江西长运收购关联方两家亏损公司 业绩再度转亏毛利率连续6年为负

Core Viewpoint - Jiangxi Changyun announced plans to acquire 100% equity of Nanlu Automobile and Hongcheng Qiyun for approximately 16.55 million yuan, despite its deteriorating financial condition [1][2]. Financial Performance - For Q3 2025, Jiangxi Changyun reported revenue of 1.044 billion yuan, a year-on-year decline of 5.2%, and a net loss of 12.306 million yuan, worsening by 747.75% compared to the previous year [1]. - The company's gross margin was -10.21%, a decrease of 114.73 percentage points, marking the sixth consecutive year of negative gross margins since 2020 [1]. - The average gross margin for the road and rail transport industry was 11.20%, highlighting Jiangxi Changyun's significantly underperforming status [1]. Financial Structure - Jiangxi Changyun's debt-to-asset ratio reached 74.96% in Q3 2025, slightly down from 75.79% the previous year but still well above the industry average of 43.41% [1]. - The company had cash and cash equivalents of 437 million yuan, while short-term loans amounted to 1.541 billion yuan, leading to a significant short-term debt repayment pressure [2]. - The ratio of cash to current liabilities was only 15.49%, indicating weak short-term solvency [2]. Acquisition Details - The two acquired companies, Nanlu Automobile and Hongcheng Qiyun, reported losses of 2.8199 million yuan and 2.0751 million yuan respectively from January to August 2025 [2]. - As of August 2025, the net assets of the two companies were 2.6432 million yuan and 13.4379 million yuan [2]. - The acquisition aims to eliminate competition in the tourism passenger transport sector with other companies controlled by Jiangxi Changyun's indirect controlling shareholder [2]. Strategic Challenges - The acquisition of two loss-making companies may further burden Jiangxi Changyun's overall performance, as the company is already struggling with insufficient self-sustaining capabilities [2]. - Despite the potential to resolve competition issues, the effectiveness of injecting loss-making assets into a continuously loss-making listed company remains uncertain [2]. - The traditional transport sector is facing transformation pressures, making Jiangxi Changyun's path to profitability increasingly challenging [2].