Group 1 - The company has terminated its acquisition of Shenyang Shunyi Technology Co., Ltd. for 75% equity, marking its second failed major asset restructuring this year [1][2] - The first failed acquisition was of Wuhan Minsong Technology Co., Ltd., which was also due to disagreements on transaction terms [3] - Both targeted companies had plans for independent IPOs, indicating their previous market ambitions [3] Group 2 - The company's core business, computer knitting machines, is facing cyclical challenges, with a significant 66% year-on-year drop in net profit for Q1 2025 [1][4] - In 2024, the company reported approximately 2.218 billion yuan in revenue, with over 1.9 billion yuan (86%) coming from its knitting machine business [4] - The industry is experiencing a slowdown in growth, with Q1 2025 revenue growth at only 2.73% and net profit declining by 66.46% [4] Group 3 - The company has a history of high-premium acquisitions that have not yielded expected returns, leading to significant goodwill impairments [1][5][7] - Previous acquisitions, such as the 1.4 billion yuan purchase of a 35% stake in Beifang Guangwei Technology Co., Ltd., have also resulted in losses and complications [5][6] - The company has faced challenges with multiple acquisitions since 2014, including high premium purchases that led to severe financial losses shortly after [7]

中国经济网北京8月4日讯慈星股份（300307）(300307.SZ)1日发布关于公司终止发行股份及支付现金购 买资产并募集配套资金事项的公告。 慈星股份拟通过发行股份及支付现金的方式购买阳顺义科技股份有限公司(以下简称"顺义科技")的75% 股份，并拟向不超过35名特定投资者发行股票募集配套资金(以下简称"本次交易")。慈星股份于2025年 8月1日分别召开第五届董事会第十七次会议和第五届监事会第十七次会议，审议通过了《关于公司终止 发行股份及支付现金购买资产并募集配套资金事项的议案》，同意公司终止本次发行股份及支付现金购 买资产并募集配套资金事项。 慈星股份表示，自筹划本次交易以来，公司严格按照相关法律法规及规范性文件要求，积极组织交易各 相关方推进本次重组工作。但经进行多轮协商和谈判后，公司与本次交易的部分交易对方就部分商业条 款未达成一致意见，为维护公司全体股东长期利益，公司经审慎性考虑，决定终止本次重组事项。 公司6月3日披露《发行股份及支付现金购买资产并募集配套资金预案》，本次交易方案包括发行股份及 支付现金购买资产和募集配套资金两部分。 本次交易上市公司拟通过发行股份及支付现金方式购买标的公司沈 ...

Group 1 - The company has terminated its plan to acquire 75% of Shenyang Shunyi Technology Co., Ltd., marking its second failed cross-border acquisition attempt this year [1][3] - The termination was due to a lack of agreement on certain commercial terms with some of the transaction parties [3] - The company aims to diversify its revenue streams and has been seeking new profit growth points, especially after a significant decline in net profit in the first quarter [1][5] Group 2 - In the first quarter of this year, the company's net profit decreased by 66.46%, despite a slight revenue increase of 2.73% [5] - The company's main product, computer knitting machines, contributed over half of its revenue, with projected revenue of approximately 12.47 billion yuan for 2024 [5] - The knitting machinery industry is facing challenges such as overcapacity in domestic textile production and intense price competition in emerging markets [6]

Group 1 - Company announced the termination of the planned acquisition of 75% of Shenyang Shunyi Technology Co., Ltd. due to failure to reach agreement on commercial terms with some parties involved in the transaction [1] - The company committed to not planning any major asset restructuring within one month after the announcement of the termination [1] - The company had previously attempted to acquire Wuhan Minsong New Technology Co., Ltd. but also terminated that transaction due to disagreements on final trading conditions [5] Group 2 - The computer knitting machine industry is facing intensified homogenization competition, leading to compressed profit margins for companies [3] - In Q1 2025, the computer knitting machine industry experienced stable performance, but downstream companies are facing a slowdown in order volume due to terminal consumer demand [4] - Company reported a total revenue of 608 million yuan in Q1 2025, a year-on-year increase of 2.73%, while net profit attributable to shareholders decreased by 66.46% to 76.11 million yuan [5]

Group 1 - Cixing Co., Ltd. announced the termination of its plan to acquire 75% of Shenyang Shunyi Technology Co., Ltd. due to failure to reach agreement on certain commercial terms after multiple negotiations [1] - The company committed to not planning any major asset restructuring within one month following the announcement of the termination [1] - Cixing Co., Ltd. has previously attempted to acquire Wuhan Minsong New Technology Co., Ltd. but also terminated that transaction due to disagreements on final transaction conditions [3] Group 2 - The computer knitting machine industry is facing intensified homogenization competition, leading to compressed profit margins and a need for significant adjustments in the industry landscape [2] - In Q1 2025, the computer knitting machine industry experienced stable performance, but downstream order volumes are facing short-term stagnation due to consumer demand [2] - Cixing Co., Ltd. reported a revenue of 608 million yuan in Q1 2025, a year-on-year increase of 2.73%, while its net profit attributable to shareholders decreased by 66.46% to 76.11 million yuan [3]

Core Viewpoint - Cixing Co., Ltd. has terminated its acquisition of 75% of Shenyang Shunyi Technology Co., Ltd. due to failure to reach consensus on certain commercial terms after multiple negotiations [2][4]. Group 1: Termination of Acquisition - The company announced the termination of the asset purchase and fundraising plan, stating that it strictly followed relevant laws and regulations during the transaction process [4][8]. - The decision to terminate the acquisition was made after careful consideration to protect the long-term interests of all shareholders, with no party incurring any breach of contract liabilities [8]. Group 2: Future Development Strategy - Cixing Co., Ltd. plans to continue focusing on its core business of intelligent knitting equipment, aiming to enhance technology levels and promote advancements in knitting processes [11]. - The company is exploring new growth opportunities in fields such as smart wearables and medical textiles, while also seeking to upgrade its business model [11]. - As of August 1, the company's stock price was 8.17 yuan per share, with a total market capitalization of 6.5 billion yuan [11].

Core Viewpoint - Cixing Co., Ltd. has terminated the acquisition of 75% of Shenyang Shunyi Technology Co., Ltd. due to failure to reach consensus on certain commercial terms after multiple negotiations [1][2]. Group 1: Termination of Acquisition - Cixing Co. announced the termination of the issuance of shares and cash payment for asset acquisition, along with the fundraising for supporting funds [2]. - The decision to terminate the acquisition was made after careful consideration and thorough research, ensuring no party would bear any breach of contract liabilities [4]. Group 2: Company Strategy and Future Direction - Cixing Co. plans to continue focusing on its core business in the intelligent knitting equipment industry, aiming to enhance technology levels and promote advancements in knitting processes [8]. - The company is exploring new growth opportunities in fields such as smart wearables and medical textiles, while also seeking to upgrade its business model [8]. - Cixing Co. had previously aimed to optimize its industrial layout and create a second growth curve through the acquisition, which would have expanded its business into the defense technology sector [7]. Group 3: Current Financial Status - As of August 1, Cixing Co.'s stock price was reported at 8.17 yuan per share, with a total market capitalization of 6.5 billion yuan [9].

Group 1 - The company announced the termination of its plan to acquire 75% of Shenyang Shunyi Technology Co., Ltd. after two months of planning due to failure to reach agreement on certain commercial terms with some counterparties [1][2] - Shunyi Technology, established in 2012, is a high-tech enterprise specializing in the research, production, and sales of equipment health management systems and intelligent detection devices, primarily serving the national defense technology sector [2][3] - The acquisition was intended to diversify the company's business and enter the defense technology industry, creating a second growth curve and enhancing profitability and core competitiveness [2][3] Group 2 - The company faces growth bottlenecks in its traditional business, which is primarily focused on the production of computerized flat knitting machines, necessitating a transformation towards new productive forces [3] - The company aims to solidify its main business while exploring new growth points in smart wearable technology and medical textiles, as well as developing new machine types [3] - As of August 1, the company's stock price was 8.17 yuan per share, with a total market capitalization of 6.489 billion yuan [4]

Group 1: Industry Overview - The current state of the computer knitting machine industry shows both resilience and pressure, with a stable start in Q1 2025 due to domestic sales policies and export demand, but facing order slowdowns due to tariff policies and consumer demand [3] - The industry is experiencing intensified homogenization competition, leading to compressed profit margins and a need for structural adjustments [3] Group 2: Financial Mechanisms - The company employs a buyer's credit model where customers pay a certain percentage as a down payment, with the remaining financed by banks under the company's guarantee, totaling a guarantee balance of ¥94.26 million, which is 2.94% of the latest audited net assets [3] - The company has had to cover overdue repayments amounting to ¥4.80 million due to customer defaults [3] Group 3: International Market Presence - The overseas market accounts for approximately 10%-15% of the company's business, primarily in Southeast Asia and emerging markets like Mexico, Russia, and Egypt [3] - The markets in Vietnam and Cambodia have seen significant growth due to domestic companies investing abroad in response to tariff policies [3] Group 4: Acquisition of Shenyang Shunyi Technology - The acquisition aims to transform and upgrade the company's production capabilities, addressing cyclical market demands and stabilizing performance [5] - Shunyi Technology holds 40 invention patents and is recognized as a high-tech enterprise, providing a strong technological foundation for collaboration [5] - The integration of technologies between the two companies can enhance innovation in automation, AI, and digital transformation [6] Group 5: Future Development Directions - The company plans to solidify its core business while exploring new product lines in smart knitting equipment and non-apparel technology sectors [7] - Future growth will focus on developing niche models like glove machines and collar machines, alongside expanding into smart wearable and medical textile fields [7]

Group 1 - Ningbo Cixing Co., Ltd. plans to acquire 75% of Shenyang Shunyi Technology Co., Ltd. through a combination of issuing shares and cash payment, with cash not exceeding 40% of the total transaction price [1] - The acquisition is part of the company's strategic plan to optimize its industrial layout and transition towards new productive forces, aiming to enhance its core competitiveness and profitability [1][4] - The target company operates in a high-growth sector related to defense technology, with significant market potential for its health management systems and intelligent detection equipment [1][4] Group 2 - The target company's projected revenues for 2023, 2024, and the first quarter of 2025 are approximately 283.92 million, 224.55 million, and 2.84 million yuan, respectively, with net profits of 27.72 million, 54.88 million, and a loss of 11.78 million yuan [3] - The target company has a strong technological advantage with 8 core technologies, 40 invention patents (including 7 defense patents), 28 utility model patents, and 81 software copyrights [4] - The target company is recognized as a national-level "little giant" enterprise, focusing on health management and intelligent detection in the defense technology sector [4] Group 3 - The share issuance price is set at 7.16 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [5] - There will be a 12-month lock-up period for the shares acquired by the transaction counterparties, with additional lock-up arrangements based on performance commitments [5]