BANGJIE SHARE(SZ:002634) Chang Jiang Shang Bao·2025-06-03 23:37Core Viewpoint - The company, Bangjie Co., Ltd., is undergoing a change in control due to significant losses in its foray into the photovoltaic industry, leading to a restructuring aimed at improving profitability and addressing debt issues [1][5][8]. Group 1: Change of Control - Shanghai Qishuorui plans to acquire a 5.03% stake in Bangjie Co., Ltd. through the purchase of shares from existing shareholders, making it the controlling shareholder [2][3]. - The share transfer involves 23.1 million shares at a price of 4.18 yuan per share, representing a premium of approximately 5.8% over the previous closing price [3]. - The new controlling shareholder aims to optimize the company's business structure and seek new growth opportunities [1][8]. Group 2: Financial Performance - Bangjie Co., Ltd. has faced declining profitability since entering the photovoltaic sector, with cumulative losses of approximately 760 million yuan over 2023 and 2024 [1][6]. - The company reported revenues of 763 million yuan and 1.106 billion yuan for 2023 and 2024, respectively, but net profits were losses of 88.43 million yuan and 672 million yuan [6][8]. - The photovoltaic segment has been particularly challenging, with a revenue of 452 million yuan in 2024 but a negative gross margin of -32.93% [6][7]. Group 3: Operational Challenges - The subsidiary, Yangzhou Bangjie, reached peak production in April 2024 but subsequently reduced capacity utilization and decided to temporarily halt production due to market pressures [7]. - As of the first quarter of 2025, the photovoltaic business generated no revenue, prompting the need for a change in control to stabilize operations [8]. - The company has faced legal challenges, with ongoing litigation involving approximately 393 million yuan, which is significant compared to its net assets [8].