NCFC(SH:600889) Xin Lang Cai Jing·2025-09-17 14:40Group 1 - The core viewpoint of the article is that Nanjing Chemical Fiber Co., Ltd. is undergoing a significant asset restructuring, which includes the replacement of its original business assets and liabilities with 100% equity of Nanjing Craft, focusing on the research, production, and sales of rolling functional components [1][2] - The restructuring will allow Nanjing Craft to become a wholly-owned subsidiary of the listed company, maintaining its existing management structure and personnel while leveraging the parent company's platform advantages for development [2][3] - Nanjing Craft has a strong market position, ranking first in revenue in China's machine tool industry for rolling functional components for ten consecutive years, with an estimated market share of approximately 6.95% [3] Group 2 - The transfer of debts related to the assets being disposed of is progressing smoothly, with over 95% of non-financial institution debts already cleared or with creditor consent obtained [4] - The company has received necessary approvals for the asset evaluation results and has completed the state-owned asset approval process [4][7] - The leased properties of Nanjing Craft have some discrepancies in land use and area, but these do not pose substantial obstacles to the transaction, and any potential penalties will be borne by the transaction counterpart [5][6] Group 3 - The recent three years have seen significant impairment provisions for the disposed assets, particularly due to market downturns, which are deemed reasonable compared to industry peers [7] - The profit or loss during the transition period of the disposed assets will be shared, with Nanjing Chemical Fiber bearing 40% and the new group 60%, a structure designed to protect minority investors [7]