Youon(SH:603776) Xin Lang Zheng Quan·2025-08-08 11:23Group 1 - The company disclosed a controversial fundraising plan of 840 million yuan through a private placement to its controlling shareholder, Shanghai Hamao, at a price of 11.70 yuan per share, which is a 15% discount compared to the previous share transfer price of 13.76 yuan [1] - The Shanghai Stock Exchange raised concerns regarding the fairness of the pricing and the protection of minority shareholders' rights, especially given the company's significant losses in 2024 and the first quarter of 2025 [1][2] - A critical risk involves a control reversal agreement, where the original controlling shareholder, Sun Jisheng, could regain voting rights if the company's net profit does not meet the 50 million yuan target for 2025, potentially triggering another change in control [1] Group 2 - The fundraising is intended for innovative businesses such as hydrogen-powered two-wheelers and autonomous driving, but the lack of a specific project budget and feasibility report raises questions about the necessity of the fundraising [2] - The company has seen a continuous decline in revenue over the past three years, with a 16% year-on-year drop in 2024, while the aggressive shift to capital-intensive hydrogen energy sectors poses high risks without disclosed technological reserves or customer orders [2] - The company's gross margin has plummeted from 42.36% to negative values over the past three years, and the public bicycle business is suffering due to competition from shared bicycles, while the target market for hydrogen two-wheelers has not yet developed significant demand [2]