时代周报梳理发现，此次剥离青海中利，是中利集团自厦门国资入主以来首次公告实施资产处置。 中利集团成立于1988年，前身为常熟市唐市电缆厂，公司于2009年在深交所上市，公司拥有线缆、光伏两大主营业务，其光伏业务主要通过子公司苏州腾晖 光伏技术有限公司（"腾晖光伏"）运营，青海中利则系公司线缆板块的开展主体之一。 12月14日，中利集团（维权）（002309.SZ）发布公告称，计划转让其持有的青海中利光纤技术有限公司（以下简称"青海中利"）100%股权，股权交易价格 为95.15万元。交易完成后，青海中利将不再纳入公司合并报表范围。 就在2016年，中利集团曾以3000万元的价格收购青海中利15.52%股权。九年后，青海中利100%股权仅以95.15万元出售。"骨折价"的背后，青海中利已资不 抵债，经营性现金流仅28.3万元。 持有九年，为何在此时选择与该资产切割？时代周报记者注意到，本次出售青海中利，为中利集团自2024年12月份重整计划落地后首次公告剥离低效资产， 为了"优化公司产业布局与资源配置，改善资产结构"。 不过，就在该资产剥离消息发布前，中利集团股价连续涨停。公司股票于12月11日、12日连续两日 ...

12月15日晚间，晨鸣纸业在港交所公告，于2025年12月15日（于交易时段后），湛江晨鸣纸品（作为目 标贷款之卖方）、香港晨鸣（作为目标股权之卖方）及寿光市晟嘉投资有限公司（作为买方）订立股权 及贷款转让协议，据此，公司与香港晨鸣同意出售，而买方同意收购目标股权及目标贷款，总代价为人 民币333,635.30万元。出售事项完成后，公司将不再拥有目标集团任何权益。公司拟透过出售目标公司 股权及贷款，剥离所有于其融资租赁业务有关的资产。出售事项完成后，集团日常业务运营在完成前后 将基本保持不变。集团将继续专注于生产及销售纸制品的主要业务。 ...

12月10日，深圳国资背景的ST英飞拓（002528.SZ）抛出一则资产处置公告，公司全资子公司英飞拓 （杭州）信息系统技术有限公司（下称"英飞拓系统"）拟在淘宝网资产竞价平台挂牌转让英飞拓（杭 州）科技有限公司（下称"杭州科技"）100%股权，挂牌底价仅为1元。 从交易方案来看，此次股权转让的核心条款颇具特殊性。据ST英飞拓公告披露，以2025年9月30日为评 估基准日，杭州科技100%股权对应的股东全部权益评估价值为-1370.94万元，已处于资不抵债状态，这 也是其股权挂牌底价定为1元的核心依据。 截至2025年三季度末，杭州科技净资产已跌至-850.34万元，较评估基准日的-1371万元虽有小幅修复， 但仍未脱离资不抵债的困境。持续的亏损不仅拖累了英飞拓系统的业绩，其1.4亿元的欠款和1.09亿元的 贷款担保，更成为压在ST英飞拓身上的沉重包袱。 此次资产剥离的背后，是ST英飞拓近年来持续恶化的业绩基本面和高企的财务压力。财报数据显示， 2021年至2024年，公司已连续四年归母净利润亏损，累计亏损额高达35.63亿元，其中2021年亏损14.19 亿元、2022年亏损9.69亿元、2023年亏损7. ...

超600亿元的剖离，聚焦主业却不被市场看好，中国中冶（601618）（01618）一纸公告股价大跌21%，市值缩水超百亿港元。 图片来源：公司公告 此外，中冶铜锌交易对价122.4亿元，增值79.15亿元，增值率182.99%；瑞木管理交易对价0.1亿元，增值0.1亿元；中冶金吉交易对价 50.36亿元，增值32.68亿元，增值率183.5%；华冶杜达交易对价16.57亿元，增值14.7亿元，增值率789.6%；有色院交易对价104.96亿 元，增值58.42亿元，增值率12.53%。 智通财经APP了解到，近日中国中冶发布公告，拟以约31.24亿元向五矿地产控股出售中冶置业的全部股权并转让相关债权，及拟以 约29.44亿元向控股股东中国五矿出售有色院、华冶、中冶铜锌及瑞木管理各自的全部股权及中冶金吉67.02%的股权。此次出售合计 总对价606.76亿元。 此次交易对价较标的净资产均有非常高的溢价，这将使得出售完成后净资产将有明显的增长。根据披露，此次剥离非核心资产优化 配置资源，有利于优化该公司业务结构、聚焦核心主业、提升核心竞争力，未来将聚焦冶金工程、有色与矿山工程建设和运营、高 端基建、工业建筑和新兴 ...

超600亿元的剖离，聚焦主业却不被市场看好，中国中冶（01618）一纸公告股价大跌21%，市值缩水超百亿港元。 智通财经了解到，近日中国中冶发布公告，拟以约31.24亿元向五矿地产控股出售中冶置业的全部股权并转让相关债权，及拟以约 29.44亿元向控股股东中国五矿出售有色院、华冶、中冶铜锌及瑞木管理各自的全部股权及中冶金吉67.02%的股权。此次出售合计总 对价606.76亿元。 此次交易对价较标的净资产均有非常高的溢价，这将使得出售完成后净资产将有明显的增长。根据披露，此次剥离非核心资产优化 配置资源，有利于优化该公司业务结构、聚焦核心主业、提升核心竞争力，未来将聚焦冶金工程、有色与矿山工程建设和运营、高 端基建、工业建筑和新兴产业等领域，推动业务实现高质量发展。 然而市场却并不买账，该公告一出，次日港股市值大跌超20%，A股大幅低开后迅速跌停，第二日继续下跌。那么，此次大规模的剖 离非核心资产，对公司基本面有何影响，及是否影响到可持续经营？ 此次交易买方中国五矿及五矿地产将分两期支付，第一期支付在各自董事会通过决议正式批准本次交易后20日内支付全部对价的 50%，第二期支付于交割日支付全部对价的50%。 ...

一个跌停将中国中冶（601618.SH/1618.HK）资产剥离背后的争议摆上台面。 来源：智通财经 中国中冶计划以606.76亿元总价，将旗下中冶置业、中冶铜锌、瑞木管理等核心资产打包出售给控股股 东中国五矿集团及其关联方。此次交易的核心矛盾，集中在"剥离资产的价值失衡"与"企业战略转型的 模糊性"两大焦点上。一边是资不抵债、持续巨亏的地产业务被剥离，被业内视为"甩掉包袱"；另一边 却是盈利能力最强、正处价值上升期的矿产资源业务被同步出售，这让投资者难以理解公司转型逻辑。 更让市场疑虑的是，交易标的中部分资产评估增值率悬殊，从-45.18%到419666.17%的极端差异，缺乏 充分透明的评估说明，进一步加剧了市场对交易公允性的质疑。 | | 评估值(亿元) | 评估增值率 | | --- | --- | --- | | 中冶置业100%股权 | 312.37 | -45.18% | | 有色院100%股权 | 104.96 | 125.53% | | 中冶铜锌100%股权 | 122.41 | 182.99% | | 瑞木管理100%股权 | 0.1 | 419666.17% | | 中冶金吉67.02% ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) plans to sell core assets worth 60.676 billion yuan to its controlling shareholder, China Minmetals Group, raising concerns over asset value imbalance and unclear strategic transformation [1] Group 1: Asset Sale Details - The total sale price of 60.676 billion yuan includes the sale of China MCC's subsidiaries such as China MCC Real Estate, China MCC Copper Zinc, and Ruimu Management [1] - The evaluation of the assets shows a significant disparity in value, with some assets having an evaluation increase rate ranging from -45.18% to 419,666.17%, raising questions about the fairness of the transaction [1][2] Group 2: Financial Performance of Real Estate Business - China MCC Real Estate, which is responsible for the company's real estate operations, has become a "profit black hole," with a projected net loss of 4.9 billion yuan in 2024 and an even larger loss of 25.3 billion yuan in the first seven months of 2025 [3][5] - The real estate segment contributed only 3.4% to the overall revenue in 2024, with a gross margin of just 3.92%, significantly lower than the company's overall profitability [3][4] Group 3: Mining Assets and Their Importance - The mining assets being sold, including China MCC Copper Zinc and Huaye Duda, are crucial for profitability, contributing 10.4% to the total profit in the first half of 2025 despite only accounting for 1.2% of revenue [7] - The mining operations have seen significant increases in evaluation rates, with China MCC Copper Zinc at 182.99%, China MCC Jinji at 183.51%, and Huaye Duda at 789.57%, indicating their strong profit potential [7] Group 4: Controversy Over Asset Evaluation - The lack of transparency in the asset evaluation process has raised concerns among investors, particularly regarding the assumptions and parameters used in the evaluation methods [9] - The sale of the Aynak copper mine project, a significant asset with an estimated economic value exceeding 2 trillion yuan, has become a focal point of contention among long-term investors [10][11] Group 5: Future Outlook and Investor Concerns - The company faces significant pressure to clarify the reasons for divesting valuable mining assets and to outline a clear development plan post-sale to address potential profit gaps [12] - The stock price of China MCC has been declining, reflecting market skepticism about the company's future profitability following the asset sale [13]

Core Viewpoint - Suning.com announced the divestiture of Carrefour-related assets, selling eight companies for a total consideration of 8 yuan, with each company valued at 1 yuan, resulting in these companies no longer being included in the consolidated financial statements [1][2]. Summary by Relevant Sections Asset Divestiture - Suning.com’s wholly-owned subsidiary, Suning International, sold eight companies to Shanghai Qishu Jiafu, with seven of the companies having a 100% equity value assessed at negative values, and one company valued at zero [1]. - Following the transaction, the target companies will cease to use the "Carrefour" branding [1]. Financial Impact - The transaction is expected to positively impact Suning.com’s financial status, with an estimated increase in net profit attributable to shareholders of approximately 992 million yuan [2]. - This divestiture is part of Suning.com’s strategy to streamline non-core business units and reduce debt levels, having already divested 24 subsidiaries this year for a total consideration of 24 yuan, which is expected to enhance net profit by over 1.9 billion yuan [2]. Company Performance - As of the third quarter of this year, Suning.com reported current liabilities of 84.627 billion yuan, exceeding current assets by 36.299 billion yuan [2]. - The company achieved revenue of 38.131 billion yuan, a year-on-year increase of 0.29%, but net profit attributable to shareholders fell by 87.76% to 73 million yuan [2].

Core Viewpoint - Suning.com announced the sale of 100% equity in eight subsidiaries for a total price of 8 yuan, with each subsidiary sold for 1 yuan, aiming to streamline operations and reduce debt burden [1][2]. Group 1: Transaction Details - The subsidiaries sold include various companies under Suning International, which will no longer be included in Suning.com's consolidated financial statements [1]. - The transaction is expected to positively impact the company's financial status, with an estimated increase in net profit attributable to shareholders of approximately 999.2 million yuan by September 30, 2025 [1]. - This marks the third time in 2023 that Suning.com has utilized a "1 yuan transfer" model to divest assets, having previously sold four Carrefour subsidiaries for 4 yuan and twelve subsidiaries for 12 yuan, collectively enhancing net profit by over 1.9 billion yuan [4]. Group 2: Financial Context - Suning.com reported a current liability exceeding current assets by approximately 37.8 billion yuan, with a debt-to-asset ratio of 90.67% [4]. - For the first three quarters of the year, the company achieved revenue of 38.131 billion yuan, a year-on-year increase of 0.29%, but net profit attributable to shareholders fell by 87.76% to 73.33 million yuan [4]. - The company has been actively reducing debt, with debt restructuring gains reaching 1.688 billion yuan [4]. Group 3: Business Strategy - Suning.com is focusing on its core home appliance and 3C business, while continuing to streamline non-core business units to alleviate debt levels [1][2]. - The company has opened and upgraded 32 new Suning Max and Suning Pro stores in the third quarter, with comparable store sales increasing by 5.4% [4]. - The retail cloud business in county and town markets has also shown growth, with a year-on-year sales increase of 7% [4].

Core Viewpoint - The company Guolian Aquatic Products (国联水产) announced the transfer of 100% equity of its wholly-owned subsidiary, Guangdong Xinying Food Technology Co., Ltd. (新盈食品), to its controlling shareholder, Xinyu Guotong Investment Management Co., Ltd. (新余国通), through a debt assumption acquisition method [1]. Group 1: Transaction Details - The total payment for the equity transfer includes a cash payment of 34.7465 million yuan and the repayment of 281 million yuan in debts, amounting to a total of 315.465 million yuan [1]. - As of the assessment benchmark date of October 31, 2025, the total equity value of Xinying Food is 34.7465 million yuan, with an appraisal increment of 3.122 million yuan, resulting in a growth rate of 9.87% [1]. Group 2: Financial Performance of Xinying Food - Xinying Food, established on June 1, 2011, has a registered capital of 12 million yuan and operates in food production, sales, and aquatic seed import/export [1]. - The projected revenue for Xinying Food is 5.0117 million yuan for 2024 and 1.199 million yuan for the first ten months of 2025, with net profits of 499,400 yuan and a loss of 1.06219 million yuan, respectively [1]. Group 3: Company Strategy and Performance - Guolian Aquatic Products aims to revitalize its existing assets through this transaction, converting idle upstream assets and inventory into more liquid cash assets, thereby optimizing its asset structure and improving inventory turnover efficiency [1]. - The company has been focusing on upgrading its business model in the prepared food sector, providing comprehensive solutions for restaurants and family dining [1]. - From 2019 to 2024, Guolian Aquatic Products has reported losses for six consecutive years, with a revenue of 2.582 billion yuan in the first three quarters of 2025, a year-on-year decrease of 14.29%, and a net loss of 800 million yuan, a decline of 905.30% year-on-year [4].