SinoDaan(SZ:300635) Chang Jiang Shang Bao·2025-06-26 23:35Core Viewpoint - Jinan State-owned Assets is set to transfer control of Zhongda An (300635.SZ) to Xiamen Jianxi, marking the second ownership change in three years, amid significant performance pressures and ongoing financial losses [2][6][10]. Group 1: Ownership Change - On June 25, Zhongda An announced plans to issue shares to Xiamen Jianxi, raising up to 366 million yuan, which will make Xiamen Jianxi the controlling shareholder [2][3]. - Following the issuance, Xiamen Jianxi will hold approximately 23.08% of Zhongda An's total shares, while Jinan Likong Disen's stake will decrease to 7.70% [3][4]. - Wang Li will become the actual controller of Zhongda An after the completion of this transaction [5]. Group 2: Financial Performance - Zhongda An has faced significant financial challenges, with a cumulative net profit loss of approximately 238 million yuan from 2022 to 2024 [10][11]. - The company reported a net profit of -49.35 million yuan for 2024, following a trend of declining profitability since 2020 [11]. - As of March 2025, Zhongda An's asset-liability ratio reached 71.05%, indicating a high level of debt [14]. Group 3: Business Focus and Strategy - Zhongda An primarily engages in engineering supervision and project management consulting, focusing on various construction sectors [10]. - The new controlling entity, Xiamen Jianxi, is expected to leverage its expertise in the renewable energy and pharmaceutical sectors to support Zhongda An's future development [9]. - The planned capital increase aims to optimize Zhongda An's capital structure and reduce its debt levels, enhancing its operational liquidity and financial stability [15].