黑牡丹全资子公司拟出售空置厂房等资产，亏损关联方溢价84%接盘

Core Viewpoint - Black Mudan announced the sale of part of its digital economy industrial park assets to an affiliated company for 41.9734 million yuan, which constitutes a related party transaction but does not qualify as a major asset restructuring [1][2]. Group 1: Transaction Details - The assets sold include certain properties and engineering works related to the Black Mudan Changzhou Digital Economy Industrial Park, with a total sale price of 41.9734 million yuan, comprising 38.8734 million yuan for the factory and 3.1 million yuan for electrical expansion and fire safety modifications [1][2]. - The transaction was approved by the company's independent directors and board of directors, and does not require shareholder approval [1][2]. Group 2: Asset Valuation - The sold assets have a reported market value of 38.8311 million yuan, reflecting an increase of 1.76968 million yuan from the book value of 21.1343 million yuan, resulting in an appreciation rate of 84% [2]. - The increase in value is attributed to the market value including VAT and reasonable profit, while the book value reflects the cost of property development [2]. Group 3: Financial Condition of Buyer - The buyer, Changgao New Industrial Park, is a wholly-owned subsidiary of Black Mudan's controlling shareholder and has reported continuous losses, with a net profit of -354.76 million yuan in 2024 and -1778.48 million yuan in the first three quarters of the current year [3]. - As of September 30, 2025, the buyer's total assets were approximately 462 million yuan, while total liabilities reached about 478 million yuan, resulting in a negative net asset of -15.3325 million yuan [3]. Group 4: Payment Terms and Strategic Implications - The buyer is allowed to pay only 5% of the total price upfront, with the remaining amount deferred until October 30, 2026 [4]. - Black Mudan stated that the transaction aligns with its strategic development and operational management needs, optimizing asset structure and reducing operational costs, thus benefiting the company and its shareholders [4].