VITI(SH:603023) 中国基金报·2025-12-08 14:15Core Viewpoint - Weidi Co., Ltd. plans to conduct a significant asset restructuring by acquiring control of Jiangsu Jiuxing Precision Technology Co., Ltd. through cash payment, which is expected to constitute a major asset restructuring [3]. Group 1: Transaction Details - As of December 8, Weidi's stock price reached 4.95 CNY per share, with a 10% increase, resulting in a total market capitalization of 2.763 billion CNY [6]. - The transaction is proposed to occur in two phases, starting with Weidi signing a letter of intent to acquire 51% of the equity in Jiangsu Zhiyue Tiancheng Enterprise Management Co., Ltd. [9]. - Jiangsu Zhiyue Tiancheng is the controlling shareholder of Jiuxing Precision, holding a 46.1165% stake [10]. Group 2: Shareholder Structure - Jiuxing Precision's shareholders include Jiangsu Zhiyue Tiancheng, Tai Zhou Jiuxing Yuanchuang Management Consulting Partnership, and others, with Hu Tao holding a direct stake of 9.2233% [13]. - The total shareholding structure of Jiuxing Precision is detailed, showing Jiangsu Zhiyue Tiancheng with 3,819,527.74 shares (46.1165%), and Tai Zhou Jiuxing Yuanchuang with 2,673,669.1 shares (32.2815%) [14]. Group 3: Strategic Rationale - The acquisition aims to enhance Weidi's business scale and profitability, aligning with the company's long-term strategic needs [19]. - Jiuxing Precision specializes in the R&D, production, and sales of precision metal components, primarily serving the mid-to-high-end home appliance sector [19]. - Weidi Co., Ltd. is a supplier of automotive electronic control products, with a reported revenue of 110.32 million CNY for the first three quarters of 2025, reflecting a year-on-year increase of 138.73% [19]. Group 4: Financial Performance - For the first three quarters of 2025, Weidi reported a net profit of 705,830.94 CNY, a decline of 80.11% year-on-year, attributed to decreased product gross margins and increased credit impairment losses [21]. - The company's operating revenue for the reporting period was 36.37 million CNY, showing a year-on-year increase of 238.17% [20].