Jiajia Food(SZ:002650) Sou Hu Cai Jing·2025-11-09 04:27Core Viewpoint - ST Jiajia has undergone significant changes in ownership and financial restructuring, with Oriental Asset becoming the largest shareholder after acquiring a substantial portion of shares through judicial auction, leading to a turnaround in the company's financial performance and stock price [3][8]. Group 1: Ownership Changes - On November 4, ST Jiajia announced that Oriental Asset acquired a significant portion of its shares, increasing its stake to 23.42%, making it the largest shareholder [3]. - Oriental Asset has invested over 4.4 billion in ST Jiajia over the past six years, including a recent 1 billion acquisition of controlling shares [8]. Group 2: Financial Performance - ST Jiajia's stock price surged from 1.58 yuan to 7.49 yuan, marking a fourfold increase, while the company reported a turnaround in its financials, with a projected net profit of 650,000 to 950,000 yuan for the first half of 2025, compared to a loss of 2.916 million yuan in the same period last year [14][16]. - Despite initial recovery, the company faced declining revenues from 2021 to 2023, with 2023 revenues dropping to 1.45 billion yuan and continued net losses [11][14]. Group 3: Debt Restructuring - In 2018, Oriental Asset helped ST Jiajia resolve significant debt issues, including a 1.53 billion yuan guarantee and 2.95 billion yuan in commercial paper debts, through a debt settlement agreement [6]. - The company faced further financial challenges due to the actions of its former controlling shareholder, leading to judicial freezes on assets and additional debt restructuring efforts [7][14].