主业滑坡、跨界收购：京基智农的“资金腾挪”与“科技豪赌”

Core Viewpoint - Jingji Zhino's recent capital actions indicate a strategic transformation, focusing on divesting loss-making assets while entering the robotics sector through acquiring control of Huibo Robotics [1][2][3] Group 1: Strategic Actions - The company plans to sell its 100% stake in Shenzhen Jingji Zhino Hotel Management Co., Ltd. for approximately 650 million yuan due to ongoing losses [1][6] - Simultaneously, Jingji Zhino aims to gain control of Jiangsu Huibo Robotics by investing 30 million yuan as a cooperation intention fee, with the potential for this fee to convert into part of the investment price if a formal agreement is reached [2][3] - The company has initiated a share repurchase plan with a total fund of no less than 100 million yuan and no more than 200 million yuan, having already repurchased 654,800 shares, accounting for 0.12% of its total share capital [1][5] Group 2: Financial Performance - In the first three quarters of 2025, Jingji Zhino reported revenues of approximately 3.67 billion yuan, a year-on-year decline of 20.12%, and a net profit of about 298 million yuan, down 50.50% [7] - The decline in revenue and profit is attributed to falling pig sales prices and challenges in real estate sales [7] - The company's core business in the breeding sector saw a revenue drop of 1.86% year-on-year, with net profit decreasing by 26.29% [7] Group 3: Market Outlook and Challenges - The acquisition of Huibo Robotics is seen as a way to mitigate the cyclical nature of the pig farming industry and to develop a second growth curve through technology integration [3][4] - However, the transaction faces challenges, including Huibo Robotics' recent financial losses and the complexities of integrating operations across different industries [3][4] - The success of this cross-industry strategy hinges on the ability to adapt technology for agricultural applications and the long-term financial support required for implementation [4]