Core Viewpoint - The termination of major asset restructuring by companies such as Koyuan Pharmaceutical and Guokewi adds to the growing list of failed restructuring attempts in the A-share market, with 56 companies having announced the failure of their restructuring plans this year, indicating significant operational pressures within the market [1][3][5]. Group 1: Restructuring Terminations - Koyuan Pharmaceutical and Guokewi announced the termination of their restructuring plans on November 28, 2025, with Guokewi specifically stating the inability to reach consensus on transaction-related matters [3][4]. - The total number of companies that have terminated restructuring plans in the A-share market this year has reached 56, including notable firms like Meng Tian Home and Binhai Energy [5][6]. - Among the terminated restructuring cases, several companies were involved in cross-industry mergers, such as Meng Tian Home, which aimed to acquire control of a semiconductor company [9][10]. Group 2: Financial Performance - Over 44% of the 56 companies that terminated their restructuring plans reported net losses in the first three quarters of 2025, with 25 companies showing negative net profits [6][7]. - The company with the largest net loss was Huangting International, reporting a net profit of approximately -2.444 billion yuan, while VisiNova also reported significant losses of around -1.623 billion yuan [6][7]. - Among the companies that reported losses, a significant portion experienced a year-on-year decline in net profits, indicating worsening financial conditions [7][8]. Group 3: Future Strategies - Guokewi plans to continue focusing on its core business while seeking external acquisition opportunities that align with policy encouragement and strategic synergy [4]. - The termination of restructuring plans may lead companies to reassess their development strategies and seek new growth avenues, especially if restructuring was previously seen as a key growth strategy [5].