HAIMO(SZ:300084) Xin Lang Cai Jing·2025-06-19 00:06Core Viewpoint - The control of Haimer Technology (300084.SZ) has changed hands again through "agreement transfer + voting rights entrustment," with the original actual controllers reducing their stakes and cashing out [1][9]. Shareholder Changes - Shandong New Journey plans to transfer 20 million shares (3.92% of total shares) to Fan Zhonghua, while actual controller Su Zhancai will transfer 1.06 million shares (0.21% of total shares) to him. Shareholder Dou Jianwen will transfer 4.46 million shares (0.87% of total shares) to Fan Zhonghua. The total shares transferred amount to 25.53 million (5.00% of total shares) at a price of 7.9 yuan per share, totaling 202 million yuan [1][2]. - After the transfer, Fan Zhonghua will hold voting rights of 28.02%, with Shandong New Journey's voting rights reduced to 22.39% and Su Zhancai's to 0.62% [2]. Management and Board Control - The board of Haimer Technology consists of 9 members, with Fan Zhonghua entitled to nominate 5 non-independent directors and 3 independent directors, effectively allowing him to control the board [3]. Historical Context - This is not the first change of control for Haimer Technology. Previous attempts to change control have failed, including a 2020 attempt that was ultimately terminated due to lack of approval from the relevant authorities [5][6]. Business Performance - Haimer Technology primarily engages in high-end oilfield equipment manufacturing and related services, with a projected revenue of 600 million yuan in 2024, down 19% year-on-year. The company has reported a net loss of 228 million yuan, marking its third loss in five years [7][8]. - The company has issued a business warning, with undistributed profits at -813 million yuan, exceeding one-third of its paid-in capital [8]. New Business Ventures - The combination with Shandong New Journey is more focused on the renewable energy sector, with plans to establish several new companies in this field, although these have not yet significantly impacted overall operations [8]. Financial Gains for Controllers - Despite the company's losses, Su Zhancai has seen significant financial gains from capital operations, with a total investment of approximately 648 million yuan now valued at 1.396 billion yuan, yielding a floating profit of over 110% [9]. Future Control Dynamics - Fan Zhonghua's acquisition of control is seen as a strategic move, with provisions allowing for future increases in his shareholding and potential termination of voting rights entrustment if certain conditions are met [11].