Shenzhen Prolto Supply Chain Management Co Ltd

Pulutong, stock code 002769, issued a sudden announcement on the evening of September 11, stating that it plans to terminate the major asset restructuring involving the issuance of shares and cash payment to acquire 100% equity in Leqee Group Limited, also known as Leqee Cayman, and 8.26% equity in Lemai Information Technology Hangzhou Company Limited, also known as Hangzhou Lemai, along with the raising of supporting funds. The announcement said the direct reason for the termination is that after multiple rounds of communication and negotiation, the parties still failed to reach agreement on core commercial terms such as the transaction implementation path, transaction structure implementation arrangements, and delivery conditions. The company judged that continuing to advance the deal would significantly increase transaction complexity, time cycle, and various uncertainties, making it difficult to achieve the synergy benefits previously expected by all parties. The transaction was first disclosed in a draft plan on December 17, 2025, under which Pulutong planned to purchase 100% of Leqee Cayman from 16 counterparties including CMC Lollipop Holdings Limited, and 8.26% equity in Hangzhou Lemai from 6 counterparties including Liu Kai and Jiang Lili. It also planned to issue shares to related parties Guangzhou Zhidu Investment Holding Group Company Limited and Guangzhou Huadu Specialized and Sophisticated No.1 Equity Investment Partnership to raise supporting funds, constituting a related-party transaction and expected to constitute a major asset restructuring. Hangzhou Lemai is a controlled subsidiary of Leqee Cayman, which indirectly holds 91.74% of its equity. Hangzhou Lemai was founded by Pinduoduo founder Huang Zheng, with Li Ruigang serving as group chairman, and provides services to more than 150 global brands and over 300 online stores. For 2023, 2024, and the first half of 2025, Leqee Cayman reported operating revenue of 5.189 billion yuan, 4.995 billion yuan, and 2.586 billion yuan respectively, and net profit of 303 million yuan, 204 million yuan, and 58 million yuan respectively. Pulutong said the transaction was originally conducive to enhancing its sustainable operating capability, and the termination means its strategic upgrade path toward a supply chain plus e-commerce services transformation has been temporarily interrupted. In the first half of 2026, the company achieved revenue of 73.6746 million yuan, down 81.01% year on year, and net profit attributable to the parent company of 16.1742 million yuan, down 51.46% year on year.

Pulutong released its 2026 interim report, with net profit attributable to the parent company of 16.17 million yuan, a decrease of 51.46% compared with the same period last year. The company's total operating revenue was 73.67 million yuan, a year-on-year decrease of 81.01%; net cash outflow from operating activities was 181 million yuan, an expansion of 213.59% year-on-year. The latest asset-liability ratio was 45.16%, down 25.97 percentage points from the same period last year; the gross margin was 62.53%, achieving growth for three consecutive years. Diluted earnings per share were 0.04 yuan, down 55.56% year-on-year.

Prutong disclosed a performance forecast, expecting net profit attributable to the parent for the first half of 2026 to be between 13.5 million yuan and 17 million yuan, a year-on-year decline of 48.99% to 59.49%. Deducted non-recurring net profit is expected to be between 13.4 million yuan and 16.9 million yuan, down 45.28% to 56.61% year-on-year, with basic earnings per share of 0.04 yuan to 0.05 yuan. The company stated that the decline in net profit was mainly due to a year-on-year decrease in the scale of reversals of previous credit impairment losses, despite continued improvement in the collection of other receivables. Based on the closing price on July 14, Prutong's price-to-earnings ratio is approximately 144.82 times to 183.9 times, its price-to-book ratio is about 2.04 times, and its price-to-sales ratio is about 30.73 times.