Smartgiant(SH:688115) Mei Ri Jing Ji Xin Wen·2026-01-26 11:05Core Viewpoint - The asset restructuring plan of Slinjet has been terminated, leading to a significant decline in investor confidence regarding its "military + commercial aerospace" vision [1][4]. Group 1: Termination of Restructuring Plan - On January 25, 2026, Slinjet announced the termination of its asset restructuring plan, which involved the acquisition of 71% of Qingdao Kekai Electronics Research Institute [1]. - The company cited the large scale of the transaction and changes in market conditions as reasons for the termination [1][3]. - The termination announcement followed a series of significant stock price declines, with a cumulative drop of 29.68% in the five trading days leading up to the announcement [2]. Group 2: Financial Performance Forecast - On January 24, 2025, Slinjet projected an annual revenue of between 240 million to 270 million yuan, representing a year-on-year increase of 29.51% to 45.70% [2]. - However, the company also forecasted a net loss attributable to shareholders of between -11.5 million to -8 million yuan, a decline of 152.38% to 175.30% compared to the previous year [2]. - The expected net profit after excluding non-recurring gains and losses was projected to be between -16.5 million to -11.5 million yuan, reflecting a year-on-year decline of 230.66% to 287.47% [2]. Group 3: Stock Price Movements - Following the initial announcement of the restructuring plan in September 2024, Slinjet's stock price surged, reaching a maximum increase of 157.88% within six trading days [3]. - However, after peaking at 71.1 yuan per share on January 16, 2025, the stock experienced a significant decline of 33.84% over the next six trading days [3]. - The stock price fell by 5.92% to 47.04 yuan per share on January 26, 2025, after the termination announcement [2]. Group 4: Company Background and Market Position - Slinjet specializes in industrial automation testing, focusing on the design, research, production, and sales of embedded intelligent instrument modules [3]. - The company’s products are primarily used in the automation testing of Apple electronic products [3]. - The intended acquisition of Kekai Electronics was seen as a strategic move to enhance Slinjet's position in the aerospace and military sectors, leveraging Kekai's established sales channels and military qualifications [4].