Overview - Xi'an Global Printing Co., Ltd. has decided to shrink its internet digital marketing segment to enhance overall operational efficiency and optimize resource allocation, focusing on core strategic directions in response to market uncertainties and pressures [1][2]. Business Adjustment - The board of directors approved the proposal to suspend the internet digital marketing business of its subsidiary, aiming to refine the company's business layout and improve overall efficiency [2][6]. - The decision is based on the current situation of the internet digital marketing business and market conditions, with the goal of protecting the legal rights of the company and all shareholders [2][6]. Subsidiary Information - The subsidiary, Holguozi Linkai Network Technology Co., Ltd., along with its subsidiaries, provides internet digital marketing services, including technical support, creative design, and market development assistance [2][5]. Financial Performance - The financial data indicates significant challenges, with total assets of 119.15 million and total liabilities of 291.10 million, resulting in a negative equity of -171.95 million [5]. - The subsidiary reported a net loss of 59.97 million for the audited period, highlighting the financial strain on the internet digital marketing segment [5][6]. Market Conditions - The internet and mobile internet sectors are experiencing intensified competition, leading to a decline in revenue and gross margins for the digital marketing segment, compounded by overdue accounts receivable and insufficient working capital [6][7]. - The company anticipates that the suspension of the digital marketing business will narrow its operational scope and significantly reduce revenue, impacting the financial results for 2025 [6][7]. Strategic Focus - The move to suspend the digital marketing business aligns with the company's strategic deployment and development status, allowing it to concentrate resources on core business areas and enhance competitive advantages [7]. - The company plans to strengthen debt collection efforts to protect shareholder interests following the business adjustment [7].

Performance Forecast - The company expects a net loss attributable to shareholders of between 3.5 million and 6 million yuan, compared to a profit of 37.75 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be a loss of 5 million to 8 million yuan, down from a profit of 36.73 million yuan in the previous year [1] - Basic earnings per share are projected to be a loss of 0.01 to 0.02 yuan per share, compared to earnings of 0.12 yuan per share last year [1] Communication with Auditors - The financial data in this performance forecast has not been audited by the accounting firm, but the company has communicated with the auditors regarding the forecast, and there are no discrepancies [1] Reasons for Performance Change - The decline in net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses is primarily due to increased costs from the new factory in the pharmaceutical and other paper box businesses, as well as intensified market competition leading to a decrease in gross margin [1] - The contraction in the internet digital marketing business has also impacted overall performance [1]

Core Viewpoint - ST联合 has resumed trading with a significant price increase following the announcement of a major asset acquisition involving 江西润田实业股份有限公司, which is expected to enhance the company's profitability and competitive edge [1][2]. Company Overview - ST联合's main business includes internet digital marketing, tourism destination operations, and cross-border purchasing, while 润田实业 specializes in the production and sale of packaged drinking water, including products like "润田" purified water and "润田翠" mineral water [2]. - 润田实业 is recognized as a leading brand in the Chinese beverage industry, ranking among the top ten in both packaged drinking water and natural mineral water sectors [2]. Transaction Details - The acquisition involves issuing shares and cash to purchase 100% of 润田实业, with a share issuance price set at 3.2 yuan per share, representing a 32% discount from ST联合's closing price of 4.73 yuan on the announcement date [1]. - The transaction is classified as a major asset restructuring and an associated transaction due to the common control by 江旅集团 [1]. Financial Impact - The acquisition is projected to significantly improve ST联合's profitability, as 润田实业 has shown continuous revenue and profit growth, with expected net profits of 147 million yuan and 177 million yuan for 2023 and 2024, respectively [2]. - In contrast, ST联合 has reported consecutive losses over the past two years, with projected net profits of -13 million yuan and -64 million yuan for 2023 and 2024 [2]. - In Q1 2025, ST联合 reported a revenue decline of 29.16% year-on-year, with a net loss of 8.54 million yuan, marking a 94.98% decrease compared to the previous year [2].