NCFC(SH:600889) Xin Lang Cai Jing·2025-08-27 16:45Core Viewpoint - Nanjing Chemical Fiber is undergoing a major asset restructuring, involving the disposal of its original business assets and liabilities while acquiring 100% of Nanjing Craft's shares, which will become a wholly-owned subsidiary focused on the research, production, and sales of rolling functional components [1][2]. Group 1: Assets Involved - The restructuring will see Nanjing Chemical Fiber inject 100% of Nanjing Craft's shares, changing its main business to rolling functional components [2]. - Nanjing Craft has ranked first in revenue for nine consecutive years in the rolling functional components sector in China, although it faces stiff competition from European and Japanese manufacturers in the high-end market [2]. - Nanjing Craft's revenue is primarily derived from sectors such as CNC machine tools, photovoltaics, semiconductors, and intelligent manufacturing, with CNC machine tools contributing the highest revenue share [2]. Group 2: Asset Disposal and Debt Management - As of July 31, 2025, over 95% of non-financial institution debts have received creditor consent, with a remaining debt of 782.68 thousand yuan pending agreement [3]. - The company has committed to resolving guarantees related to its subsidiaries before the completion of the asset restructuring, with the new group agreeing to assume future guarantee responsibilities [3]. Group 3: Property Issues and Impact - Nanjing Craft's property at No. 329 Mochou Road has discrepancies between registered and actual use, but these issues are not expected to significantly impact the company's operations or the transaction [4]. - The rental income from properties has minimal impact on Nanjing Craft's overall revenue and gross profit, indicating that the rental business is not a major focus [4]. - Some land and buildings in the Binjiang factory area are still in the process of obtaining relevant property rights, but this is not anticipated to adversely affect the transaction [4].