HANGZHOU GAOXIN(SZ:300478) Chang Jiang Shang Bao·2025-07-02 03:50Core Viewpoint - Hangzhou High-tech (300478.SZ) is undergoing a change in control as its actual controller, Hu Min, seeks to exit the company by transferring 19.03% of its shares, potentially leading to a shift in control [1][4]. Group 1: Control Change - On June 30, Hangzhou High-tech announced a suspension of trading due to the planned transfer of 19.03% of shares by its controlling shareholder, Zhejiang Donghang Holding Group [1]. - The total transaction value for the share transfer is estimated to be approximately 325 million yuan, based on the last closing price of 13.48 yuan per share [1]. - The company has experienced frequent changes in control since 2019, with Hu Min becoming the actual controller in June 2022 after acquiring shares through judicial auctions [3][4]. Group 2: Financial Performance - The company has faced declining financial performance, with revenue dropping from 853 million yuan in 2018 to 384 million yuan in 2024 [5]. - From 2018 to 2024, the company reported continuous losses in net profit, totaling approximately 537 million yuan over seven years [5]. - Despite a 21.75% year-on-year increase in revenue to 83.9 million yuan in the first quarter of this year, the company still reported losses in both net profit and non-recurring net profit [5][6]. Group 3: Future Outlook - The new controlling party is expected to be a company primarily engaged in technology promotion and application services [7]. - Questions remain regarding whether Hangzhou High-tech can successfully navigate its challenges and achieve recovery after the change in control [8].