Group 1 - New Dazheng plans to issue shares and pay cash to acquire at least 51% of Jiaxin Liheng Facility Management (Shanghai) Co., Ltd, which is expected to constitute a major asset restructuring [1][5] - The stock of New Dazheng has been suspended since September 15, 2025, due to uncertainties surrounding the transaction, with a plan to disclose the transaction scheme within 10 trading days [1] - Prior to the announcement of the asset restructuring, New Dazheng's stock experienced a two-day trading limit increase, reaching a price of 13.08 yuan per share and a market capitalization of 3 billion yuan [3] Group 2 - Jiaxin Liheng Facility was established in June 2020 and operates in engineering construction and property management, with TS Capital Facility Management Holding Company Limited as the largest shareholder, holding 53% [5] - The acquisition is seen as a horizontal expansion of the industry chain for New Dazheng, which focuses on property services for urban public buildings and smart city operations [5] - New Dazheng's performance has been under pressure due to macroeconomic conditions and a downturn in the real estate sector, with a decline in both revenue and net profit in the first half of 2023 [5][6] Group 3 - In the first half of 2023, New Dazheng undertook restructuring, exited low-efficiency projects, accelerated digital transformation, and advanced a city partner program, resulting in a recovery in market expansion and a 0.9 percentage point increase in gross margin [6] - The company has actively pursued acquisitions to expand its business boundaries, including the 100% acquisition of Sichuan Minxing Property Management Co., Ltd in 2021 and other acquisitions in 2023 [6] - New Dazheng previously planned a major asset restructuring in early 2023 to acquire 80% of Yunnan Cangheng Investment Co., Ltd for 788 million yuan, but the project was terminated in June 2023 due to delays and disagreements [6]

Core Viewpoint - The company is undergoing a critical transformation from scale-driven growth to quality enhancement in the property industry, facing challenges such as a shrinking incremental market and intensified competition in the existing market [2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.503 billion yuan, a net profit attributable to shareholders of 71 million yuan, and a net profit of 65 million yuan after deducting non-recurring items, with basic earnings per share of 0.31 yuan [2]. Strategic Initiatives - The company has implemented significant initiatives including restructuring its system, proactively exiting low-efficiency projects, accelerating digital transformation, and promoting a city partner program to adapt to market changes and strengthen its long-term development foundation [2]. - The company’s market expansion capabilities have rapidly recovered, with a gross profit margin increase of 0.9 percentage points compared to the same period last year [2]. Marketing and Technology Development - Since the fourth quarter of last year, the company has initiated a systematic reform of its marketing system, focusing on product upgrades, channel optimization, cooperative innovation, and network coverage, which has led to exceeding market expansion targets in the first half of the year [2]. - The company is accelerating its digital transformation under a technology-driven strategy, establishing a data-driven intelligent decision-making system, and enhancing service scenarios and management processes through digital upgrades [2]. Application of Emerging Technologies - The company is actively promoting the application of emerging technologies such as robotics and artificial intelligence in various scenarios, including deploying cleaning robots and inspection drones in schools [3]. - Leveraging its leading full-scenario operational capabilities in public property management and long-term data accumulation, the company is exploring the synergistic effects of "scenarios + technology" in collaboration with hardware development and manufacturing partners [3].