2 1 Shi Ji Jing Ji Bao Dao·2025-12-09 03:09Core Viewpoint - China Metallurgical Group Corporation (China MCC) experienced a significant stock price drop following the announcement of a large asset sale, indicating market concern over the implications of the transaction [1] Group 1: Asset Sale Details - China MCC announced a massive asset restructuring involving the sale of 100% equity and related debts of MCC Real Estate for 31.237 billion yuan, and other subsidiaries for 29.44 billion yuan, totaling 60.676 billion yuan [1] - The assets being sold include profitable entities, with net profits reported for the first half of 2025: MCC Copper Zinc at 209 million yuan, MCC Jinji at 230 million yuan, and others, indicating that not all divested assets are underperforming [1] Group 2: Financial Performance - China MCC's net profit has been declining from 102.76 billion yuan in 2022 to an expected 67.46 billion yuan in 2024, with the real estate sector being a significant drag, reporting losses of 4.85 billion yuan in 2024 and nearly 25.438 billion yuan in the first half of 2025 [2] - The company's revenue for the first three quarters of 2025 was 335.094 billion yuan, a decrease of 18.79% year-on-year, with a sharp decline in net profit of 41.88% [2] Group 3: Future Plans and Financial Strategy - The proceeds from the asset sale will be used to support a diversified business model focusing on core metallurgical construction, new industrialization, and urbanization, as well as enhancing cash flow and reducing debt [2] - Analysts suggest that while the transaction will alleviate financial burdens, it may weaken the company's metal attributes, potentially affecting valuation, though a significant optimization of the financial structure could lead to market re-evaluation [3]