Core Viewpoint - The company *ST Baoshi is undergoing a significant transformation by divesting its traditional bearing business and acquiring state-owned new energy assets in an effort to survive after being warned of delisting risks due to continuous losses [2][3] Group 1: Asset Restructuring - On January 13, 2026, Baota Petrochemical Group, a major shareholder, reduced its stake in *ST Baoshi from 34.99% to 17.43% after transferring 200 million shares [2] - The major asset swap has been completed, changing the company's main business from traditional bearing manufacturing to new energy generation and storage [2] - The asset swap involves a total valuation of 8.09 billion yuan for the new energy assets and 4.68 billion yuan for the divested assets, with a cash payment of 3.41 billion yuan by the company [2] Group 2: Financial Performance - Since 2008, *ST Baoshi has reported negative net profits excluding non-recurring items, but post-restructuring, it achieved a revenue of 504 million yuan in the first three quarters of 2025, a year-on-year increase of 7.74%, and a net profit of 118 million yuan, marking a turnaround [3] - The dramatic financial improvement has led the market to interpret the restructuring as a "shell protection" action, crucial for maintaining its listing status [3] Group 3: Performance Commitments and Challenges - The transaction includes a three-year performance commitment, with net profit targets for the new energy assets set at no less than 75.86 million yuan, 78.79 million yuan, and 78.51 million yuan for the years 2025 to 2027 [3] - The new energy business faces challenges, including a decline in gross margin from 51.63% in 2023 to 39.03% in 2024, indicating increased competition in the new energy generation sector [3] - The asset-liability ratio is high, reaching 83.07% by the end of March 2025 [3]
焦点快报!*ST宝实跨界“换血”求新生 置入标的资产负债率超80%|并购谈
Xin Lang Zheng Quan·2026-01-17 02:25