易主宝鸡国资后首卖资产，*ST步森上演保壳“生死时速”

Core Viewpoint - *ST Bosen plans to sell 35% of its stake in Shaanxi Bosen to Nantong Erfangji, aiming to improve liquidity and focus on its core apparel business amid ongoing financial struggles and delisting risks [1][2]. Group 1: Transaction Details - The transaction price for the stake sale has not been disclosed and will be based on an evaluation report from a qualified assessment agency [2]. - This sale is expected to constitute a significant asset restructuring for *ST Bosen [2]. - The company aims to enhance its core competitiveness by concentrating resources on its main apparel business [2]. Group 2: Financial Performance - *ST Bosen has faced continuous losses over the past three years, with reported losses of 78.45 million yuan in 2022, 67 million yuan in 2023, and 51.4 million yuan in 2024, along with a loss of 10.46 million yuan in the first half of 2025 [5]. - As of the first half of 2025, the company reported revenue of 52 million yuan and a net loss attributable to shareholders of 10.46 million yuan [5]. - The company has been under delisting risk warnings since April 28, 2025, due to negative net profits and insufficient revenue [5]. Group 3: Operational Challenges - Shaanxi Bosen, established in 2021, has struggled with underutilization of production capacity due to a lack of business resources, resulting in an investment loss of 635,025.41 yuan in the first half of 2025 [2]. - The company has faced increasing financial demands and plans to enhance its bank credit and engage with external investors to address its capital needs [4]. Group 4: Corporate Governance and Control Changes - The recent asset sale follows a significant board restructuring after the entry of state-owned assets from Baoji, with the new board members primarily having backgrounds in Baoji's state-owned enterprises [6]. - There have been rumors regarding a potential "backdoor listing" involving Shaanxi Bosen and Xifeng Liquor, which the company has denied, asserting no plans for such a restructuring [7].