AVIT(SZ:300264) Jing Ji Guan Cha Wang·2025-08-04 12:56Core Viewpoint - The company JiaChuang Video (300264.SZ) is experiencing a significant shift in its ownership structure, as its controlling shareholder Chen Kunjiang plans to transfer his shares, which may lead to a change in the company's actual controller, despite a recent capital increase plan aimed at consolidating his control [2][3][6]. Group 1: Shareholder Changes - In April, JiaChuang Video announced a plan to issue up to 35.6 million shares to Chen Kunjiang, raising no more than 140 million yuan, aimed at consolidating his control [4][5]. - On August 3, the company disclosed that Chen Kunjiang is planning to transfer his shares, which could result in a change of the controlling shareholder [3][6]. - A company representative stated that if the transfer of control is completed, the capital increase plan will be terminated [6]. Group 2: Financial Performance - JiaChuang Video has faced continuous financial losses, with net profit attributable to the parent company declining for six consecutive years since 2019, and non-recurring net profit losses since 2017 [8]. - The company reported a revenue of 149 million yuan in 2024, a year-on-year increase of 14.16%, but still incurred a net loss of 58.05 million yuan [11]. - The primary reasons for the losses include declining gross margins in traditional business, decreased revenue from emerging businesses, high R&D costs, and significant asset impairment losses [11]. Group 3: Industry Context - The company operates primarily in the broadcasting industry, which accounts for 96.7% of its total revenue [10]. - Increased competition in the broadcasting sector has contributed to the company's declining product gross margins [9]. - The company has been investing in new areas such as VR, gaming, and 5G video applications, but has faced challenges in realizing revenue from these initiatives [9].