琏升科技拟控股兴储世纪拓展产业链 标的净利大增153%曾独立IPO未果

Core Viewpoint - Liansheng Technology has announced a restructuring plan to acquire a 69.71% stake in Xingshu Century Technology, shifting its focus away from acquiring minority shares in Tianjin Liansheng Technology, aiming to enhance its capabilities in the downstream energy storage and smart microgrid sectors [1][2][3] Group 1: Acquisition Details - The restructuring plan involves issuing shares and cash to acquire Xingshu Century's majority stake, while also raising matching funds through a share issuance to Hainan Liansheng [1] - The decision to exclude Tianjin Liansheng from the acquisition was made due to the immaturity of the conditions for acquiring its minority shares [1] Group 2: Business Operations of Xingshu Century - Xingshu Century operates seven self-managed centralized photovoltaic power stations with a total installed capacity of 380 MW, located in Pakistan, Xinjiang, and Inner Mongolia [2] - The company has secured 20-year operation and maintenance service rights for independent photovoltaic engineering projects in Xinjiang, Gansu, and Sichuan, with an operational capacity of approximately 28 MW [2] - Xingshu Century has initiated research and development in sodium-ion batteries and related materials, with over 230 intellectual property rights authorized or pending as of 2024 [2] Group 3: Financial Performance - Xingshu Century reported revenues of 1.037 billion yuan and 980 million yuan for 2023 and 2024, respectively, with net profits of 75.89 million yuan and 192 million yuan [2] - The revenue for 2024 reflects a year-on-year decline of 5.55%, while net profit shows a significant increase of approximately 153% [2] - As of the end of 2024, Xingshu Century's total assets amount to 4.467 billion yuan, with total liabilities of 1.996 billion yuan and equity of 2.471 billion yuan [3] Group 4: Strategic Implications for Liansheng Technology - The acquisition is expected to enhance the synergy between Liansheng Technology and Xingshu Century, strengthening the integration of the photovoltaic and energy storage sectors [3] - This transaction aims to improve Liansheng Technology's profitability and resilience against industry cycles, addressing its ongoing financial losses projected to continue through 2024 [3]