DORIGHT(SZ:300950) Zhong Guo Zheng Quan Bao·2025-11-08 11:04Core Viewpoint - The company, Degute, announced the termination of its major asset restructuring plan to acquire 100% equity of Haowei Cloud Computing Technology Co., Ltd. due to disagreements among parties regarding core terms such as valuation, performance commitments, and compensation clauses [2][6]. Group 1: Termination of Restructuring - Degute received feedback from Haowei Technology indicating significant disagreements among major shareholders on key restructuring terms, making it difficult to reach a satisfactory agreement within the effective time window [6]. - The termination of the transaction requires multiple procedures, including further negotiations, internal review processes, and final approval from Degute's board, introducing uncertainty regarding the timeline [6]. - Degute committed not to plan any major asset restructuring for at least one month following the termination announcement [6]. Group 2: Background of the Acquisition - The acquisition plan was first disclosed on June 29, with a transaction proposal released on July 13, aiming to diversify Degute's business into telecommunications software development, cloud and AI software development, and industry digital solutions [6]. - Degute, a manufacturer of energy-saving and environmental protection equipment, faces challenges such as intensified industry competition and limited market space [6]. Group 3: Haowei Technology Overview - Haowei Technology, previously known as ZTE Soft Creation, has no controlling shareholder and operates in 20 countries with significant overseas advantages [8]. - The top three shareholders of Haowei Technology hold 27.83%, 27.62%, and 13.85% of the shares, respectively [8]. - Financial projections indicate Haowei Technology's net profits for 2023 and 2024 are expected to be 202 million and 205 million, respectively, but it reported a loss of 133 million in Q1 2025 due to seasonal revenue characteristics [8]. Group 4: Market Reaction and Financial Performance - Following the announcement of the restructuring plan, Degute's stock price rose for three consecutive days, reflecting high market expectations for its cross-industry transformation [8]. - As of November 7, Degute's stock price was 32.66 yuan per share, with a total market capitalization of 4.98 billion yuan, representing a cumulative increase of over 104% this year [8]. - Degute's net profits for 2022, 2023, and 2024 were reported at 65.58 million, 38.66 million, and 96.72 million, respectively, with a 26.39% decline in net profit for the first three quarters of 2025 [9].