COMPLANT(SZ:000151) Chang Jiang Shang Bao·2025-09-04 23:40Core Viewpoint - Zhongcheng Co., Ltd. is steadily advancing its asset restructuring under the leadership of General Technology Group, aiming to improve its profitability and expand its industrial chain through the acquisition of 100% equity in Jiangsu Clean Energy Co., Ltd. for 151 million yuan [1][3][4]. Group 1: Transaction Details - The transaction involves Zhongcheng Co., Ltd. issuing shares to acquire Jiangsu Clean Energy Co., Ltd. at a valuation of 115 million yuan, with a premium of 37.12% [3]. - The company plans to raise up to 151.4 million yuan in supporting funds, with specific allocations for energy-saving projects and working capital [3][4]. - The deal is classified as a related party transaction since both Zhongcheng and Jiangsu Clean Energy are controlled by General Technology Group [3][4]. Group 2: Financial Performance - Zhongcheng Co., Ltd. has reported a cumulative net loss of 1.542 billion yuan over six and a half years, with a significant decline in revenue and profitability [1][5]. - In the first half of 2025, Zhongcheng's revenue was 249 million yuan, a year-on-year decrease of 47.37%, while it recorded a net loss of 28.76 million yuan [5]. - Jiangsu Clean Energy's financial performance shows a dependency on a single customer, CATL, which accounted for 85.15% of its revenue in the first half of 2025 [1][5][7]. Group 3: Risks and Challenges - Jiangsu Clean Energy faces high customer and supplier concentration risks, with significant sales to CATL and high procurement from its top five suppliers [5][7]. - The company's debt ratio is notably high, with a debt ratio of 66.81% as of June 2025, indicating potential financial strain [1][7]. - The asset restructuring aims to improve Zhongcheng's asset scale and revenue sources, but the high debt levels remain a concern [5][7].