房地产“牛散”潜伏8年上位，江特电机新实控人面临两座大山

Core Viewpoint - Jiangte Electric (002176.SZ) has undergone a change in its actual controlling shareholder, with Wang Xin replacing Lu Shunmin, raising questions about the company's future direction and stability amid ongoing financial struggles in the lithium battery sector [2][3]. Shareholder Changes - The change in control was achieved through an adjustment in the equity structure of Jiangte Electric's indirect controlling shareholder, Jiangxi Jiangte Industrial Co., Ltd., with Wang Xin acquiring 50% of the equity for 315 million yuan [3]. - After the transaction, Wang Xin's direct shareholding is 2.94%, and his indirect holding through Jiangte Industrial is 4.08% [4]. Financial Performance - Jiangte Electric has faced significant financial challenges, reporting a gross margin of -21.92% in its lithium business for 2024, leading to two consecutive years of losses [2][9]. - The company's main revenue sources are intelligent motors and lithium battery segments, with the latter accounting for nearly 50% of total revenue [9]. Market Context - The lithium battery sector is currently at a cyclical low, impacting Jiangte Electric's performance, which mirrors past struggles when the company attempted to bring in Ganfeng Lithium (002460.SZ) as a potential buyer [9][10]. - As of June 19, 2025, Jiangte Electric's controlling shareholder has 46.41% of its shares pledged, which poses risks to the stability of control if financial difficulties arise [11]. Future Outlook - Wang Xin's background in real estate and his long-term investment in Jiangte Electric raise questions about his ability to navigate the company out of its current difficulties [6][9]. - The company has provided 160 million yuan in guarantees for its controlling shareholder, indicating a reliance on the stability of Jiangte Electric's financial situation to mitigate risks [12].