Core Viewpoint - Dalian Shengya (600593.SH), the only listed company operating an oceanarium in A-shares, is undergoing a significant transformation as it plans to change its control structure after 23 years of dramatic development [1] Shareholding Structure and Control Battle - Since its listing in 2002, Dalian Shengya has experienced multiple changes in its shareholding structure, with Dalian Xinghai Bay Investment Management Co., Ltd. becoming the largest shareholder in 2009, holding 24.03% of shares [2] - The control battle intensified in 2018 when private equity fund Pankin Fund and individual shareholder Yang Ziping began increasing their stakes, leading to a power struggle that escalated in 2019 and 2020 [2][3] - By 2024, the shareholding structure had formed a three-way standoff among Xinghai Bay Investment, Pankin Fund, and Yang Ziping, resulting in governance deadlock [3] Recent Developments - On July 21, 2024, Dalian Shengya announced a suspension of trading to plan a private placement, which could lead to a change in control, potentially involving local state-owned assets and industrial capital [3] - The market responded positively to the news, with a nearly 20% increase in stock price over the month, indicating expectations for a control change [3] Business Operations and Financial Performance - Dalian Shengya's core business is scenic area operations, contributing approximately 80% of its revenue, with major attractions in Dalian and Harbin [5] - The company faced significant losses during the pandemic, accumulating over 300 million yuan in losses from 2020 to 2022, but rebounded in 2023 with a revenue increase of 197.75% and a return to profitability [6] - However, in 2024, the company reported a revenue of 505 million yuan, a year-on-year increase of 7.93%, but a net loss of 70.18 million yuan due to project suspensions and rising costs [6] Governance Issues and Future Outlook - Ongoing governance conflicts have contributed to operational instability, with management decisions hindered by board disagreements, leading to fragmented strategic execution [6][7] - The company anticipates continued challenges in 2025, with projected net losses and a significant decline in non-recurring profits due to decreased visitor numbers and investment losses [6][7] - Analysts suggest that while the traditional heavy asset model has unique value, Dalian Shengya needs to upgrade and balance its asset structure to enhance competitiveness [7]

Company Overview - Dalian Shengya, the first listed cultural tourism company in Northeast China, announced plans to issue shares to specific investors, potentially leading to a change in control [1] - The company has experienced significant financial difficulties, with four out of the last five years reporting losses totaling approximately 400 million yuan [1][4] Shareholder Dynamics - The current major shareholder is Dalian Xinghaiwan Financial Business District Investment Management Co., which is controlled by the Dalian Municipal Government [1] - Conflicts among shareholders have been prominent, particularly between Yang Ziping and the original management team, culminating in a physical altercation at a shareholder meeting in 2020 [2][3] Financial Performance - Dalian Shengya's revenue dropped to 114 million yuan in 2020, a 64% decrease year-on-year, with a net loss of 69.98 million yuan [3] - The company reported net losses of 198 million yuan in 2021 and 76.64 million yuan in 2022, but managed to turn a profit in 2023 before incurring a loss of 70.18 million yuan in 2024 [3] - For the first half of 2025, the company anticipates a pre-loss of between 12.72 million yuan and 19.08 million yuan due to decreased visitor numbers and other factors [3] Legal Challenges - Legal issues have significantly impacted the company's financials, with over 20 litigation announcements since 2020, and new cases involving over 19 million yuan in claims [4] - Increased legal expenses have been noted in the company's financial reports, contributing to overall losses [4] Industry Context - The marine park industry, in which Dalian Shengya operates, is facing challenges such as high operational costs and stagnant visitor growth, leading to increased competition and pressure on profitability [5][6] - Recent ownership changes in similar companies indicate a trend of consolidation within the marine park sector, driven by structural challenges and declining returns on investment [6]

Core Viewpoint - Several companies have announced uncertainties regarding their potential involvement in the "Yarlung Tsangpo River downstream hydropower project," reflecting the cautious sentiment in the market about this project and its related opportunities [3][4][5][6]. Group 1: Company Announcements on Yarlung Tsangpo Project - Kailong Co., Ltd. has noted uncertainty about its participation in the Yarlung Tsangpo hydropower project, as it primarily operates in the civil explosives industry [3]. - *ST Zhengping has also expressed uncertainty regarding its potential involvement in the Yarlung Tsangpo hydropower project, leveraging its extensive experience in high-altitude construction management [4]. - Huaxin Cement has indicated that it has the capacity to provide construction materials for the Yarlung Tsangpo hydropower project but acknowledges uncertainty about the revenue and profit it may derive from this project [5]. - Dayu Water-saving has emphasized that it currently does not have any contracts related to the Yarlung Tsangpo project, despite its experience in water conservancy projects in Tibet [6]. - ST Xifa has clarified that its main business is beer production and does not involve any projects related to hydropower station construction [7]. Group 2: Financial Performance and Market Position - Rongzhi Rixin expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 2027.62% to 2.18 billion yuan, driven by the digital transformation across various industries [16]. - Weiguang Co., Ltd. reported a total revenue of 750 million yuan for the first half of 2025, reflecting a year-on-year growth of 10% [17]. Group 3: Major Contracts and Projects - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder, which will span three years [18]. - China Communication Signal has won seven important projects in the rail transit market, with a total bid amount of approximately 1.431 billion yuan, accounting for 4.41% of its projected revenue for 2024 [19]. - Beixin Road and Bridge announced that its subsidiaries have won contracts totaling 1.629 billion yuan for highway projects, which is expected to positively impact future performance [20]. Group 4: Shareholding Changes - Tiancheng Zikong announced that Yunnan Trust plans to reduce its stake in the company by up to 1% [21]. - Baobian Electric has disclosed that the Equipment Finance Group intends to reduce its stake by up to 1% as well [22][23]. - Hongchang Technology's employee shareholding platform plans to reduce its stake by up to 2.56% [24].

证券代码：600593 证券简称：大连圣亚 公告编号：2025-026 大连圣亚旅游控股股份有限公司 关于筹划向特定对象发行股票暨控制权拟发生变更 继续停牌的公告 性文件的要求及时履行信息披露义务。待上述事项确定后，公司将及时发布相关 公告并申请公司股票复牌。 公司指定的信息披露媒体为《上海证券报》、《中国证券报》、《证券日报》、 《证券时报》及上海证券交易所网站（www.sse.com.cn），公司所有信息均以上述 指定媒体刊登的公告为准。 上述筹划的重大事项尚存在不确定性，敬请广大投资者关注公司后续公告， 并注意投资风险。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因大连圣亚旅游控股股份有限公司（以下简称"公司"或"本公司"）正在筹 划向特定对象发行股票事项，若该事项进展顺利，可能导致公司控制权发生变更, 本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | - ...

证券代码：600593 证券简称：大连圣亚 公告编号：2025-027 大连圣亚旅游控股股份有限公司 关于股东所持股份被司法冻结的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、股东股份冻结的基本情况 二、股东股份累计被冻结情况 截至公告提交日，上述股东及其一致行动人累计被冻结股份情况如下： 重要内容提示： 大连星海湾金融商务区投资管理股份有限公司（以下简称"星海湾投资"） 持有大连圣亚旅游控股股份有限公司（以下简称"大连圣亚"或"公司"）无限 售流通股30,945,600股，占公司总股本的24.03%。截至本公告提交日，星海湾投 资处于司法冻结（轮候冻结）状态的股份数量为30,945,600股，占公司总股本的 24.03%，占其所直接持有公司股份总数的100%。星海湾投资被执行司法冻结（轮 候冻结）状态的股份数超过其实际持有公司股份数。 1 公司于2025年7月22日获悉上海市静安区人民法院对星海湾投资所持有的公 司无限售流通股30,945,600股予以司法冻结续冻。现将本次司法冻结续冻的具体 情况公告如下： | ...

Group 1 - The company Dalian Shengya (600593) is planning to issue shares to specific investors, which may lead to a change in control of the company [1] - The company's stock will continue to be suspended from trading until July 24, 2025, with an expected suspension period of no more than 3 trading days [1] - During the suspension period, the company will fulfill its information disclosure obligations in accordance with relevant laws, regulations, and normative documents based on the progress of the matter [1]

大连圣亚（600593）公告，大连星海湾金融商务区投资管理股份有限公司持有大连圣亚旅游控股股份有 限公司无限售流通股3094.56万股，占公司总股本的24.03%。截至公告提交日，星海湾投资处于司法冻 结(轮候冻结)状态的股份数量为3094.56万股，占公司总股本的24.03%，占其所直接持有公司股份总数的 100%。公司于2025年7月22日获悉上海市静安区人民法院对星海湾投资所持有的公司无限售流通股 3094.56万股予以司法冻结续冻。 ...

每经记者｜舒冬妮 每经编辑｜文多 7月21日晚，东北首家文旅上市公司大连圣亚（SH600593，股价34.30元/股，总市值44.18亿元）发布公 告称，正在筹划向特定对象发行股票，若进展顺利可能导致公司控制权发生变更。公司股票将于7月22 日起停牌，预计停牌时间不超过2个交易日。 7月22日上午，《每日经济新闻》记者以投资者身份致电大连圣亚董秘办，接电话的工作人员表示："现 在是有一个新的投资者进来，控股股东可能会有变动。" 大连圣亚2024年年报显示，公司控股股东为大连星海湾金融商务区投资管理股份有限公司（以下简称星 海湾投资），实际控制人为大连市人民政府国有资产监督管理委员会。如今，可能发生的公司控制权变 更，让投资者看到了打开新局面的希望。 2020年起的5年间，大连圣亚已有4个年度出现亏损，这4个年头合计亏损约4亿元。 多年股权争夺或有新进展 在A股，大连圣亚是唯一经营海洋馆的公司，已上市23年。 新闻链接：《股东会引发武斗，"野蛮人"对决经理人：大连圣亚游乐场里的资本局》 截至去年末，星海湾投资持有上市公司24.03%的股份，磐京基金及其一致行动人持有上市公司19.46% 的股份，与磐京基金关系较 ...

Core Viewpoint - Dalian Shengya Tourism Holdings Co., Ltd. is planning to issue shares to specific investors, which may lead to a change in control of the company [1] Financial Performance - Dalian Shengya's revenue for 2021, 2022, and 2023 was 205 million, 157 million, and 468 million respectively, with net profits of -198 million, -77.64 million, and 34.38 million [3] - In 2024, the company reported total revenue of 505 million, a year-on-year increase of 7.93%, but net profit was a loss of 70.18 million, compared to a profit of 34.38 million in the previous year [3] - For the first half of 2025, the company expects a net profit loss between 12.72 million and 19.08 million, down from a profit of 12.28 million in the same period last year [3] Control Issues - Since 2017, Dalian Shengya has faced control disputes involving its major shareholder, Pankin Fund, and other stakeholders, leading to internal conflicts [4] - The largest shareholder, Dalian Xinghaiwan Financial Business District Investment Management Co., Ltd., holds 24.03% of shares but claims it does not have control over the company [5] - The governance issues and performance problems remain unresolved, raising questions about the potential impact of the proposed change in control [5]

Core Viewpoint - Dalian Shengya Tourism Holdings Co., Ltd. is planning to issue shares to specific investors, which may lead to a change in control of the company [1][11]. Group 1: Stock Performance - As of July 21, the stock price of Dalian Shengya was 34.3 yuan, up 5.05% on that day, with a total market capitalization of 4.418 billion yuan [2]. - The company's stock price has risen nearly 20% over the past month [3]. Group 2: Financial Performance - Dalian Shengya has reported continuous losses in recent years, with revenues of 205 million yuan, 157 million yuan, and 468 million yuan from 2021 to 2023, and net profits of -198 million yuan, -77.64 million yuan, and 34.38 million yuan respectively [6]. - In 2024, the company achieved total revenue of 505 million yuan, a year-on-year increase of 7.93%, but reported a net loss of 70.18 million yuan, compared to a profit of 34.38 million yuan in the same period last year [6]. - For the first half of 2025, the company expects a net loss of between 12.72 million yuan and 19.08 million yuan, down from a profit of 12.28 million yuan in the same period last year [6]. Group 3: Control Issues - Since 2017, Dalian Shengya has faced control issues, with the actual controller being Mao Wei of Pankin Equity Investment Fund Management (Shanghai) Co., Ltd. [8]. - In 2019, shareholder Yang Ziping became a board member and led the removal of the chairman and vice-chairman, indicating internal conflicts [8]. - The largest shareholder, Dalian Xinghaiwan Financial Business District Investment Management Co., Ltd., has claimed to be the controlling shareholder, but has also stated it does not have control over the company [9][10].