Sunway(SH:603333) Zheng Quan Shi Bao Wang·2025-11-24 11:01Core Viewpoint - The company plans to invest 520 million yuan in Sichuan Zhongfu Taihua New Materials Technology Co., Ltd., increasing its registered capital and gaining a controlling stake, marking a strategic shift towards expanding its electronic chemical products business [1][3]. Financial Summary - As of October 31, 2025, the company's asset-liability ratio is 29.02%, with cash reserves of 490 million yuan and a bank credit line of 310 million yuan, indicating a stable financial condition [2]. - The investment will utilize 220 million yuan of the company's own funds and a 300 million yuan loan from Fuhua Chemical at an annual interest rate of 3.8% [2]. - The company has committed to ensuring that the core cable business operates normally, with approximately 150 million yuan allocated for working capital [2]. Performance Commitment - Fuhua Chemical has made a performance commitment that Sichuan Zhongfu Taihua's net profit attributable to the parent company will not be less than 180 million yuan from 2026 to 2028, with provisions for compensation if targets are not met [2]. Business Development - Sichuan Zhongfu Taihua is currently in the project construction phase, with limited operations, reporting revenue of 38.51 million yuan and a net loss of 1.33 million yuan for the first nine months of 2025 [3]. - The company has several projects expected to commence production in 2026, including a 200,000 tons/year hydrogen peroxide project and a 60,000 tons/year electronic-grade anhydrous hydrogen fluoride project, which will diversify its product offerings into electronic chemicals [3]. Strategic Shift - This investment represents a significant move for the company to transition from a single focus on special cable manufacturing to a dual-driven model of "cables + chemicals," aiming to cultivate a second growth curve [3]. - Post-investment, the governance structure of Sichuan Zhongfu Taihua will include a board of directors with a majority from the investing company, ensuring control over the subsidiary [3].