Zheng Quan Ri Bao·2025-12-18 12:39Group 1 - The announcement from Shandong Hi-Speed Company indicates a potential financial impact due to the merger with Dongxing Securities, with an expected impairment provision of approximately 690 million yuan for long-term equity investments in 2025, which will reduce the company's consolidated profit for that year by the same amount [2] - The impairment provision is based on relevant accounting standards and policies, and the final accounting treatment will be confirmed in the company's 2025 annual report [2] - The exchange price for Dongxing Securities shares is set at 16.14 yuan per share, reflecting a 26% premium over the average trading price of 12.81 yuan per share over the previous 20 trading days, with an exchange ratio of 1:0.4373 [2] Group 2 - The impairment provision is classified as a one-time, non-cash accounting loss under accounting standards, meaning it will not result in an outflow of cash for the company [3] - Shandong Hi-Speed's current cash flow situation remains stable [3]