Summary of Key Points Core Viewpoint The company, Beijing Wantong New Development Group Co., Ltd., held an investor briefing on August 20, 2025, to discuss the acquisition of Beijing Shudao Information Technology Co., Ltd. (Shudao Technology) and address investor concerns regarding the transaction and the company's strategic transformation towards digital technology. Group 1: Acquisition Details - The acquisition of Shudao Technology has been approved by the company's board, and the signing of the investment and equity acquisition agreements has been completed [2][4]. - The company has already made the second payment of the acquisition price, and the industrial and commercial changes related to the capital increase are in progress [3][4]. - Shudao Technology is expected to deliver 62.98% of its equity to Wantong Development within this year [8]. Group 2: Product and Market Position - Shudao Technology is one of the few domestic companies capable of independently designing and mass-producing PCIe 5.0 chips, with expectations to begin gradual mass supply by Q4 2025 [3][19]. - The PCIe 5.0 chip market is currently dominated by foreign manufacturers, and Shudao Technology aims to provide customized high-speed interconnect chip solutions that are cost-effective and secure [19][20]. - The company has signed contracts worth 147.91 million yuan (including tax) with Shudao Technology, with confirmed revenue of 28.55 million yuan and an order backlog of 119.36 million yuan [6]. Group 3: Financial and Operational Impact - The acquisition is expected to enhance the company's strategic transformation, moving from traditional real estate to the digital technology sector, which has strong growth potential [15][20]. - The company maintains a low debt ratio and stable cash flow, ensuring that the acquisition will not impose significant operational pressure [6][15]. - The projected revenues for Shudao Technology from 2025 to 2027 are 63.50 million yuan, 290.78 million yuan, and 538.40 million yuan, respectively, with performance commitments set at 80 million yuan, 500 million yuan, and 1 billion yuan [14]. Group 4: Management and Integration Strategy - Post-acquisition, Shudao Technology will operate as a subsidiary under Wantong Development, with plans for integration while maintaining its operational independence [17][20]. - The company has not yet established a specific equity incentive plan for Shudao Technology's management and core team, but it aims to leverage its resources to support the subsidiary's growth [17][20]. - The company assures that the recent detention of its actual controller will not affect the acquisition process or the company's operations [13][15].

Core Viewpoint - The company is strategically shifting away from traditional real estate operations towards communication and digital technology sectors, reaffirming its commitment to this transformation despite recent events involving its actual controller [2][12]. Financial Performance - For the first half of the year, the company expects a net loss attributable to shareholders between 22 million to 33 million yuan, an improvement compared to a loss of 79.13 million yuan in the same period last year [5]. - The company reported net losses of 330 million yuan and 498 million yuan for the years 2023 and 2024, respectively [12]. Strategic Acquisition - The company plans to invest 854 million yuan to acquire a 62.98% stake in Shudao Technology, which focuses on high-speed interconnect chip design and development [6][10]. - Shudao Technology, established in February 2021, has not yet turned a profit, with projected revenues of 15.81 million yuan, 32.38 million yuan, and 16.28 million yuan for the years 2023, 2024, and 2025, respectively, and net losses of 62.57 million yuan, 138 million yuan, and 35.98 million yuan [10]. Management's Perspective - The management emphasizes that the investigation involving the actual controller will not impact the company's daily operations or the acquisition of Shudao Technology [6][10]. - The CEO highlighted the potential of Shudao Technology in addressing critical technology challenges and the growing market for high-speed interconnect chips, particularly with the rise of artificial intelligence [10][11]. Future Outlook - The company has ceased planning for new real estate projects since 2015 and aims to focus on digital technology, optimizing resource allocation towards new productive capacities [12][14]. - The management plans to leverage the company's financial platform and resources to support Shudao Technology's growth in high-end interconnect chip development [14].

Core Viewpoint - Jinfeng Mingyuan is expanding its business through acquisitions, with the latest being the purchase of Sichuan Yichong Technology for 3.283 billion yuan, raising concerns about the high premium and potential impact on financial performance [1][2][4]. Group 1: Acquisition Details - Jinfeng Mingyuan plans to acquire 100% of Yichong Technology for 3.283 billion yuan, with a premium of 260.08% based on market valuation [1][2]. - The acquisition will significantly increase Jinfeng Mingyuan's goodwill to 1.997 billion yuan, representing 35.56% of total assets and 62.10% of net assets [1][5]. - Yichong Technology has shown strong revenue growth, with projected revenues of 651 million yuan and 957 million yuan for 2023 and 2024, respectively, indicating growth rates of 45.82% and 47.04% [2][3]. Group 2: Financial Performance - Jinfeng Mingyuan has faced declining net profits over the past three years, with losses of 206 million yuan, 91 million yuan, and 33 million yuan for 2022, 2023, and 2024, respectively [4][5]. - Yichong Technology has also reported losses, with net losses of 510 million yuan and 513 million yuan for 2023 and 2024 [4][5]. - The company has a cash flow challenge, with only 280 million yuan in cash and short-term debts of 373 million yuan, necessitating a fundraising effort of up to 1.8 billion yuan [3][5]. Group 3: Market Position and Clientele - Yichong Technology has established a strong client base, including major companies in the mobile and automotive sectors such as Samsung, BYD, and Xiaomi [3]. - The company has a high research and development expenditure, with R&D costs of 496 million yuan and 413 million yuan for 2023 and 2024, resulting in R&D expense ratios of 76.2% and 43.2% [3]. Group 4: Future Commitments - Yichong Technology has committed to performance targets, promising net profits of no less than 92 million yuan, 120 million yuan, and 160 million yuan for its charging chip business in 2025, 2026, and 2027, respectively [6].