Core Viewpoint - The company, Dongfang Precision, announced plans to sell 100% equity in Fosber Group, Fosber Asia, and Tiruña Asia for cash, which are key operators of its corrugated cardboard production line business, contributing nearly 70% of its revenue in 2024. This move aims to deepen strategic focus and shift towards developing water propulsion equipment and emerging industries [1][4][14]. Financial Performance - In 2024, the assets being sold accounted for 39.66% of the company's total assets and 30.23% of its net assets, while contributing 67.20% of its total revenue [5][17]. - The company's revenue from intelligent corrugated packaging equipment was 84% in 2024, indicating that the sale represents a significant divestment from its traditional business [17]. Business Strategy - The sale is part of a strategy to increase investment in the water propulsion equipment sector, with the goal of becoming a world-class supplier in this field [17]. - The company has previously engaged in multiple cross-industry acquisitions, including the successful acquisition of Baisheng Power in 2015, which is now the main operator of its water propulsion equipment business [17][18]. Market Position - Baisheng Power's main product is outboard motors, which are characterized by high technical value. However, the company faces significant competition from established brands like Yamaha and Mercury, with Baisheng's revenue in 2024 being less than $10 million compared to Yamaha's $2.141 billion [19][19]. - The outboard motor business has shown weak profitability, with a gross margin of 21.38% in the first half of 2025, significantly lower than the company's traditional corrugated packaging equipment business [19]. Challenges and Risks - The company has faced challenges in its cross-industry ventures, notably a significant impairment loss of 3.926 billion yuan related to its acquisition of a battery pack manufacturer, highlighting the risks associated with entering new industries without prior experience [20][21]. - The company is also venturing into the field of embodied intelligence, competing with both emerging startups and established electronics giants, which adds to the complexity of its strategic direction [24].

Core Viewpoint - The announcement by Dongfang Precision Engineering to sell its European core assets for €774 million (approximately ¥6.34 billion) has raised eyebrows in the capital market, suggesting a strategic move rather than a mere loss-cutting measure [1][3]. Group 1: Transaction Details - The timing of the transaction is notable, occurring amidst the backdrop of geopolitical tensions affecting foreign investments in Europe, particularly following the asset freeze of Anshi Semiconductor by the Dutch government [3][13]. - The three companies being sold, including Fosber Group, are not loss-making but are significant revenue generators, expected to contribute ¥3.211 billion in revenue in 2024, accounting for 67.2% of Dongfang's total revenue [5][9]. - The asset's value has increased dramatically, from an initial investment of approximately €740 million to a sale price of €774 million, representing a more than tenfold increase in value over ten years [7]. Group 2: Strategic Implications - The decision to sell is seen as a proactive risk management strategy in light of increasing scrutiny and regulatory challenges for foreign investments in Europe, with 81% of Chinese companies in Europe reporting heightened uncertainty in the business environment [17][19]. - The choice of buyer, Brookfield Asset Management, a Canadian firm managing over $1 trillion in assets, is viewed positively as it is less likely to disrupt existing operations, focusing instead on stable returns [21]. - The cash from the sale will be redirected towards domestic ventures in new production sectors, specifically in marine power equipment and humanoid robotics, which align with current policy trends [23][25]. Group 3: Market Reaction and Future Outlook - The market has responded favorably, with Dongfang's stock price increasing by 90.71% year-to-date, reflecting investor confidence in the company's strategic pivot towards domestic opportunities [40]. - The company's net profit rose by 54.64% in the first three quarters, indicating that investors are optimistic about the potential of the new business directions despite the short-term revenue decline from selling its core assets [40][42]. - The overall strategy highlights the importance of adaptability in a changing global landscape, suggesting that proactive transformation may become a common approach among Chinese enterprises facing uncertainty [42][44].

Core Viewpoint - The sale of Fosber Group and its subsidiaries by Dongfang Precision Engineering for €7.74 billion (approximately ¥63.4 billion) highlights the harsh realities of China's manufacturing transformation, as it involves divesting a key asset that contributes 67.2% of its revenue [1][3]. Group 1: Financial Implications - The three companies being sold are projected to contribute €3.211 billion in revenue, accounting for 67.2% of the total revenue for the year [3]. - The investment return rate from these assets has exceeded 700%, indicating their significant profitability [3]. - The proceeds from the sale will be fully invested in Baisheng Power, a leading domestic company in the outboard motor market, which has seen an average annual compound growth rate of over 20% in revenue and net profit over the past five years [3][5]. Group 2: Strategic Decisions - The decision to sell is seen as a strategic move to focus on new growth areas, despite the risks associated with entering a highly competitive market [5]. - The sale reflects a recognition of the limitations of traditional business growth, as the management seeks to pivot towards higher-value sectors such as water propulsion and industrial internet [5][10]. - The company aims to consolidate resources and enhance operational efficiency by focusing on core businesses after the divestiture [10]. Group 3: Market and Competitive Landscape - The Fosber Group holds a dominant position in the global corrugated cardboard production line market, with over 30% market share globally and more than 50% in North America, making it a critical asset [3][7]. - The sale raises concerns about technology transfer and potential impacts on China's manufacturing capabilities, as the technology involved is considered vital [7][8]. - The transaction will face multiple regulatory hurdles, including shareholder approval and antitrust reviews in several countries, particularly in Italy, where Fosber is headquartered [7][8]. Group 4: Industry Transformation - This divestiture is emblematic of the broader transformation within China's manufacturing sector, as companies are compelled to adapt to new production paradigms and higher-value industries [10][11]. - The transition is characterized by a need for courage and strategic foresight, as companies navigate the challenges of shifting from traditional manufacturing to innovative sectors [11]. - The outcome of this strategic gamble will significantly influence the company's future, determining whether it can successfully transition to a leading player in new markets or face setbacks [11].

Core Viewpoint - The transaction by Dongfang Precision Engineering to sell its core European asset to a U.S. capital firm for 6.3 billion RMB is seen as a strategic shift rather than a forced retreat, reflecting a proactive decision to pivot towards new growth areas [1][3][9]. Financial Summary - The total assets of the target company are 298,594.02 million RMB, while the listed company has total assets of 752,857.70 million RMB, indicating that the target company represents 39.66% of the listed company's total assets [7]. - The net assets of the target company are 150,463.78 million RMB, compared to the listed company's net assets of 497,737.95 million RMB, which means the target company accounts for 30.23% of the listed company's net assets [7]. - The revenue of the target company is 321,063.44 million RMB, while the listed company has revenue of 477,785.56 million RMB, showing that the target company contributes 67.20% to the listed company's revenue [7]. Strategic Shift - The sale of the European asset is part of a broader strategic transition for Dongfang Precision Engineering, moving away from traditional manufacturing towards new industries such as marine power equipment and intelligent robotics, which are supported by national policies [11][20]. - The company has already achieved a degree of localization and replacement in its marine equipment segment, indicating potential for breakthroughs in a market dominated by foreign giants [11][15]. Market Context - The competitive landscape in the new sectors is intense, and success will depend on technological breakthroughs and capital investment. The company aims to leverage the funds from the asset sale to enhance its competitiveness in these new areas [13][20]. - The transaction is not merely a financial maneuver but a calculated risk to reposition the company for future growth, reflecting a trend among traditional manufacturers in China to seek transformation towards smart and green manufacturing [22]. Regulatory Considerations - The transaction will undergo multiple approval processes, including shareholder meetings and foreign investment reviews in Italy and the U.S., which could impact the completion of the deal [17][20].

Core Viewpoint - Dongfang Precision Engineering plans to divest its corrugated cardboard production line business for €774 million, marking a strategic shift towards waterborne power equipment and embodied intelligent robotics [1][2]. Group 1: Asset Sale Details - The company will sell 100% equity of three companies, including Italy's Fosber Group, for €774 million, which represents a significant asset appreciation of over 7 times compared to the initial acquisition cost of approximately €74 million [2]. - The divested assets account for 39.66% of the company's total assets, 30.23% of net assets, and 67.2% of operating revenue for 2024, indicating a major asset restructuring [2]. Group 2: Strategic Shift - The divestiture is aimed at optimizing resource allocation and enhancing operational efficiency, allowing the company to focus on emerging business areas [2]. - The company retains its printing and packaging production lines, industrial internet solutions, and digital printing equipment, ensuring stable revenue and profit to support its strategic transformation [3]. Group 3: New Growth Path - Dongfang Precision Engineering is focusing on two main areas: waterborne power equipment and embodied intelligent robotics, aiming to capture opportunities in strategic emerging industries [4]. - The subsidiary, Baisheng Power, has become a leader in the outboard motor industry, with a projected annual compound growth rate of 22% in revenue and net profit from 2020 to 2024 [4]. - The company plans to enhance its product matrix in the outboard motor sector, including gasoline, diesel, and new energy options [4]. Group 4: Robotics Ecosystem - The company is building a complete ecosystem for embodied intelligent robotics through investments and self-operation, including partnerships with various robotics firms [5]. - A new subsidiary, Dongfang Yuanqi, will serve as the core platform for robot manufacturing, further solidifying the company's position in the robotics market [5]. Group 5: Financial Performance - The company's transformation efforts are showing positive results, with total revenue of 3.389 billion yuan and a net profit of 510 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.52% and 54.64%, respectively [6].

据悉，其子公司百胜动力已成为国内舷外机行业的头部企业，先后实现115马力、130马力到300马力汽 油舷外机的研发和量产，产品应用于水上休闲、渔业捕捞、应急救援、海事巡逻等领域。 11月28日晚，东方精工披露公告称，拟向博枫集团旗下主体出售其持有的Fosber集团、Fosber亚洲及 Tiruña亚洲三家公司100%股权。本次交易基础价格合计7.74亿欧元（折合人民币约63.50亿元）。 据了解，Fosber集团是全球瓦楞纸生产装备制造领军企业，在北美市场占有率超过50%。东方精工于 2014年通过并购将其纳入"麾下"。数据显示，2024年标的公司未经审计的营业收入达32.11亿元，占东 方精工总营收的67.20%。 此次交易完成后，东方精工将剥离全部瓦楞纸板生产线业务，公司营收规模或将受到一定影响。 东方精工在公告中解释称，此举是公司以前瞻性视野作出的战略性选择。通过十年运营，该资产已为公 司贡献了良好的投资回报。随着业务规模扩大与管理复杂度提升，公司需要更加聚焦资源，提升运营效 率。后续公司将聚焦发展新质生产力，重点投入水上动力设备业务等市场前景广阔的产业。 出售公告发出后，12月1日东方精工股价一字涨停 ...

11月28日晚间，东方精工发布重大资产重组预案，公司以及公司100%控股的东方精工（荷兰）拟以现金方式将所持Fosber集团、Fosber亚洲和Tiruña亚洲 三家公司的100%股权出售给Foresight US及Foresight Italy。本次交易完成后，公司将剥离瓦楞纸板生产线业务。 东方精工主营业务主要包括智能包装装备和水上动力设备两大领域。其中，智能包装装备业务包括智能瓦楞纸包装装备、数码印刷设备以及工业互联网行 业解决方案三个子板块。 东方精工提示，标的公司营业收入占公司合并报表口径数据的比例较高，尽管目前公司除瓦楞纸板生产线业务以外的其他业务仍具相当规模，且公司战略 性布局投资的创新业务规模也在逐步增长，但仍然无法避免交易完成后短时间内营业收入规模下降所带来的影响。 | | | | 财务指标 | 标的公司 | 上市公司 | 标的公司/上市公司 | | --- | --- | --- | --- | | 资产总额 | 298,594.02 | 752,857.70 | 39.66% | | 资产净额 | 150,463.78 | 497,737.95 | 30.23% | | 营业收入 | 3 ...

Core Viewpoint - The company, Dongfang Precision, is selling its Fosber Group assets to refocus its strategic efforts on domestic development in technology and new productivity sectors after ten years of operations that have maximized Fosber's potential and profitability [1] Group 1: Strategic Shift - The decision to sell Fosber Group is driven by the need to streamline resources and improve operational efficiency, as the expanded scale of Fosber's operations has diluted the company's focus [1] - The company aims to reduce its international management scope and concentrate on domestic business development [1] Group 2: Future Focus Areas - The company plans to increase investment in the marine power equipment sector, with a focus on Baisheng Power as a core platform, aiming to overcome technical bottlenecks in high-horsepower outboard motors and create a complete product matrix for global competition [1] - Baisheng Power is noted as the first domestic company to mass-produce 300-horsepower gasoline outboard motors, indicating significant future growth potential [1] - The company will also focus on strategic emerging industries within manufacturing, continuing its "strategic investment + industrial synergy" development model, leveraging decades of experience in high-end equipment manufacturing [1]

Group 1: Strategic Focus and Asset Sale - The company aims to optimize resource allocation and focus on domestic development of technology and new productivity businesses by selling certain assets, with a strategic shift towards emerging industries [2][4][7]. - The asset sale is part of the company's commitment to the national "new productivity" strategy and technology transformation, with a focus on high-end intelligent equipment manufacturing [3][5][7]. - The base consideration for the asset sale is €774 million, which will be prudently managed to support the implementation of the technology transformation strategy [8]. Group 2: Business Development and Investment - The company plans to increase investment in its water propulsion equipment business, particularly in the subsidiary Baisheng Power, which has seen a compound annual growth rate (CAGR) of over 20% in revenue and net profit over the past five years [9][10]. - Baisheng Power is positioned to become a world-class supplier of water propulsion equipment, with a focus on developing high-horsepower outboard engines [11]. - The company has made strategic investments in artificial intelligence and robotics, as well as controllable nuclear fusion, to align with national development strategies and explore new growth areas [12][13][15]. Group 3: Market Position and Future Outlook - The global market for outboard engines exceeds $100 billion, with leading brands like Yamaha and Mercury generating significant revenues, highlighting the growth potential for Baisheng Power [10]. - The new manufacturing base in Suzhou is expected to enhance production capacity and support the launch of advanced products, contributing to future sales growth [11]. - The company is committed to enhancing shareholder returns, having distributed over ¥2.1 billion in dividends and share buybacks since its listing [8].

Core Viewpoint - The company, Oriental Precision, announced the sale of its 100% stake in Fosber Group, Fosber Asia, and Tiruña Asia for a total cash consideration of €774 million (approximately ¥6.34 billion) to Foresight US and Foresight Italy, with the ultimate controlling party being Brookfield Corporation [1]. Group 1 - The transaction is expected to constitute a significant asset restructuring, with the target companies projected to account for 67.20% of the audited consolidated revenue of the listed company for 2024 [3]. - Oriental Precision acquired control of Fosber Group through a cross-border merger in 2014, which has since contributed substantial profits to the company [3]. - The company aims to focus its resources on core businesses such as water power equipment, aligning with national development directions, as part of its strategic restructuring and resource reallocation [3]. Group 2 - Following the transaction, Oriental Precision plans to increase investment in its water power equipment business, supporting its subsidiary, Baisheng Power, to become a world-class supplier [3]. - The company is also focusing on strategic emerging industries in manufacturing to accelerate its industrial transformation and upgrading [3]. - Oriental Precision's stock price has seen significant growth, reaching ¥18.4 per share with a year-to-date increase of 90.71%, resulting in a total market capitalization of ¥22.398 billion as of November 28 [3].