Group 1 - The core point of the article is that Nanjing Public Development Co., Ltd. has terminated its acquisition of a 68% stake in Hangzhou Yugu Technology Co., Ltd. due to failure to reach an agreement on transaction terms after nearly nine months of planning [1][2] - The initial acquisition plan was announced in December 2024, intending to purchase the stake through a combination of issuing shares and cash, but was later changed to a cash purchase in July 2023 [2][5] - Yugu Technology, established in 2012, specializes in battery swapping services and charging equipment for electric two-wheelers, with revenues of 559 million yuan in 2022 and 902 million yuan in 2023, and a net profit of 128 million yuan in 2023 [2][3] Group 2 - Nanjing Public's business scope includes real estate development, pipeline gas, taxi services, electric energy, and more, with significant revenue contributions from gas sales and real estate [6][7] - The company's revenue has fluctuated significantly in recent years, with total revenues of 3.589 billion yuan in 2021, peaking at 7.113 billion yuan in 2022, and then declining to 4.632 billion yuan in 2023 [7] - The net profit has also shown a downward trend, with figures of 98.65 million yuan in 2021, declining to a loss of 90.27 million yuan in 2023 [7]

Core Viewpoint - Nanjing Public has terminated its acquisition of 68% stake in Yugu Technology due to a lack of agreement on transaction terms, which was aimed at enhancing its presence in the new energy sector [1][2][3] Group 1: Acquisition Details - Nanjing Public initially announced plans to acquire a 68% stake in Yugu Technology through a combination of cash and share issuance [2] - The acquisition was intended to leverage Yugu Technology's leading position in the electric two-wheeler battery swapping industry to expand Nanjing Public's existing battery swapping business [2] - The decision to terminate the acquisition was made after thorough consideration and discussions with the transaction counterpart [1][3] Group 2: Yugu Technology Overview - Yugu Technology, established in 2012, is a leading provider of battery swapping equipment and services for electric two-wheelers, recognized as a "little giant" enterprise in China [4] - As of June 2023, Yugu Technology had deployed 23,700 battery swapping cabinets and served 391,100 users across 66 cities [4] - By early 2024, Yugu Technology expanded its operations to 84 cities with over 31,400 battery swapping cabinets [4] Group 3: Financial Performance - In 2023, Yugu Technology reported revenues of 902 million yuan and a net profit of 128 million yuan [5] - For the first three quarters of 2024, the company achieved revenues of 715 million yuan and a net profit of approximately 34.32 million yuan [5] - Yugu Technology's user base is expected to grow by about 25% in 2024, maintaining a market share of nearly 20% in the battery swapping sector [5]