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Core Viewpoint - Wolong Real Estate is actively transforming by divesting its mining business and focusing on the renewable energy sector, aiming to create new profit growth points amidst declining revenues from its traditional operations [1][3][6]. Group 1: Divestment of Mining Business - On May 10, Wolong Real Estate announced the sale of 90% of its stake in Shanghai Mining to its indirect controlling shareholder, Wolong Holdings, marking a complete divestment from the mining sector [1][3]. - In 2024, Wolong Real Estate's total revenue is projected to be 3.611 billion yuan, with the mining trade business contributing 2.477 billion yuan, accounting for 68.6% of total revenue [1][3]. - The decision to divest comes as the mining business's revenue has significantly declined from 3.599 billion yuan in 2022 to 2.477 billion yuan in 2024, indicating a drop in its revenue-generating capacity [4][5]. Group 2: Shift to Renewable Energy - Concurrently, Wolong Real Estate has acquired several companies in the renewable energy sector, including Zhejiang Long Energy and Zhejiang Wolong Energy Storage, and will change its name to "Wolong New Energy" on May 15 [1][6]. - The acquired companies have shown mixed financial performance, with only Long Energy reporting a profit of approximately 105 million yuan in 2024, while others are operating at a loss [6][7]. - The strategic shift towards renewable energy is seen as a proactive response to industry cycles and aims to establish a second growth curve for the company [7][9]. Group 3: Industry Context and Trends - The renewable energy sector is experiencing significant growth, with global photovoltaic installations expected to increase by over 30% in 2024, and battery shipments projected to grow by 25% [7][8]. - The competitive landscape is intensifying, with leading companies like CATL and BYD reporting substantial profits, while others face challenges such as declining profits or losses [8]. - The trend of real estate companies diversifying into new sectors is becoming more common as they seek to mitigate risks associated with the saturated real estate market [9][10].