Core Viewpoint - The company, Qunxing Toys, announced the termination of its plan to acquire at least 51% of Hangzhou Tiankuan Technology due to failure to reach consensus on key terms such as transaction price and party arrangements [1][2]. Group 1: Acquisition Details - The acquisition was initially announced on February 26, leading to a surge in stock prices, but ultimately did not progress as planned [1][2]. - Qunxing Toys stated that the transaction was still in the planning stage and had not been submitted for board or shareholder approval [1]. - The company committed to not planning any major asset restructuring for at least one month following the announcement [1]. Group 2: Financial Performance - Qunxing Toys reported a revenue of 5.79 billion yuan for Tiankuan Technology in 2024, with approximately 58% of that revenue coming from its core business of AI computing center construction and operation [2]. - The company’s stock price has decreased by 24.84% over the past eight months, with a year-to-date decline of 14.44% [3]. - In the first half of the year, the AI computing business generated revenue of 18.11 million yuan, accounting for 10.32% of total revenue, but incurred a net loss of 18.61 million yuan [4]. Group 3: Historical Context - This acquisition attempt marks the fifth restructuring effort by Qunxing Toys since its listing, with previous attempts also failing despite targeting popular sectors [2]. - The company has previously attempted to diversify into various sectors, including mobile gaming and environmental technology, but these efforts have not been successful [2]. - The company’s main revenue source remains alcohol sales, which accounted for over 80% of its revenue, with a low gross margin of 2.32% [5].