On May 20, 2026, GuoLv Cultural Investment Group Co., Ltd. (stock code: 600358, hereinafter referred to as "CTCG") officially obtained approval from the Mergers and Acquisitions Review Committee of the Shanghai Stock Exchange for the issuance of shares and cash payment to acquire 100% equity of Jiangxi Runtian Industrial. This milestone progress not only marks a key step in the strong alliance between Jiangxi Province's first tourism listed company and a local consumption leader but also provides a reference benchmark for the integrated development of local state-owned enterprises in the "ecology + consumption" model.

Previously, there were market doubts regarding the restructuring as a "shell protection" measure. It is worth emphasizing that before and after this transaction, the actual controller of the listed company has always been the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, and the control has remained stable without changes in the first thirty-six months. This asset restructuring is a strategic layout under the overall deployment of the same actual controller, aiming at the implementation of the strategic goals of upgrading the main business of the listed company and deepening industrial synergy, with clear transaction logic and evident commercial substance, becoming a benchmark case for provincial state-owned enterprises in capital market mergers and acquisitions.

From the perspective of transaction logic, this restructuring is not a stopgap measure to improve short-term financial statements but a long-term strategic choice made by CTCG based on industry trends and its own endowments. Packaged drinking water, as a necessity consumer product, has stable cash flow and strong anti-cyclicality, with enormous market development potential. By acquiring Runtian Industrial, an industry-leading enterprise, CTCG can quickly enter this golden track, achieving a seamless connection from consumer services, consumption scenarios to consumer products, and building a more solid and sustainable business model.

As the core target of this restructuring, the Runtian brand has been deeply engaged in the packaged drinking water industry for over 30 years, being the leader in Jiangxi Province's drinking water industry, with comprehensive strength ranking among the top ten in the national packaged drinking water and natural mineral water sectors. The company's core competitiveness stems from its irreplaceable resource advantages—relying on the Yichun Mingyue Mountain national-level selenium-rich spring water source, it has created the star product "Runtian Cui" natural selenium-rich mineral water. Selenium, as an essential trace element for the human body, is extremely scarce in natural selenium-rich mineral water resources nationwide, and this differentiated advantage allows "Runtian Cui" to occupy a place in the high-end mineral water market, leading national sales for three consecutive years from 2022 to 2024.

As a quality consumer asset within the provincial state-owned asset system, Runtian Industrial has long operated steadily with excellent quality. By injecting into the listed company platform of CTCG, Runtian Industrial can gain more sufficient financial support and broader development space, accelerating its national expansion pace. At the same time, CTCG will also leverage Runtian Industrial's quality assets and mature business to achieve fundamental improvements in its fundamentals. Based on a simulated merger calculation as of the end of October 2025, after the completion of this transaction, the company's total assets will increase from 454 million yuan to 2.176 billion yuan, an increase of 379.08%; the net assets attributable to the parent will rise from 51 million yuan to 1.530 billion yuan, an increase of 2881.19%; the asset-liability ratio will significantly decrease from 87.44% to 29.41%. In terms of profitability, the merged company's revenue scale will reach 1.615 billion yuan, and the net profit attributable to the parent will turn from loss to profit, reaching 184 million yuan, achieving comprehensive improvements in CTCG's asset scale, liability structure, and profitability Looking ahead, CTCG will take this integration as an opportunity to accelerate the national expansion of Runtian Industry, while deepening the integrated development of "ecology + consumption" and creating a diversified matrix of health consumption products. As a benchmark project for state-owned enterprise reform in Jiangxi Province, this restructuring not only preserves and increases the value of state-owned assets but also provides valuable experience for local state-owned enterprises to activate quality resources and promote industrial upgrading. With the dual dividends of consumption upgrading and state-owned enterprise reform, CTCG is expected to grow into a high-quality target with core competitiveness in the A-share consumer sector in the future