百亿A股，拟易主

Core Viewpoint - The controlling shareholder of Nandu Power is planning a change in control and the sale of its lead recycling segment, with the stock expected to be suspended for up to two trading days starting December 12, 2025 [2] Group 1: Company Performance - Nandu Power has been focusing on the development and application of energy storage technologies, with main products including lithium-ion batteries, lead-acid batteries, hydrogen energy equipment, and recycling products [2] - The company has faced significant challenges since initiating its "abandon lead for lithium" strategy in 2020, resulting in a record net loss of 1.497 billion yuan in 2024 [2] - For the first three quarters of 2025, Nandu Power reported revenue of 5.911 billion yuan, a year-on-year decline of 24.80%, and a net loss of 220 million yuan, a year-on-year increase in loss of 189.22% [2] Group 2: Financial Health - The company's debt pressure is notable, with the asset-liability ratio increasing from 68.53% in 2022 to 79.01% in 2025 [4] - As of the third quarter of 2025, Nandu Power had total cash of 1.864 billion yuan, while short-term loans and current portion of non-current liabilities totaled 6.349 billion yuan, resulting in a funding gap exceeding 4.4 billion yuan [4] Group 3: Market Reaction - On December 11, 2025, Nandu Power's stock price surged over 14% at one point, closing up 8.69% at 18.38 yuan per share, with a total market capitalization of 16.51 billion yuan [5]