RocKontrol(SH:688051) Xin Lang Cai Jing·2025-11-23 15:58Core Viewpoint - JiaHua Technology (688051.SH) is planning to acquire a controlling stake in Shudun Technology through a combination of share issuance and cash payment, with the stock set to be suspended from trading starting November 24. The company has reported consecutive years of losses prior to this acquisition plan [1][2]. Company Summary - JiaHua Technology has experienced continuous losses, with its net profit attributable to shareholders remaining negative since Q3 2021. In the first three quarters of this year, the company reported total revenue of approximately 166 million, a year-on-year decrease of 30.72%, and a net profit of -67.24 million, a decline of 114.36% year-on-year [2]. - The company attributes its poor performance to intensified market competition, tight fiscal budgets from major clients, and overall weak demand, leading to a conservative approach in business expansion [2]. - In response to its ongoing losses, JiaHua Technology has announced a focus on "cost reduction, revenue increase, and efficiency improvement" to drive performance enhancement [2]. Industry Summary - Shudun Technology, established in January 2002, specializes in commercial cryptography technology research, product development, and services. Its product range includes cryptographic chips, modules, and systems, and it is recognized as a key "specialized, refined, distinctive, and innovative" enterprise by the state [1]. - The major shareholders of Shudun Technology include its actual controller Zhu Yun, who holds 19.486% of the shares, and other institutional investors such as Qingdao Zhenwei and CICC Jia Tai, which hold 8.3824% and 6.8341% respectively [2].