Zhong Guo Ji Jin Bao·2025-10-16 14:21Core Viewpoint - Zhiguang Electric plans to acquire minority stakes in its subsidiary Zhiguang Energy Storage through a combination of issuing shares and cash payments, with stock resuming trading on October 17 after a suspension [2] Group 1: Transaction Details - The transaction involves issuing shares priced between 5.41 yuan and 6.40 yuan per share, representing 80% to 90% of the market reference price [2] - Prior to the transaction, Zhiguang Electric held a 66.82% stake in Zhiguang Energy Storage, which will increase post-transaction, enhancing control and profitability in the new energy storage sector [2] Group 2: Zhiguang Energy Storage Overview - Zhiguang Energy Storage is a leader in cascade-type high-voltage large-capacity energy storage technology, with its high-voltage direct-connected energy storage PCS system recognized as internationally advanced [3] - The company has delivered over 20 hundred-megawatt cascade-type high-voltage large-capacity energy storage power stations, serving major clients like State Grid and China Southern Power Grid [3] - Zhiguang Energy Storage has shown strong revenue growth, with projected revenues of 925 million yuan, 1.063 billion yuan, and 1.060 billion yuan for 2023, 2024, and January-August 2025, respectively [3] Group 3: Zhiguang Electric Financial Performance - Zhiguang Electric reported revenues of 2.734 billion yuan and 2.596 billion yuan for 2023 and 2024, with net losses of 157 million yuan and 326 million yuan [4] - In the first half of 2025, the company achieved revenue of 1.643 billion yuan, a year-on-year increase of 31.71%, while reducing net losses by 38.88% to 55.15 million yuan [4] - Despite ongoing losses, the company's stock has risen approximately 80% since its low in April, with a closing price of 8.03 yuan per share and a market capitalization of 6.285 billion yuan as of September 26 [4]