明起复牌，中威电子实控人将变更

Core Viewpoint - The actual controller of Zhongwei Electronics is changing from the Xinxiang Municipal Government to Fu Yingbo, while the controlling shareholder remains Xinxiang Industrial Fund No. 1. The stock will resume trading on December 12, 2025 [1]. Group 1: Shareholder Changes - Xinxiang Industrial Fund No. 1 signed an agreement with Jinan Jun Chuan to transfer 55.00% of its partnership interest for approximately 354 million yuan [1]. - Jinan Mengruisi plans to acquire 15,140,302 shares from the second-largest shareholder, Shi Xugang, representing 5.00% of the total share capital, for a total price of about 189 million yuan [1]. - Shi Xugang has agreed to relinquish voting rights corresponding to 7.90% of his shares, which were previously entrusted to Xinxiang Industrial Fund No. 1 [1]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of 71.10 million yuan, a year-on-year decline of 34.47%, and a net loss attributable to shareholders of 43.32 million yuan, an increase in loss of 14.00% compared to the previous year [5][6]. - The company has experienced continuous losses over the past two years, with net profits of 4.4 million yuan in 2022, -75.94 million yuan in 2023, and -62.81 million yuan in 2024 [3]. - The operating cash flow has significantly decreased by 407% to -47.01 million yuan, primarily due to reduced sales collections and the return of deposits [6]. Group 3: Industry Context - The security industry is facing significant challenges due to government policies aimed at mitigating local debt risks, leading to a halt in infrastructure projects in high-risk debt provinces [7]. - The company has struggled with pricing advantages and profitability, with project profit margins severely compressed, contributing to ongoing losses [7]. - The subsidiary, Huaxia Tianxin (Beijing) Robot Co., Ltd., has also been unprofitable for years, complicating business expansion and increasing management costs [7].