Core Viewpoint - The restructuring plan of Huada Jiutian (301269.SZ) has failed after three and a half months, leading to a significant drop in its stock price and market value [1][6]. Group 1: Restructuring Details - Huada Jiutian announced the termination of its major asset restructuring on July 9, 2025, which aimed to acquire 100% of Chip and Semiconductor Technology (Shanghai) Co., Ltd. [1][3]. - The restructuring was intended to enhance Huada Jiutian's capabilities in the electronic design automation (EDA) industry, following its change of control to China Electronics Corporation in December 2024 [1][4]. - The termination of the restructuring also halted Chip and Semiconductor's plans for an independent IPO, which had been initiated in February 2025 [4][5]. Group 2: Financial Performance - In 2024, Huada Jiutian reported revenue of 1.22 billion yuan, a year-on-year increase of 20.98%, but its net profit fell by 45.46% to 109 million yuan [2][8]. - The company's R&D expenses reached 868 million yuan, accounting for 71.02% of its revenue, reflecting a 26.77% increase from the previous year [2][8]. - In the first quarter of 2025, Huada Jiutian achieved revenue of 234 million yuan, a 9.77% increase, while its net profit was 9.71 million yuan, showing a 26.72% year-on-year growth [8]. Group 3: Market Impact - Following the announcement of the restructuring termination, Huada Jiutian's stock price dropped by 5.27% to 108.64 yuan per share, resulting in a market value loss of 3.28 billion yuan [1][6]. - The company's international revenue decreased by 13.32% in 2024, amounting to 57.74 million yuan, which constituted 4.72% of its total revenue [8].