Linyang Energy(SH:601222) Hua Xia Shi Bao·2025-06-07 00:20Core Viewpoint - Jiangsu Linyang Energy Co., Ltd. announced the transfer of 100% equity of five subsidiaries to Guangdong Yue Water Electric Energy Investment Group for a total consideration of approximately 471 million yuan, involving a total installed capacity of 236.5 MW of photovoltaic power stations [2][3]. Transaction Details - The transaction was evaluated using the income method, with the net asset book value of the assets totaling 470.94 million yuan and an assessed value of 484.37 million yuan, resulting in an assessed appreciation of 13.43 million yuan, or an appreciation rate of approximately 2.85% [3]. - The transfer price was determined to be below the assessed value due to factors such as the long collection period for photovoltaic power generation subsidies [3]. - Since 2022, Linyang Energy has frequently transferred equity in subsidiaries, selling a total of 69 power stations for over 3.3 billion yuan [3]. Strategic Intent - The company aims to optimize its asset structure, reduce accounts receivable related to renewable energy subsidies, and improve capital efficiency through this transaction [5]. - Linyang Energy is transitioning its business model from resource-based to technology and platform-oriented, focusing on optimizing resource allocation and enhancing core strategic capabilities [6]. Financial Performance - In 2024, Linyang Energy reported a revenue of 6.742 billion yuan, a year-on-year decrease of 1.89%, and a net profit of 753 million yuan, down 27% [7]. - Domestic revenue decreased by 7.89% to 5.532 billion yuan, while overseas revenue increased by 34.22% to 1.126 billion yuan [8]. - The company's photovoltaic business saw a revenue increase of 3.48% to 2.901 billion yuan, but the gross margin decreased by 2.88 percentage points [8]. Storage Business Challenges - The storage business revenue significantly declined by 38.97% to 919 million yuan in 2024, with the lowest gross margin among the three business segments at 17.64% [8][9]. - The decline in storage revenue is attributed to intensified competition, price declines in the industry, and some internal projects not being recognized externally [9].