*ST宝实四轮股权拍卖顺利落地：机构持续进场，重整与基本面修复逻辑进一步夯实

Core Viewpoint - The bankruptcy restructuring process of *ST Baoshi has made substantial progress with the successful completion of the fourth round of equity auctions, indicating improved asset disposal efficiency and increased market confidence in the company's recovery [1][3]. Auction Progress - The recent judicial auctions of *ST Baoshi have shown a clear progression: - The first two rounds saw some asset packages fail to sell due to discrepancies between bids and market expectations. - The third auction marked a breakthrough, with all asset packages sold at once, including a large package starting at 96 million yuan sold at a premium. - The fourth auction continued this trend, with 40 million shares held by Baota Petrochemical Group sold in two packages for approximately 100 million yuan and 96 million yuan respectively [1][2]. Market Confidence and Buyer Structure - The auction prices have shown a clear correlation with market prices, with the third auction's starting price translating to approximately 4.8 yuan per share, while the market closing price was 5.72 yuan per share. - Most asset packages achieved premium sales, indicating that buyers are not merely short-term speculators but are making long-term value assessments. - The diversity of participants in the fourth auction included professional asset management platforms and experienced investors in corporate restructuring, suggesting a thorough evaluation of the restructuring plan's feasibility and asset quality [2][3]. Fundamental Changes and Financial Performance - The core support for the auction results stems from substantial changes in the company's fundamentals. - By July 2024, *ST Baoshi will complete a significant asset swap, divesting its long-term loss-making bearing business and acquiring 100% equity in Ningxia Electric Power Investment New Energy Co., thus shifting its focus to renewable energy generation and storage. - Financially, in the first three quarters of 2025, the company achieved a revenue of 504 million yuan, a year-on-year increase of 7.74%, and a net profit attributable to shareholders of 118 million yuan, indicating a marked improvement in profitability [2][3]. Shift in Market Focus - The successful completion of multiple auctions has shifted market attention from whether auctions would fail to the growth potential of the company's renewable energy business and its ability to sustain profitability. - The completion of these auctions does not signify the end of the restructuring logic but rather clears critical obstacles for the company to return to normal operations and unlock industrial value [3][4]. Conclusion - Overall, the continuous success of the four equity auctions reflects high efficiency in judicial restructuring and growing market recognition of the company's transformation direction and fundamental recovery. - As the industrial structure has been switched and operational data begins to validate, the auction results are seen as confirmations rather than mere catalysts, with the company's value reassessment increasingly dependent on the ongoing performance of its renewable energy business [4].