重组折戟，思林杰股价大跌！科凯电子曲线上市告败

Core Viewpoint - The acquisition and restructuring plan of Slinje (688115) has failed after over 16 months of planning, leading to a significant drop in its stock price and the expectation of its first annual net loss since going public [1][6]. Group 1: Acquisition and Restructuring - Slinje announced on January 25 that it would terminate the acquisition of 71% of Qingdao Kekai Electronics Research Institute and the associated fundraising, marking the failure of Kekai Electronics' attempt to go public [1][3]. - The termination was attributed to the large scale of the transaction and changes in market conditions since the initial planning phase, which prolonged the restructuring process [3][5]. - The transaction price for Kekai Electronics' 71% stake was adjusted multiple times, from 14.91 billion to 14.2 billion, and finally to 13.14 billion [5]. Group 2: Financial Performance - Slinje's financial performance has been disappointing, with an expected net loss of up to 11.5 million in 2025, which would be its first annual loss since its IPO [1][7]. - Revenue figures for Slinje from 2022 to 2025 are projected to be approximately 2.42 billion, 1.68 billion, 1.85 billion, and 1.8 billion respectively, with corresponding net profits of 54.03 million, 8.98 million, 15.27 million, and a projected loss of 843.32 million [7][8]. - The anticipated revenue for 2025 is expected to increase by 29.51% to 45.7%, but the net profit is projected to be negative, indicating a significant decline in profitability [8].