经考虑当前市场状况及集团的现金流量需求，出售事项将改善集团的资本及债务结构并将减轻集团就发 展深圳物业产生进一步资开支的财务负担，以至于集团能将资源集中在汽车相关业务的转型、升级及可 持续发展。此外，出售事项亦将使管理层可将更多的时间及精力投入到集团主要业务的管理上。 考虑到近年中国传统汽车经销行业所面临的前所未有的逆境及挑战，集团仍坚定致力于专注其汽车销售 及汽车相关衍生业务，并已在新能源汽车转型与汽车国际化拓展等方面作出了诸多努力，而物业开发不 再是公司发展中优先考虑的业务。此外，鉴于深圳物业的建设仍处于初步阶段，预计将需要大量额外开 发成本。 格隆汇1月7日丨正通汽车(01728.HK)公告，于2026年1月7日，卖方启富集团有限公司(公司间接全资附 属公司)和深圳汇安启(公司的间接全资附属公司)与买方信息信达订立股权转让协议，据此，卖方已有条 件同意出售，而买方已有条件同意收购深圳汇安启的全部股权并同意接受及承担相关债务，暂定出售价 约为人民币8.03亿元，通过银行转账支付。截至本公告日期，集团持有深圳汇安启100%股权。出售集 团的主要资产为深圳物业，即位于中国深圳市的一幅地块。 ...

Core Viewpoint - The transaction involving Lingyi Zhi Manufacturing's acquisition of a 66.46% stake in Jiangsu Kedas from multiple parties through convertible bonds and cash payment is aimed at entering the automotive parts industry, which is seen as a high-potential market [1][4]. Transaction Details - Lingyi plans to acquire the stake for a total price of 332 million yuan and will raise up to 207 million yuan through a share issuance to specific investors, with 100 million yuan allocated for Jiangsu Kedas' working capital and bank loan repayment [1]. - Jiangsu Kedas specializes in manufacturing automotive interior components, and the acquisition will allow Lingyi to quickly enter this sector [1][4]. Financial Performance and Projections - Jiangsu Kedas is projected to achieve revenues of 899 million yuan in 2024, a year-on-year increase of 10.18%, with a net profit of approximately 40.98 million yuan, reflecting a 61.84% growth [2]. - However, the company's gross margin is expected to decline from 15.39% in 2024 to 14.96% by 2027, which is below the industry average [2]. - The decline in gross margin is attributed to a higher revenue share from lower-margin products and increased competition in the automotive parts industry [2]. Performance Commitments - The transaction includes performance commitments from the sellers, with net profit targets set at no less than 47 million yuan, 56 million yuan, and 65 million yuan for the years 2025, 2026, and 2027, respectively [3]. - In the first half of the current year, Jiangsu Kedas achieved 52.5 million yuan in revenue, which is nearly half of the projected annual revenue [3]. Strategic Rationale - Lingyi views the acquisition as a strategic move to leverage Jiangsu Kedas' established customer relationships in the automotive sector, particularly with domestic brands focusing on new energy vehicles [4][5]. - Jiangsu Kedas has been certified as a first-tier supplier by several major automotive manufacturers, which enhances its market position [5]. Industry Positioning - Lingyi is transitioning from a Tier 2 to a Tier 1 supplier in the automotive industry, which will provide significant advantages in product development and customer engagement [6][7]. - The company aims to capitalize on emerging trends in the new energy vehicle market, focusing on technologies related to battery systems and thermal management [7].