HYM(SZ:002529) Ge Long Hui·2025-03-31 04:14Core Viewpoint - The recent share transfer agreement between Jiangxi Saiwei Electric Power Group and Xinyu Jinzixin Enterprise Management Center marks a significant change in control for Haiyuan Composite Materials, with potential implications for its future direction and performance [3][6]. Group 1: Share Transfer and Control Change - Jiangxi Saiwei Electric Power Group will transfer 37.175 million shares (14.2981% of total shares) of Haiyuan Composite Materials to Xinyu Jinzixin at a price of 9.42 yuan per share, totaling 350 million yuan [6]. - Following the transaction, Xinyu Jinzixin will become the controlling shareholder, with Liu Hongchao, Ding Lizhong, and Liu Hao as the joint actual controllers of the company [6][8]. - The new controlling team has a background in the industrial lighting sector and has previously attempted IPOs, indicating a strategic shift towards the renewable energy sector [8]. Group 2: Financial Performance and Risks - Haiyuan Composite Materials is facing significant financial challenges, with projected net losses for 2024 estimated between 130 million yuan and 169 million yuan, and a potential revenue drop below 300 million yuan, triggering delisting risks [9][10]. - The company has reported net losses of approximately 114 million yuan, 150 million yuan, and 145 million yuan from 2021 to 2023 [10]. - The company’s main business includes composite materials and photovoltaic components, but its expansion in the photovoltaic sector has faced numerous setbacks, leading to increased financial pressure [12]. Group 3: Market Reactions and Future Outlook - The market has reacted negatively to the news, with Haiyuan Composite Materials experiencing a 10% drop in share price upon resuming trading, indicating investor concerns about the company's future [1]. - The entry of Xinyu Jinzixin is seen as a potential opportunity for collaboration in the renewable energy sector, given its background in energy technology [12]. - However, there are concerns regarding the short establishment period of Xinyu Jinzixin and the perceived "shell acquisition" nature of the deal, raising questions about the new management's ability to turn around the company's fortunes [12].