Chang Jiang Shang Bao·2025-11-05 08:42Core Viewpoint - Baoland's performance is under pressure, leading to the introduction of Tianyang Technology as a strategic investor to strengthen business collaboration [1][2] Group 1: Transaction Details - Baoland's controlling shareholder, Yi Cundao, plans to transfer 5.83 million shares to Tianyang Technology, representing 7.5% of Baoland's total share capital [1] - The share price for this transaction is set at 26.56 yuan per share, which is a 20% discount compared to the market closing price on the announcement date, totaling approximately 155 million yuan [1] - Post-transaction, Yi Cundao will hold 21.6 million shares, reducing his stake to 27.79%, while Tianyang Technology will become the second-largest shareholder with 7.5% [1] Group 2: Strategic Implications - The share transfer aims to meet Yi Cundao's funding needs and to introduce Tianyang Technology as a strategic investor, enhancing Baoland's downstream industry channels and product competitiveness [2] - Baoland is a leading player in domestic basic software, with a product line covering middleware, PaaS platforms, intelligent operations, and big data, focusing on the localization of middleware [2] - Tianyang Technology's public credit systems and credit card solutions are critical banking applications that run on middleware, suggesting that collaboration could enhance the integration of key banking applications with middleware systems [2] Group 3: Financial Performance - Baoland's performance has been unstable, with a decline in revenue and a return to losses in 2024 after a brief recovery in 2023 [3] - For the first three quarters of 2025, Baoland reported revenue of 138 million yuan, a year-on-year decrease of 31.83%, and a net loss of 92.6 million yuan, down 68.82% [3] - In contrast, Tianyang Technology achieved revenue of 1.516 billion yuan in the same period, an 8.11% increase, but its net profit fell by 32.25% to 57.8 million yuan [3]