LANGOLD(SZ:002305) Mei Ri Jing Ji Xin Wen·2025-09-18 05:50Core Viewpoint - Nanguo Real Estate is undergoing a significant asset restructuring, aiming to divest its real estate development and leasing business to focus on light asset operations and urban management services, potentially reversing its declining financial situation and avoiding delisting risks [1][9]. Group 1: Asset Restructuring Details - Nanguo Real Estate plans to transfer real estate development and leasing assets and liabilities to Shanghai Longlin for a nominal price of 1 yuan, which includes 17 equity assets and related receivables [1][2]. - The total assessed value of the assets to be divested is approximately -2.934 billion yuan, indicating a significant impairment compared to the book value of 2.386 billion yuan [2][3]. - The transaction is expected to lead to a substantial decrease in total assets and revenue, but an increase in owners' equity and net profit post-transaction [3]. Group 2: Financial Performance and Risks - Nanguo Real Estate has faced continuous losses since 2021, with net profits of -0.823 billion yuan, -1.693 billion yuan, and -2.238 billion yuan for the years 2022 to 2024, respectively [6][7]. - As of the end of 2024, the company's net assets were -1.753 billion yuan, leading to a risk warning for delisting starting April 30, 2025, if certain financial conditions are not met [7]. - The company reported a 39.54% year-on-year decline in revenue for the first half of 2025, with total assets decreasing by 3.78% [7][8]. Group 3: Strategic Transformation - Post-restructuring, Nanguo Real Estate aims to transition to a comprehensive urban operation service provider, focusing on commercial operations, office management, and long-term rental apartments [9]. - The company currently operates 23 projects in the commercial operation sector, covering a total area of 1.32 million square meters, and has plans to enhance its operational capabilities in urban management [9]. Group 4: Market Reactions - The stock of Nanguo Real Estate has experienced significant volatility, with a trading halt on the day the restructuring plan was announced, followed by a cumulative decline of over 12% in subsequent trading days [10].