Core Viewpoint - The company is selling a 47% stake in its medical device subsidiary for 604 million yuan to optimize its asset portfolio and improve financial performance, as the subsidiary has been underperforming and incurring losses [1][3]. Transaction Details - The stake sale is based on an asset valuation report, with the total equity value of the medical device company assessed at 1.286 billion yuan, reflecting a 12.93% increase, leading to a valuation of 604 million yuan for the 47% stake [2]. - Payment will be made in installments, with 51% of the transfer payment (308 million yuan) due by January 7, 2026, and the remaining 49% (296 million yuan) by March 31, 2026 [2]. - The company has provided guarantees totaling 300 million yuan for three bonds issued by the medical device subsidiary, which will remain in effect despite the stake sale [2]. Financial Performance of the Subsidiary - The medical device subsidiary has been struggling financially, reporting revenues of 152 million yuan and a net loss of 81.81 million yuan for the year ending 2024, and revenues of 140 million yuan with a net loss of 101 million yuan for the first three quarters of 2025 [1]. Strategic Implications - The sale is viewed as a strategic move to divest underperforming assets while maintaining a presence in the medical device sector through continued investment in quality enterprises [3]. - The company aims to focus on its core strategy of "industrial park operation + industrial investment," particularly in green and low-carbon industries, which is expected to enhance its competitive edge [3][4]. - The transaction aligns with broader trends in state-owned enterprise reform and industrial structure upgrades, aiming to improve asset efficiency and capitalize on regional development opportunities [4].