Core Viewpoint - Longjiang Transportation plans to acquire 100% equity of Heilongjiang Water Transport Construction Development Co., Ltd. for a price not exceeding 157 million yuan, which constitutes a related party transaction [1][2] Group 1: Transaction Details - The acquisition price is based on a public bidding price of 150 million yuan and is within the assessed value of 157 million yuan [1] - Heilongjiang Water Transport owns the Dadingzi Mountain Hydropower Plant with a total installed capacity of 66,000 kilowatts, operational since October 2007 [1] - As of July 31, 2025, the total assets of the water transport company are 895 million yuan, with a net asset of 8.6034 million yuan [1] - Revenue for 2024 and the first seven months of 2025 was 163 million yuan and 87.8513 million yuan, respectively, with net profits of 25.32 million yuan and 7.639 million yuan [1] Group 2: Valuation and Strategic Purpose - The asset valuation report indicated a significant increase in value, with an assessed value of 157 million yuan representing an increase of 125 million yuan and a growth rate of 386.77% [1][2] - The high valuation increase is attributed to the separation of non-operating assets and the retention of the hydropower assets, resulting in lower net assets and higher liabilities [2] - The acquisition aligns with Longjiang Transportation's "one body, two wings" strategy, promoting rapid development in the clean energy sector and supporting the company's strategic transformation [2] Group 3: Company Overview and Performance - Longjiang Transportation is the only publicly listed highway company in Heilongjiang Province, managing a 132.8-kilometer section of the Harbin-Daqing highway [3] - The company reported a revenue of 244 million yuan for the first half of 2025, an increase of 8.74% year-on-year, with a net profit of approximately 94.75 million yuan, up 19.12% [3] - The company also has a significant presence in the taxi operation sector and is involved in the graphite new materials industry, with a mining capacity of 2 million tons per year [3]