SMEG(SH:600689) Chang Jiang Shang Bao·2025-06-19 23:59Core Viewpoint - The change in controlling shareholder of Shanghai Sanmao is part of the deepening reform of state-owned enterprises, with Chongqing Light Textile Holding Group transferring its shares to Chongqing Mechanical and Electrical Holding Group without changing the actual controller [1][2][3] Group 1: Shareholder Change - On June 19, Shanghai Sanmao announced that its controlling shareholder, Chongqing Light Textile Holding Group, plans to transfer 52.1589 million shares (25.95% of total shares) to Chongqing Mechanical and Electrical Holding Group [1][2] - The transfer will not change the actual controller, which remains the Chongqing State-owned Assets Supervision and Administration Commission [3] Group 2: Business Overview - Shanghai Sanmao primarily engages in import and export trade, security services, and property leasing [2] - In 2024, the total import and export volume reached $188 million, a 14.28% increase year-on-year, with exports at $173 million and imports at approximately $1.47 million [5] Group 3: Financial Performance - In 2023 and 2024, Shanghai Sanmao reported revenues of 1.094 billion yuan and 1.203 billion yuan, reflecting year-on-year growth of 5.82% and 9.97% respectively [5] - Net profits for the same periods were 17.5988 million yuan and 18.4503 million yuan, showing significant growth of 236.26% and 4.84% [5] - In 2024, the security services segment generated 322 million yuan in revenue, a 2.93% increase year-on-year, while property leasing income was approximately 30.77 million yuan, up 14.51% [6]