借壳ST联合上市再进一步！包装水市场内卷加剧，润田实业欲借资本之力破局

Group 1 - The core viewpoint of the article is that Jiangxi Runtian Industrial Co., Ltd. is advancing its process of reverse listing through ST United, amidst a highly competitive bottled water market [2][3] - On September 10, ST United held a temporary shareholders' meeting and approved the major asset restructuring plan, which aims to inject high-quality consumer assets into ST United and expand its bottled water business [3][4] - The restructuring plan has received approval from the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, indicating governmental support for the transaction [3] Group 2 - The total transaction price for acquiring 100% of Runtian Industrial is 3.009 billion yuan, with 2.106 billion yuan paid through the purchase of ST United shares and 903 million yuan raised through a private placement [4] - After the transaction, the shareholding structure of ST United will change, with Jiangxi Maitong, Runtian Investment, and Nanchang Jinkai Capital holding 28.86%, 13.98%, and 13.75% of ST United, respectively [4] Group 3 - Runtian Industrial's performance commitments indicate a conservative outlook, with projected net profits for 2025 lower than those of 2024, and growth rates for 2026 and 2027 below 7% [2][7] - The bottled water market in China is increasingly competitive, with numerous players including both foreign brands and domestic giants, leading to intensified price wars and market share battles [6][7] - Runtian Industrial's sales are primarily concentrated in Jiangxi, and its ability to expand beyond this region is limited, necessitating significant investment in water sources and supply chains [6][7] Group 4 - Runtian Industrial's projected revenues for 2023 and 2024 are 1.152 billion yuan and 1.26 billion yuan, respectively, with net profits of 145 million yuan and 176 million yuan [6][7] - The company aims to strengthen its market position in Jiangxi while expanding into the Northeast and East China markets over the next three years [8]