GZPR(SH:600684) Sou Hu Cai Jing·2025-09-12 02:13Core Viewpoint - The company, Guangzhou Zhujiang Development Group Co., Ltd. (600684.SH), is planning to publicly transfer 41% equity of Guangdong Yihua Real Estate Development Co., Ltd. at a minimum price of 1 yuan to optimize its asset structure and resource allocation [1] Group 1: Equity Transfer - The transfer is due to Yihua Real Estate's failure to provide necessary documentation, leading to an inability to conduct audits and asset evaluations [1] - The book value of the investment in Yihua Real Estate has been impaired to 0, prompting the company to set a minimum transfer price of 1 yuan [1] - Yihua Real Estate has been listed as a dishonest executor by the Guangzhou Yuexiu District People's Court, indicating a risk of bankruptcy due to inability to repay debts [1] Group 2: Historical Debt and Legal Actions - In January 2018, the company acquired 41% equity in Yihua Real Estate and provided approximately 11.1326 billion yuan in debt investment, with a loan term from January 19, 2018, to January 18, 2021 [2] - The initial debt amount was not repaid by the due date, representing 34.63% of the company's audited net assets for 2019, leading to legal action against Yihua Real Estate [4] Group 3: Stock Asset Sale - On September 11, the company announced plans to sell stock assets to optimize its asset structure and focus on core business [5] - The company intends to sell shares in Guizhou Yibai Pharmaceutical Co., Ltd., Aorui De Optoelectronics Co., Ltd., China Ping An Insurance (Group) Co., Ltd., and Hunan Erkang Pharmaceutical Co., Ltd. [5] - The initial investment costs and book values for these stocks have been disclosed, indicating a strategic move to release asset value [5] Group 4: Financial Performance - As of June 30, 2025, the company reported revenue of 743 million yuan, a year-on-year increase of 12.01% [6] - The total profit reached 26.201 million yuan, a significant increase of 857.31% compared to the previous year [6] - The net profit attributable to shareholders was 19.4782 million yuan, marking a turnaround from losses [6] - However, the net profit after excluding non-recurring gains and losses dropped by 57.31% year-on-year [7] Group 5: Company Background - The company is a subsidiary of Zhujiang Industrial Group, focusing on urban operation services, including property services, cultural and sports operations, and hotel management [7] - Zhujiang Industrial Group, established in 1979, is a large state-owned enterprise in Guangzhou with total assets exceeding 130 billion yuan [7]