海汽集团三改方案收购海旅免税“难产” 经营承压扣非五年半累亏5.69亿待突围

Core Viewpoint - The major asset restructuring of Haikong Group has faced significant delays and uncertainties, with no clear resolution in sight after more than three years of attempts [1][5][8]. Restructuring Progress - Haikong Group announced on August 8 that the completion of the restructuring remains uncertain, dependent on negotiations with the transaction party and other approvals [1][5]. - The restructuring plan has undergone three modifications, with the latest adjustment involving a shift from equity issuance to cash and/or asset payments, abandoning the fundraising component [7][8]. Financial Performance - Haikong Group has experienced continuous financial pressure, with a cumulative net loss of 569 million since 2020, and a projected loss of 26 to 32 million for the first half of 2025 [3][10][11]. - The company's asset-liability ratio reached 70.70% by the end of the first quarter of 2025, indicating significant financial strain [4][11]. Market Conditions - The performance of Haikong Group's target acquisition, Hainan Duty-Free, has not met expectations due to rapid changes in the duty-free market and increased competition [2][8]. - The traditional passenger transport sector, which is a core part of Haikong Group's business, has been shrinking, contributing to ongoing losses [3][11]. Historical Context - The restructuring process began in May 2022, with an initial valuation of Hainan Duty-Free at 5 billion yuan, which has since been revised down multiple times due to underperformance [6][10]. - The company's revenue has declined from approximately 1.3 billion yuan in 2012 to around 840 million yuan in 2024, reflecting a downward trend in its core operations [10].