NCFC(SH:600889) Xin Lang Cai Jing·2025-09-29 15:05Core Viewpoint - Jiangsu Huaxin Asset Appraisal Co., Ltd. responded to the Shanghai Stock Exchange's inquiry regarding Nanjing Chemical Fiber Co., Ltd.'s major asset restructuring, detailing the evaluation of assets involved in the transaction [1] Group 1: Asset Evaluation Details - Nanjing Chemical Fiber's disposed assets have shown negative net profits over the last three years, with impairment provisions totaling 32.5954 million, 77.298 million, and 266.2183 million respectively [1] - The disposed assets were evaluated using the asset-based approach, with a book value of 557.3825 million and an assessed value of 729.2712 million, primarily due to the appreciation of land use rights in Nanjing Liuhe [1] - The assessment of Shanghai Yueke indicated a significant impairment of 153.6224 million [1] Group 2: Shanghai Yueke's Business Performance - Shanghai Yueke, specializing in PET structural core materials and mold manufacturing, has seen a decline in performance since 2020 due to the withdrawal of national subsidies for wind power, leading to a drop in revenue from 234.3315 million in 2020 to 49.7120 million in 2024, and a net profit decline from 58.7915 million to -75.8848 million [2] - The significant difference in the assessment value compared to previous evaluations is attributed to changes in the industry environment and decreased competitiveness of PET structural core materials [2] Group 3: Nanjing Craft's Asset Evaluation - Nanjing Craft's assets were evaluated using both the income and asset-based approaches, ultimately adopting the asset-based approach with a valuation of 1.6066757 billion [2] - The income approach was not selected due to the high customization of Nanjing Craft's products, making future revenue and profit margins difficult to predict [2] Group 4: Rental Property Evaluation - The property at No. 329 Mochou Road, rented by Nanjing Craft, was evaluated using the income approach, with a lease agreement extending to December 31, 2034 [2][3] - The evaluation included reasonable predictions for gross income parameters and rental growth rates from 2036 to 2054 [2] Group 5: Shareholder Approval and Future Implications - The transaction plan has been approved by the company's second extraordinary general meeting in 2025, with careful consideration of minority investors' opinions [3] - The evaluation of this major asset restructuring is significant for Nanjing Chemical Fiber's future development and the protection of minority investors' interests, warranting ongoing attention [3]