SJY.(SH:600676) Cai Jing Wang·2026-01-13 03:01Core Viewpoint - Shanghai Jiaoyun Group Co., Ltd. (referred to as "Jiaoyun Shares") is undergoing a significant strategic transformation by planning an asset swap with its controlling shareholder, Shanghai Jiushi (Group) Co., Ltd. (referred to as "Jiushi Group") and its affiliates, which involves divesting its automotive sales and after-service segments while acquiring assets in the cultural, sports, and tourism sectors [1][2]. Group 1: Asset Swap Details - The assets to be acquired include 100% equity of Shanghai Jiushi Sports Event Management Co., Ltd. (referred to as "Jiushi Events"), at least 62.40% equity of Shanghai Jiushi Smart Sports Co., Ltd., 100% equity of Shanghai Pujiang Tourism Group Co., Ltd., 100% equity of Shanghai Jiushi Performing Arts Co., Ltd., and 100% equity of a newly established sports venue operation company [2]. - The divested assets primarily consist of 100% equity of several automotive-related companies, including Shanghai Automotive Repair Co., Ltd., Shanghai Jiaoyun Automotive Power System Co., Ltd., and others, which are part of the automotive industry chain [2]. Group 2: Financial Performance and Strategic Rationale - Jiaoyun Shares has faced declining revenues, with total revenue dropping from 5.943 billion yuan in 2022 to 4.437 billion yuan in 2024, and a net loss of 391 million yuan in 2024 [4][5]. - The company aims to improve asset quality and enhance risk resistance through this transaction, which is expected to bolster its ongoing operational capabilities and competitive advantages [3]. - The automotive parts manufacturing and sales segment has been under pressure, with a negative gross margin of -10.80% reported in 2024, contributing to the overall financial decline [5].