SCAM(SZ:300554) Zhong Guo Neng Yuan Wang·2025-11-03 09:39Core Viewpoint - Nanjing San Chao New Materials Co., Ltd. is undergoing a significant change in control as the major shareholder, Zou Yuyiao, has been progressively releasing pledged shares, indicating a shift in ownership to Wuxi Boda He Yi Technology Co., Ltd. [1][3][4] Share Pledge Release - Zou Yuyiao released 6 million shares from pledge, accounting for 14.66% of his holdings and 5.25% of the company's total shares [1] - This release is part of a broader trend, with Zou having released over 44% of his pledged shares in less than six months [2] Change of Control - The control of San Chao New Materials is set to change hands, with Zou Yuyiao and Liu Jianxun signing a share transfer agreement with Wuxi Boda He Yi [3] - Following the completion of the first phase of the share transfer, Boda He Yi will become the controlling shareholder, and Liu Jianxun will relinquish voting rights [4] Transaction Structure - The transaction is structured in three phases, starting with Boda He Yi acquiring 10.25 million shares at a price of 24.52 CNY per share, totaling approximately 251 million CNY [5] - Upon completion of the first phase, Boda He Yi will hold a controlling stake, with further share acquisitions planned by June 30, 2026 [6] New Ownership Background - The new controlling figure, Liu Jingqi, is a young entrepreneur from Wuxi, having founded Boda He Yi in 2023 after a successful career in the energy sector [8][9] - Boda He Yi's subsidiary, Boda New Energy, has maintained profitability despite challenges in the photovoltaic industry, reporting revenues of 2.163 billion CNY and a net profit of 395 million CNY in 2024 [9] Business Performance - San Chao New Materials has faced significant challenges, with a 27.49% decline in revenue in 2024, resulting in a net loss of 141 million CNY [10] - The company reported a 41% decline in revenue for the first three quarters of 2025, with a net loss of approximately 19.34 million CNY, although the loss margin has narrowed compared to the previous year [10] - The company’s expenses have risen, with total expenses accounting for 25.22% of revenue in 2025, up 61.45% year-on-year [10] Emerging Business Segments - While traditional photovoltaic wire business has declined, the semiconductor business is emerging as a growth area, with revenue from precision diamond tools increasing by 67.54% in 2024 [11]