AYJK(SZ:002172) Mei Ri Jing Ji Xin Wen·2025-09-16 09:36Core Viewpoint - The transfer of control in Aoyang Health is significant as it marks the second time the founder, Shen Xueru, has relinquished control of a publicly listed company, indicating a strategic shift in ownership and management [1][2]. Group 1: Share Transfer Details - Aoyang Group plans to transfer 20% of its shares (153 million shares) in Aoyang Health at a price of 3.87 yuan per share, totaling approximately 600 million yuan [1]. - After the transfer, Aoyang Group's shareholding will decrease from 30.74% to 10.74%, while Yuesheng Technology will hold 20% of the shares [2]. Group 2: New Ownership Structure - The new controlling shareholder will be Yuesheng Technology, and the actual controller will change to the Zhangjiagang Economic and Technological Development Zone Management Committee [2]. - Post-transaction, Aoyang Group, Shen Xueru, and Shen Qing will collectively hold 12.99% of the total shares but will only have 7.99% of the voting rights [2]. Group 3: Business Performance and Commitments - Aoyang Health's main business includes medical services, pharmaceutical logistics, and biotechnology, with a focus on developing a network of hospitals [3]. - An earnings commitment agreement has been established, ensuring that from 2025 to 2027, the audited net profit will not be less than 30 million yuan annually [3]. - Aoyang Group and Shen Xueru have committed to maintaining a net asset of at least 200 million yuan by the end of 2025 and a net cash flow from operating activities of no less than 60 million yuan for the same year [3]. Group 4: Financial Performance - In the first half of 2025, Aoyang Health reported a revenue of approximately 903 million yuan, a year-on-year decrease of 12.49%, and a net profit of about 31.56 million yuan, down 15.46% [4]. - As of the end of the first half, Aoyang Health's total assets were 1.968 billion yuan, with a net asset of 166 million yuan, but the cash flow from operating activities was negative [4].