派斯林数字科技重大资产出售款项支付进展：国控集团违约，催款压力加大
【要点梳理】
派斯林数字科技股份有限公司（曾用名：长春经开（集团）股份有限公司，证券代码：600215.SH）近期发布由独立财务顾问爱建证券出具的《关于重大资产出售暨关联交易2025年度股权转让款支付情况专项核查报告》。该报告对公司向国控集团和小吴物业出售全资子公司——六合房产和经开物业全部股权后的股权转让款支付情况进行了详细披露，并指出国控集团出现重大违约行为，未按协议约定时间支付全部股权转让款，相关事项或对公司财务状况及股价构成重大影响。
一、交易背景及主要内容
- 交易内容： 派斯林以现金方式分别向国控集团出售六合房产100%股权，向小吴物业出售经开物业100%股权。（评估基准日为2022年12月31日）
- 交易价格：
- 六合房产：评估值115,820.94万元，净资产106,800.21万元，交易价格为106,800.21万元
- 经开物业：评估值211.81万元，净资产29.14万元，交易价格为29.14万元
- 合计交易价格：106,829.35万元
- 资产交割：
- 2023年7月14日，六合房产100%股权已过户至国控集团，经开物业100%股权已过户至小吴物业。
- 标的公司债权债务未转移，仍由原主体承担。
二、股权转让款付款进展及违约情况
- 小吴物业：
- 2023年6月29日及2023年9月20日，已全额支付全部股权转让款（共计291,422.44元），无拖欠情况。
- 国控集团：
- 2023年6月27日，支付首期10%款项（106,800,209.80元）；2023年7月13日，支付5%（53,400,104.91元）。
- 2024年6月27日，仅支付1,000万元，未能足额完成应付17%（181,560,356.68元）的第二期款项，直至2024年12月31日才补足剩余款项及延期利息（总计174,368,306.21元）。
- 2025年6月30日，未支付第三期应付款项，承诺不晚于2025年12月31日支付。2025年12月30日，仅支付1,000万元，剩余171,560,356.68元承诺于2026年6月30日前支付。
- 国控集团存在持续延期、违约行为，尚有大额款项未支付，且逾期利息已产生。
三、违约原因及潜在影响
国控集团作为长春经开区国资控股平台，主营业务为园区基础设施、厂房租赁及房地产开发。因受宏观经济环境、地方财政支出节奏调整等影响，招商引资与资产变现、融资进度均不及预期，导致资金安排延后，无法如期支付交易对价。此情况反映国控集团流动性紧张，亦暴露出地方国资资金链压力加大。
此违约事项对派斯林的影响：
- 大额应收款项未按期收回，影响公司现金流及经营安全边际。
- 或进一步影响公司财务报表表现，导致财务费用增加，甚至损害上市公司和中小股东权益。
- 该事项为重大违约，具有显著的信息披露和监管风险，极有可能对公司估值及股价走势产生实质影响。
四、上市公司与独立财务顾问后续措施
- 爱建证券持续履行独立财务顾问督导职责，已采取包括：
- 查阅协议、核实付款记录、访谈上市公司高管及国控集团相关负责人。
- 督促上市公司加快追收逾期转让款项，必要时采取法律措施维护公司和股东权益。
- 向监管部门反映国控集团未按期付款事项，推动监管问询及可能的其他措施。
- 爱建证券明确认定国控集团构成违约，应承担违约责任并继续履约，后续将密切关注追款及信息披露进展。
【投资者须知】
- 国控集团未按期支付大额股权转让款，构成重大违约，直接影响公司应收账款回收和现金流，具备高度价格敏感性。
- 未来若国控集团无法按约于2026年6月30日前结清所有延期款项，公司将被迫采取法律手段，或将对业绩造成进一步冲击。
- 建议投资者密切关注公司后续公告、相关诉讼进展及监管层反馈，警惕相关风险。
免责声明： 本文根据爱建证券出具的专项核查报告及派斯林数字科技股份有限公司披露信息整理，仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。请关注公司后续公告以及各项法律和监管措施的进展。
English Version
Paisilin Digital Technology: National Holdings Group Defaults on Major Asset Payment, Recovery Pressures Mount
Key Points:
Paisilin Digital Technology Co., Ltd. (formerly Changchun Jingkai (Group) Co., Ltd., 600215.SH) recently released a special verification report by its independent financial adviser, Aijian Securities, regarding the payment status of equity transfer funds for the major asset sale and related party transactions in 2025. The report details the payment progress from National Holdings Group and Xiao Wu Property for the acquisition of 100% equity in subsidiaries Liuhe Real Estate and Jingkai Property. It reveals a serious contractual breach by National Holdings Group, potentially impacting the company’s finances and share price.
1. Transaction Overview
- Transaction: Paisilin sold 100% equity in Liuhe Real Estate to National Holdings Group, and 100% equity in Jingkai Property to Xiao Wu Property, both for cash payment (valuation date: December 31, 2022).
- Transaction Price:
- Liuhe Real Estate: Valuation RMB 1,158.2 million; Net Asset RMB 1,068.0 million; Transaction price RMB 1,068.0 million
- Jingkai Property: Valuation RMB 2.12 million; Net Asset RMB 0.291 million; Transaction price RMB 0.291 million
- Total transaction price: RMB 1,068.3 million
- Asset Transfer:
- By July 14, 2023, 100% equity in Liuhe Real Estate was transferred to National Holdings Group; 100% equity in Jingkai Property to Xiao Wu Property.
- No debt transfer; all original liabilities remain with the respective companies.
2. Equity Payment Progress and Breach
- Xiao Wu Property:
- Paid all equity transfer funds (total RMB 291,422.44) in June and September 2023; no arrears.
- National Holdings Group:
- June 27, 2023: Paid 10% (RMB 106.8 million); July 13, 2023: Paid 5% (RMB 53.4 million).
- June 27, 2024: Paid only RMB 10 million (should have paid RMB 181.56 million for the second installment). The remaining balance and interest (RMB 174.36 million) were paid on December 31, 2024.
- June 30, 2025: Failed to pay the third installment on time, promising to pay by December 31, 2025. Paid only RMB 10 million on December 30, 2025; the remaining RMB 171.56 million is committed to be paid by June 30, 2026.
- National Holdings Group remains in breach, with considerable overdue funds and penalty interest accrued.
3. Cause and Potential Impact of Default
National Holdings Group, a state-owned platform of Changchun’s Jingkai District, mainly engages in park infrastructure, factory leasing, and real estate development. Adverse macroeconomic conditions and adjustments in local government budgets led to underperformance in investment attraction, asset liquidation, and financing, delaying planned payments.
Impact on Paisilin:
- Major receivables remain unpaid, impacting cash flow and operational safety.
- Potential negative effect on financial statements, increased financial costs, and possible damage to shareholder value.
- This is a significant default event, triggering disclosure and regulatory risks, and may affect the company’s valuation and share price.
4. Company and Adviser Response
- Aijian Securities, as independent adviser, has:
- Reviewed contracts and payment records; interviewed company and National Holdings Group management.
- Urged Paisilin to step up collection efforts and consider legal action if payment is not settled by June 30, 2026.
- Reported overdue payment to regulators, possibly prompting regulatory inquiries.
- Aijian Securities states National Holdings Group is in default, must assume liability and continue payment; the adviser will closely monitor collection and disclosure developments.
Investor Takeaways
- National Holdings Group’s failure to pay a substantial portion of the transfer funds is a major default, directly affecting Paisilin’s receivables and cash flow, and is highly price-sensitive.
- If the overdue funds are not paid by June 30, 2026, Paisilin will resort to legal action, possibly further impacting results.
- Investors should monitor follow-up announcements, legal proceedings, and regulatory developments closely.
Disclaimer: This article is based on the special verification report issued by Aijian Securities and information disclosed by Paisilin Digital Technology Co., Ltd. It is for reference only and does not constitute investment advice. Investors should act independently and bear their own risks. Please pay attention to future company announcements and regulatory actions.
