Core Viewpoint - Haitai Development has decided to terminate the cash acquisition of controlling shares in Zhixueyun Technology after failing to reach an agreement on key transaction terms, putting its plans to enter the education technology sector on hold [2][3]. Group 1: Company Announcement - Haitai Development announced on December 5 that it would not proceed with the acquisition of Zhixueyun due to a lack of consensus on transaction price and method [2]. - The company committed to not planning any major asset restructuring for at least one month following this decision [2]. - The termination of this transaction is not expected to adversely affect the company's normal business operations [2]. Group 2: Financial Performance - For the first three quarters of 2025, Haitai Development reported a revenue of 445 million yuan, representing a year-on-year increase of 1256.49%, primarily driven by a significant rise in real estate sales [3]. - The net profit attributable to shareholders was 2.42 million yuan, with a non-recurring net profit of 522,800 yuan, largely influenced by real estate sales and gains from the disposal of subsidiary equity [3]. Group 3: Background on Zhixueyun - Zhixueyun, established in 2013, focuses on providing digital learning solutions for government and enterprise clients through its proprietary low-code PaaS platform and AI Agent platform [3]. - The company has been recognized as a "specialized and innovative" small and medium-sized enterprise in Beijing for two consecutive years from 2021 to 2022 [3]. Group 4: Strategic Intent - The acquisition of Zhixueyun was intended to align with the State-owned Assets Supervision and Administration Commission's reform requirements and the Tianjin government's policy initiatives, aiming to inject educational technology assets into Haitai Development and create a new business segment [3]. Group 5: Stock Performance - Haitai Development's stock price has seen a significant increase, rising 62.2% from April 9 to June 5, reaching 4.12 yuan per share, with a total increase of over 87% from April 9 to December 5 [4].

Core Viewpoint - Haitai Development has terminated its acquisition of the controlling stake in Zhixueyun due to a lack of agreement on key transaction terms such as price and method [2][9]. Group 1: Acquisition Details - The acquisition plan was announced on June 5 and was expected to constitute a major asset restructuring as per regulations [5][9]. - The termination of the acquisition comes after six months of planning and discussions, with investors expressing concerns about the transaction's progress during a Q3 earnings call [9][10]. - Haitai Development has committed to not planning any major asset restructuring for at least one month following the termination announcement [10]. Group 2: Financial Impact - As of December 5, Haitai Development's stock price was 4.77 yuan per share, with a total market capitalization of 3.082 billion yuan [6]. - The company reported net profits of 10.1652 million yuan, 12.6903 million yuan, 9.5828 million yuan, and 2.4220 million yuan for the years 2022 to 2024 and the first three quarters of 2025, respectively [14]. Group 3: Business Operations - The termination of the acquisition indicates that Haitai Development's plans for diversification into the education technology sector have failed [11][13]. - Haitai Development's core business focuses on industrial real estate development and operations, with an innovative operational model combining investment, incubation, and招商 [13]. - The company aims to enhance asset revitalization and market-oriented operations in Q4 2025, focusing on project implementation and efficiency [16].