Dongzhu Ecological Environment Protection (SH:603359) IPO日报·2025-09-11 00:33Core Viewpoint - Dongzhu Ecological is undergoing a significant asset restructuring by acquiring 89.49% of Kairuixingtong Information Technology (Nanjing) Co., Ltd, aiming to enter the satellite communication sector after experiencing declining performance in its core business [1][12]. Group 1: Acquisition Details - Dongzhu Ecological plans to acquire Kairuixingtong through a combination of issuing shares and cash payments, with the transaction expected to be a major asset restructuring [1][6]. - The share issuance price is set at 5.47 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [7]. - The acquisition will not change the actual control of the company, which remains with Xi Huiming and Pu Jianfen [7]. Group 2: Financial Performance of Kairuixingtong - Kairuixingtong, established in October 2011, specializes in satellite communication technology and has shown rapid revenue growth, with projected revenues of 149 million yuan in 2023 and 258 million yuan in 2024 [9]. - The net profit for Kairuixingtong is forecasted to be 8.95 million yuan in 2023 and 41.5 million yuan in 2024, indicating a fluctuating net profit margin of 5.99%, 16.1%, and 7.13% over the specified periods [9][10]. Group 3: Dongzhu Ecological's Financial Challenges - Dongzhu Ecological has faced significant revenue and profit declines since 2022, with revenues dropping from 12.42 billion yuan in 2022 to an estimated 3.76 billion yuan in 2024 [12]. - The company reported a net loss of 326 million yuan in 2022 and is projected to continue facing losses in 2025, with a forecasted net profit of between -10 million and -5 million yuan for the first half of 2025 [12]. - The decline in performance is attributed to increased competition, macroeconomic factors, and delays in project payments, impacting the company's operational efficiency [12].