BJCA(SZ:300579) Sou Hu Cai Jing·2025-07-31 17:32Core Viewpoint - Beijing Digital Certification Co., Ltd. is undergoing a significant change in its shareholding structure, with the state-owned Beijing State-owned Assets Management Company transferring its shares to Beijing Data Group, which will become the new controlling shareholder while the actual controller remains the same [1][2]. Group 1: Shareholding Structure - Before the transfer, Beijing State-owned Assets Management Company held 70,855,789 shares directly (26.24% of total shares) and 70,835,896 shares indirectly through Shouxin Co., totaling 141,691,685 shares (52.48% of total shares) [2]. - After the transfer, Beijing Data Group will hold 26.24% of shares directly and 26.24% indirectly through Shouxin Co., maintaining a total of 52.48% [2]. Group 2: Financial Performance - The company expects a net loss of 80 million to 96 million yuan for the first half of 2025, compared to a loss of 29.25 million yuan in the same period last year [4]. - The decline in revenue is attributed to intensified market competition and longer project implementation cycles, alongside increased R&D and marketing expenses [4][8]. - In 2024, the company reported a revenue of 1.122 billion yuan, a year-on-year increase of 15.43%, and a net profit of 12.59 million yuan, marking a turnaround from previous losses [6]. Group 3: Market Position and Challenges - Digital Certification is a leading provider of network trust and data security solutions in China, serving various sectors including government, healthcare, finance, and education [4]. - The company faces challenges in maintaining profitability, with increasing sales expenses reflecting heightened competition and rising customer acquisition costs [8]. - The entry of Beijing Data Group may provide strategic synergies for expanding government data security services, but it also presents integration challenges [8].