3 6 Ke·2025-11-26 04:37Core Viewpoint - The major shareholder, Huadong Group, is planning to transfer its shares in Gaole Co., which may lead to a change in control and potentially halt the company's ambitions in the new energy sector [1][2]. Group 1: Shareholder Changes - Huadong Group has notified Gaole Co. about its plan to transfer shares or voting rights, which could result in a change of control [1]. - The stock of Gaole Co. experienced a limit-up before the announcement of the share transfer [1]. - The transfer comes after Huadong Group took control of Gaole Co. in March 2023, following a share acquisition in November 2022 [1][2]. Group 2: New Energy Ventures - Huadong Group's entry into Gaole Co. was seen as a critical step towards establishing a new energy business [2]. - In December 2022, Gaole Co. established Gaole New Energy Technology (Zhejiang) Co., focusing on battery manufacturing and sales [2]. - A strategic cooperation agreement was signed to invest in a 2GWh solid-state battery project in Yiwu, with a total investment of approximately 2 billion yuan [2]. Group 3: Financial Aspects and Project Status - The 20 billion yuan solid-state battery project was partially funded by Huadong Group through bond financing, contributing about 601 million yuan [3]. - The project has been adjusted to a 1.2GWh sodium-ion battery project, reducing the total investment to 1.05 billion yuan [3]. - As of now, the battery project remains in its early stages, with no production or revenue generated [4]. Group 4: Performance Metrics - For the first three quarters of 2025, Gaole Co. reported revenues of 226 million yuan, a year-on-year increase of 10.06%, but still incurred a net loss of 12 million yuan [6]. - The company has not achieved profitability since Huadong Group's acquisition, with continued losses expected in 2023 and 2024 [6].