LIFECOME(SZ:002868) Bei Ke Cai Jing·2025-09-24 13:01Core Viewpoint - *ST Green Kang announced plans to sell 100% equity stakes in Green Kang Yushan, Green Kang Haining, and Green Kang New Energy to Rao Xin New Energy for a cash transaction, with an overall valuation of 0 yuan due to significant losses impacting the company's overall performance [1][2][3]. Group 1: Transaction Details - The transaction involves the sale of three subsidiaries: Green Kang Yushan, Green Kang Haining, and Green Kang New Energy, with a total valuation of 0 yuan [2]. - The assessment of the subsidiaries revealed substantial losses, with Green Kang Yushan reporting net profits of -55.92 million yuan and -203.25 million yuan for 2023 and 2024 respectively, and Green Kang Haining reporting -21.49 million yuan and -150.73 million yuan for the same years [5]. Group 2: Industry Context - The photovoltaic industry has experienced rapid demand growth for terminal installations, leading to accelerated capacity expansion and increased competition, resulting in a mismatch between supply and demand [4]. - The overall decline in product sales prices has led to reduced profitability for many companies in the industry, with most experiencing operational losses [4]. Group 3: Strategic Shift - *ST Green Kang aims to divest from the severely loss-making photovoltaic film business to focus on its animal protection business, thereby solidifying its core operations [6]. - The company previously operated with a dual business model of animal protection products and photovoltaic film products, but the poor performance of the latter has pressured overall profitability [5].