Zhong Guo Ji Jin Bao·2025-10-16 14:49Core Viewpoint - Zhiguang Electric plans to acquire minority stakes in its subsidiary Zhiguang Energy through a combination of issuing shares and cash payments, with stock resuming trading on October 17 after a suspension [1] Group 1: Transaction Details - The transaction involves issuing shares priced between 5.41 yuan and 6.40 yuan per share, which is 80% to 90% of the market reference price [1] - Prior to the transaction, Zhiguang Electric held 66.82% of Zhiguang Energy and aims to increase its control over the subsidiary [1] - The company plans to raise matching funds by issuing shares to no more than 35 specific investors [1] Group 2: Zhiguang Energy's Market Position - Zhiguang Energy is a leader in cascade-type high-voltage large-capacity energy storage technology, with its high-voltage direct-connected storage PCS system recognized as internationally advanced [2] - The company has delivered over 20 hundred-megawatt cascade-type high-voltage large-capacity energy storage power stations to major state-owned enterprises [2] - Zhiguang Energy has shown strong growth, with projected revenues of 925 million yuan, 1.063 billion yuan, and 1.060 billion yuan for 2023, 2024, and the first eight months of 2025, respectively [2] Group 3: Zhiguang Electric's Financial Performance - Zhiguang Electric has faced poor performance in recent years, reporting revenues of 2.734 billion yuan and 2.596 billion yuan for 2023 and 2024, respectively, with net losses of 157 million yuan and 326 million yuan [3] - In the first half of 2025, the company achieved revenue of 1.643 billion yuan, a year-on-year increase of 31.71%, but still reported a net loss of 55.15 million yuan [3] Group 4: Market Sentiment - Despite not achieving profitability, Zhiguang Electric has seen a significant increase in market interest, with its stock price rising approximately 80% since the low in April [4] - On the last trading day before suspension (September 26), the stock closed at 8.03 yuan per share, with a total market capitalization of 6.285 billion yuan [5]