8月24日晚间，成都三泰控股股份有限公司(以下简称"三泰控股")披露2020年半年度报告显示，今年上 半年，公司实现营业收入24.5亿元，同比大幅增长554.8%，归属于上市公司股东的净利润9239.73万 元，同比扭亏为盈。公司同时预计，今年前三季度有望实现净利润6亿元至6.8亿元，较去年同期扭亏为 盈并大幅增长。 值得一提的是，磷化工业务接下来还将继续助力三泰控股业绩大幅提升。根据公司在半年报中做出的前 三季度业绩预告，龙蟒大地磷化工业务2020年前三季度预计可贡献净利润3.2亿元左右，增长原因主要 系工业级磷酸一铵和复合肥销量增加，叠加原料成本较去年同期降低等因素综合影响所致。同时，三泰 控股在今年5月披露了旗下中邮智递和丰巢科技进行重组的一揽子交易方案，伴随中邮智递与丰巢科技 合并的顺利进行，公司不再按权益法分摊中邮智递产生的亏损(去年公司分摊了约1.7亿元亏损)。此外， 重组后的新主体随着业务发展和证券化进程的不断加快，股权价值凸显，估值有较大的提升空间，三泰 控股预计将在今年第三季度确认中邮智递的股权为其带来的约4.36亿元的投资收益。受上述三方面因素 影响，三泰控股有望延续上半年业绩报喜的态势， ...

Core Viewpoint - The article discusses the acquisition of a 65% stake in Shanghai New Jiyu Information Technology Service Co., Ltd. by Meiyan Jixiang (600868.SH) for 106 million yuan, highlighting the significant goodwill impairment risk associated with this cross-industry merger amid the company's ongoing losses [2][4]. Financial Performance - Meiyan Jixiang has been in a state of continuous loss, with an expected net profit loss of 32 million to 27 million yuan for the first half of 2025 [3]. - The company reported a net profit loss of 82.82 million yuan for 2024, a slight improvement from a 100 million yuan loss in 2023, but still not profitable [11]. - The company's hydropower business generated 224 million yuan in revenue in 2024, a year-on-year increase of 26.51%, with a gross margin of 40.9%, making it the most profitable segment [12]. Acquisition Details - The acquisition of New Jiyu is aimed at expanding Meiyan Jixiang's BPO (Business Process Outsourcing) business, with an assessed value increase of 266.03% [2][6]. - New Jiyu's revenue for 2024 and the first five months of 2025 were 171 million yuan and 66.76 million yuan, respectively, with net profits of 7.44 million yuan and 4.92 million yuan [5]. - The transaction will result in approximately 76 million yuan of goodwill on Meiyan Jixiang's consolidated balance sheet [6]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised inquiries regarding the necessity of the transaction, business integration management, transaction pricing, goodwill, performance commitments, and related party transactions [2][6]. - The exchange pointed out that New Jiyu's primary business in customer service and e-commerce outsourcing is unrelated to Meiyan Jixiang's current main business [5][6]. Performance Commitments - Meiyan Jixiang has set performance commitments for New Jiyu, requiring a combined net profit of no less than 55 million yuan from 2025 to 2028, with specific revenue targets for each year [8][9]. - If the performance commitments are not met, there will be cash compensation provisions, indicating a structured approach to mitigate risks associated with the acquisition [8][9]. Market Position and Competition - New Jiyu's gross margin of 8.79% is significantly lower than its peers, such as Jingbeifang and Cai'an Financial, which have gross margins of 21.43% and 20.15%, respectively [7][12]. - The competitive landscape in the geographic information industry has intensified, leading to decreased margins and profitability for Meiyan Jixiang's other business segments [11][13].