紫光股份拟“A+H”上市

Group 1 - The core point of the news is that Unisplendour Corporation (紫光股份) has submitted a prospectus to the Hong Kong Stock Exchange for an "A+H" listing, following a previous application that lapsed in May 2023 [1] - The company was established in 1999 and listed on the Shenzhen Stock Exchange in the same year [1] - Unisplendour plans to increase its stake in H3C Technologies from 51% to 87.98% by investing in acquisitions in September 2024 and November 2025, which has led to a significant rise in its debt ratio from 54.11% to 81.87% [1] Group 2 - The company has faced a "revenue growth without profit growth" dilemma, with a continuous decline in profitability [1] - Revenue figures for Unisplendour from 2022 to 2024 are projected to be 73.752 billion yuan, 77.538 billion yuan, and 79.024 billion yuan, respectively, while net profits are expected to drop from 3.742 billion yuan to 1.982 billion yuan, indicating a 47% decline in net profit over two years despite a 7% revenue increase [1] - In the first three quarters of 2025, Unisplendour reported revenue of 77.322 billion yuan, a year-on-year increase of 31.41%, but a net profit of 1.404 billion yuan, reflecting an 11.24% decline compared to the previous year [1] Group 3 - The decline in net profit is primarily attributed to a decrease in gross margin, which fell from 19.8% in 2022 to 18.5% in 2023, and is projected to further decrease to 16.0% in 2024 [2] - The company indicated that the lower gross margin is due to an increase in sales contribution from its intelligent computing and storage business, which has a lower margin compared to its intelligent connection and security business [2]