WINGTECH(SH:600745) Zhong Guo Jing Ying Bao·2025-11-06 01:41Core Viewpoint - The second largest shareholder of Wentech Technology plans to reduce its stake, which may impact the company's control dynamics and investor sentiment [1][2] Shareholder Reduction Plan - Wuxi Guolian Integrated Circuit Investment Center intends to reduce its holdings by up to 3% of the total share capital within three months, citing operational needs [1] - The reduction will occur through block trades (up to 24.89 million shares, 2% of total shares) and centralized bidding (up to 12.44 million shares, 1% of total shares), totaling a maximum of 37.34 million shares [1] - The estimated cash amount from the reduction, based on the closing price of 43.08 yuan on November 5, is approximately 1.6 billion yuan [1] Current Shareholding Status - Before the reduction, Wuxi Guolian held 96.72 million shares, representing 7.77% of Wentech Technology's total share capital [1] Business Performance - Wentech Technology's semiconductor business reported a revenue of 4.3 billion yuan in Q3 2025, reflecting a year-on-year growth of 12.20% with a gross margin of 34.56% and a net profit of 724 million yuan [2][3] - The semiconductor business achieved record revenue in the Chinese market, with a year-on-year increase of approximately 14%, and automotive business revenue grew by over 26% [2] Control Issues - The company is facing control issues with its core asset, Nexperia, due to a directive from the Dutch government that froze certain assets and suspended the CEO's position [2][3] - The future trajectory of Nexperia and its potential impact on Wentech's revenue and cash flow remains uncertain, especially if control is not restored by the end of 2025 [3]