ZHONGLI GROUP(SZ:002309) Xin Lang Cai Jing·2025-12-16 04:45Core Viewpoint - The company plans to transfer 100% equity of Qinghai Zhongli Fiber Technology Co., Ltd. for 951,500 yuan, marking a significant decline in value from its previous acquisition price of 30 million yuan for a 15.52% stake in 2016, reflecting the company's ongoing efforts to divest low-efficiency assets as part of its restructuring plan [2][3][6]. Group 1: Asset Transfer Details - The transfer of Qinghai Zhongli is the first asset disposal announcement since the entry of Xiamen state-owned assets into the company [3][17]. - The company aims to optimize its industrial layout and resource allocation through this divestment, which is part of a broader restructuring strategy [6][20]. - The stock price experienced volatility, with a 5.25% drop following the announcement after a period of consecutive gains [2][15]. Group 2: Financial Performance and Background - Qinghai Zhongli has been a financial burden, with cumulative losses exceeding 10 billion yuan from 2020 to 2024, including a loss of 4.7 billion yuan in 2024 alone [7][21]. - The company reported a net asset value of -3.74 billion yuan as of September 30, 2025, indicating insolvency [10][21]. - The operational cash flow of Qinghai Zhongli was only 283,000 yuan, highlighting its financial distress [7][21]. Group 3: Restructuring and Future Plans - The restructuring plan, which was finalized in December 2024, aims to upgrade production efficiency and profitability in the cable business with the support of industry investors [4][18]. - The company is also focusing on eliminating outdated production capacity in its photovoltaic segment to strengthen its technological foundation [5][19]. - The divestment of Qinghai Zhongli is part of a predetermined action within the restructuring plan, aimed at improving overall management efficiency [6][20].