B-Ray Media(SH:600880) Sou Hu Cai Jing·2025-12-13 05:06Core Viewpoint - Chengdu Media Group's subsidiary, Chengdu Borui Communication Co., Ltd. (Borui Communication), announced the acquisition of a 51% stake in Meijing Technology for 66.49 million yuan, marking a significant related party transaction [1][2]. Group 1: Transaction Details - The transaction involves Chengdu Media Group transferring its 33.26% stake and Chengdu Meijing Media Co., Ltd. transferring its 17.74% stake in Meijing Technology to Borui Communication for 43.36 million yuan and 23.13 million yuan, respectively [2]. - After the transaction, Chengdu Media Group will no longer hold direct shares in Meijing Technology, which will become an asset of Borui Communication [2]. - Industry insiders suggest that this transaction serves as a cash "blood transfusion" for Chengdu Media Group [2]. Group 2: Company Background - Meijing Technology, established in December 2018, focuses on enterprise-level AI applications and aims to assist various institutions in achieving intelligent communication through self-developed software products [2]. - The company was integrated and controlled by Chengdu Meijing Media in November 2022 and is considered a key high-tech enterprise by the Daily Economic News [2]. Group 3: Performance Commitments - Chengdu Media Group and Chengdu Meijing Media have made a performance commitment for Meijing Technology to achieve a cumulative net profit of no less than 23.1 million yuan from 2026 to 2028, with cash compensation required if this target is not met [3]. Group 4: Financial Projections - Historical data shows Meijing Technology's net profit for 2023 and 2024 at 2.6982 million yuan and -754,200 yuan, respectively, with a downward trend observed in the first half of 2025 [5]. - Forecasts for net profit from 2026 to 2028 are 5.3082 million yuan, 8.2029 million yuan, and 7.2040 million yuan, totaling 20.7151 million yuan, which is slightly below the performance commitment [6]. Group 5: Strategic Implications - The acquisition is viewed as a critical step in Borui Communication's digital transformation, aiming to combine media and technology to enhance the development of a new intelligent media group for Chengdu Media Group [6].