WINNER TECH.(SZ:300609) Xin Lang Zheng Quan·2025-05-12 08:56Core Viewpoint - The company, Huina Technology, is undergoing a significant ownership change and capital raise, with a new controlling shareholder, Jiang Zexing, set to take over from Zhang Hongjun, amid ongoing financial losses and a stagnant revenue growth situation [1][2]. Group 1: Capital Raise and Ownership Change - Huina Technology plans to issue up to 36,000,000 A-shares at a price of 20.52 yuan per share, aiming to raise no more than 738.72 million yuan, which will be used to supplement working capital [1]. - The transfer of control involves Zhang Hongjun selling 10% of his shares to Jinshi No.1 and 5% to Baojinshi No.1 for a total of 450 million yuan, with the transfer price set at 24.98 yuan per share, an 8% discount from the pre-suspension price [2]. - The new share issuance price represents a 24% discount compared to the pre-suspension price of 27.06 yuan per share, raising concerns about potential harm to minority shareholders [1][2]. Group 2: Financial Performance and Market Context - Huina Technology has reported three consecutive years of losses, with a cumulative net profit loss exceeding 95 million yuan (2022: -37.67 million yuan, 2023: -34.03 million yuan, 2024: -23.86 million yuan) [1]. - Revenue figures for 2022 to 2024 were 361 million yuan, 376 million yuan, and 363 million yuan, showing fluctuations of -7.04%, 4.19%, and -3.43% respectively, indicating stagnant growth [1]. - The ownership change reflects a divergence in valuation perspectives regarding the AI sector, with Zhang Hongjun opting to cash out while Jiang Zexing bets on the integration of 3D printing and AI [2].