复牌！688588，重大资产重组

Core Viewpoint - Lingzhi Software plans to acquire 100% equity of Kaimiride through a combination of issuing shares and cash payment, which is expected to constitute a significant asset restructuring [2][5]. Group 1: Transaction Details - The transaction is set to enhance Lingzhi Software's core competitiveness and productization level in the financial trust innovation sector [5][15]. - The share price for the asset purchase is set at 15.31 yuan per share, which is not less than 80% of the average trading price over the last 60 trading days prior to the pricing benchmark [9]. - The transaction is expected to constitute a related party transaction as per the Shanghai Stock Exchange's regulations [11]. Group 2: Financial Performance - As of the end of Q3 2025, Lingzhi Software's total assets were 1.749 billion yuan, with net assets of 1.232 billion yuan. Kaimiride's total assets were 366 million yuan, with net assets of 195 million yuan [17]. - Lingzhi Software's revenue for 2023, 2024, and the first three quarters of 2025 were 696 million yuan, 1.114 billion yuan, and 763 million yuan, respectively, with net profits of 86.53 million yuan, 124 million yuan, and 96.74 million yuan [17]. - Kaimiride's revenue for 2023, 2024, and the first three quarters of 2025 were 292 million yuan, 229 million yuan, and 117 million yuan, respectively, with net profits of 29.49 million yuan, 26.39 million yuan, and a loss of 264,020 yuan [19]. Group 3: Industry Challenges - The financial trust innovation sector is facing price pressure and narrowing profit margins due to aggressive low-price competition among market participants [19]. - Lingzhi Software has indicated that if the industry experiences prolonged "price internalization," it may erode Kaimiride's reasonable profits, weaken its reinvestment capacity, and ultimately affect service quality and technological iteration [19]. - The acquisition is expected to result in goodwill, and if Kaimiride's future performance is poor, Lingzhi Software may face goodwill impairment risks, adversely affecting its financial results [19].