百亿A股南都电源，拟易主

Core Viewpoint - Nandu Power is planning a change in control and the sale of its lead recycling segment, as announced on December 11, 2025 [1][2]. Group 1: Company Announcement - Nandu Power's controlling shareholder is in discussions regarding a change in control and the potential sale of its lead recycling business [1][2]. - The company's stock will be suspended from trading starting December 12, 2025, for up to two trading days [2][7]. Group 2: Financial Performance - Nandu Power has faced significant financial challenges, recording a net loss of 1.497 billion yuan in 2024, the largest loss since its listing [8]. - For the first three quarters of 2025, the company reported revenue of 5.911 billion yuan, a year-on-year decrease of 24.80%, and a net loss of 220 million yuan, a decline of 189.22% [8]. - The company attributes the revenue decline to a strategic shift that led to reduced production in its recycling segment [8]. Group 3: Debt and Financial Pressure - As of the third quarter of 2025, Nandu Power's debt-to-asset ratio increased from 68.53% in 2022 to 79.01% [10]. - The company has cash and cash equivalents totaling 1.864 billion yuan, while short-term borrowings and current portion of non-current liabilities amount to 6.349 billion yuan, resulting in a funding gap exceeding 4.4 billion yuan [10]. Group 4: Stock Market Reaction - On December 11, 2025, Nandu Power's stock price rose by 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][11].