SJY.(SH:600676) Shang Hai Zheng Quan Bao·2026-01-10 12:10Core Viewpoint - The company, Jiaoyun Co., is planning a significant asset restructuring by swapping its passenger car sales and automotive after-service segments, along with automotive parts manufacturing and sales, with related assets in the cultural, sports, and tourism sectors held by its controlling shareholder, Jiushi Group. This move aims to facilitate a strategic business transformation, improve asset quality, enhance risk resistance, and boost operational sustainability and competitive advantage [1]. Group 1: Financial Performance - Jiaoyun Co. has reported continuous losses in its net profit attributable to shareholders, with figures of -174 million yuan, -429 million yuan, and -216 million yuan for the first three quarters of 2023, 2024, and 2025 respectively [1]. - The company's revenue for the same periods was 5.21 billion yuan, 4.44 billion yuan, and 3.23 billion yuan, indicating a downward trend in revenue [1]. - The logistics and road freight service segment is facing intense competition and underperformance in new business development, leading to significant pressure on the main business [1]. Group 2: Business Segments - The passenger car sales and after-service segment is struggling due to declining consumer demand and adverse market conditions, particularly for traditional fuel vehicle brands, resulting in limited profitability improvement [1]. - The automotive parts manufacturing and sales segment has seen a slight recovery in demand and sales revenue, but high fixed costs related to labor and equipment depreciation continue to limit profitability [1]. Group 3: Proposed Asset Swap - The proposed assets to be acquired include 100% equity of Shanghai Jiushi Sports Event Management Co., a newly established sports venue operation company, at least 62.40% equity of Shanghai Jiushi Smart Sports Co., 100% equity of Shanghai Pujiang Tourism Group Co., and 100% equity of Shanghai Jiushi Performing Arts Co. [1]. - The new sports venue operation company plans to manage several major sports venues, including Xujiahui Sports Park and Shanghai International Circuit, and will have its 100% equity swapped into Jiaoyun Co. [1]. - Jiushi Group's sports assets include hosting major events like the F1 Chinese Grand Prix and owning landmark sports venues and hotels, enhancing the potential value of the asset swap [1].