CENTURY(SZ:300078) Bei Jing Shang Bao·2025-11-18 12:12Core Viewpoint - The company Shichuang Yihui (300078) has announced a new ownership plan, with its director and general manager Wei Naixu becoming the new controlling party, following the termination of a previous state-owned enterprise acquisition plan. This change has led to a significant increase in the company's stock price, raising questions about its future performance and challenges ahead [1][3][5]. Ownership Change - On November 18, Shichuang Yihui's stock price surged to its daily limit, closing at 4.5 yuan per share, a 20% increase, with a total trading volume of 872 million yuan and a turnover rate of 18.38% [3]. - The new ownership structure involves Wei Naixu's company, Cangnan Xinshi Enterprise Management Partnership, acquiring 5.61% of the shares from the previous major shareholder, Lu Nan, and receiving voting rights for an additional 5.72% from another shareholder [3][4]. - After the completion of the share transfer and voting rights delegation, Wei Naixu will indirectly hold 7.47% of the company's shares and control 13.18% of the voting rights, making him the new controlling shareholder [4][6]. Financial Performance - Shichuang Yihui has faced significant financial challenges, reporting net losses for four consecutive years, with revenues of approximately 9.63 billion yuan in 2021, 11.16 billion yuan in 2022, 10.06 billion yuan in 2023, and 6.91 billion yuan in 2024, alongside corresponding net losses of -6.85 billion yuan, -8.78 billion yuan, -8.74 billion yuan, and -5.02 billion yuan [8]. - In the first three quarters of 2024, the company reported revenues of about 6.04 billion yuan, a year-on-year increase of 6.95%, but still recorded a net loss of approximately -476.22 million yuan, although this represented a 98.32% improvement compared to the previous year [8]. Management and Future Outlook - Wei Naixu, the new leader, has extensive experience in the Internet of Things sector and aims to leverage his operational capabilities and industry resources to enhance the company's competitiveness and long-term stability [6][7]. - The company has expressed confidence in Wei Naixu's ability to drive strategic transformation and improve governance, which is expected to strengthen its resilience against risks and support sustainable development [7]. - Despite the ownership change, the company continues to face scrutiny due to an ongoing investigation related to allegations of fraudulent issuance of securities, which remains unresolved [9].