment of 149 million yuan for the stake held by Shandong Xuhong Industrial Investment Co., Ltd. [1] - Jiaxiang Port is currently operating at a loss, with projected net losses of 17.73 million yuan for 2024 and 253 million yuan for January to February 2025 [1][3] - The port has a designed throughput capacity of 10.6 million tons per year and is strategically located within the coal transportation network [2] Group 2: Financial Performance - As of December 31, 2024, Jiaxiang Port had total assets of 701 million yuan and net assets of 503 million yuan, with a net loss of 17.73 million yuan for the year [3] - For the first two months of 2025, the port's total assets decreased to 476 million yuan, with a net loss of 253 million yuan [3] - Company expects a significant decline in its own net profit for the first half of 2025, projecting a decrease of 489.2 million to 512 million yuan compared to the previous year [3][4] Group 3: Market Conditions - The company attributes the expected decline in profits to reduced market demand and falling prices for its main products, coal and urea [4] - As of June 30, 2025, the price of coal has decreased by 150 yuan per ton since the beginning of the year, reflecting a 28.5% drop compared to the same period last year [4] Group 4: Financial Position - Company has a high level of new borrowings, with a total borrowing balance of 14.468 billion yuan as of May 31, 2025, which is a 41.8% increase compared to the previous year's net assets [5] - The increase in borrowings is primarily due to the acquisition of coal exploration rights in Shanxi Province, which required significant bank loans [5]