广州国资，拟入主002108

Core Viewpoint - The control of Cangzhou Mingzhu (002108) is set to change, with Guangzhou Light Industry becoming the new controlling shareholder, and the actual controller will be the Guangzhou State-owned Assets Supervision and Administration Commission [1][2]. Group 1: Share Transfer Details - Guangzhou Light Industry will acquire 166,539,465 shares from Dongsu Group, representing 10.10% of the total share capital as of the agreement date [1]. - Dongsu Group and its concerted parties will delegate voting rights for an additional 159,609,160 shares (9.68% of total share capital) to Guangzhou Light Industry, giving it a total voting power of 19.78% in the company [1][2]. - As of the announcement date, Dongsu Group holds 313,912,903 shares (19.04% of total share capital) and is the current controlling shareholder [2]. Group 2: Company Background and Performance - Cangzhou Mingzhu was established in 1995 and operates six wholly-owned subsidiaries, two holding subsidiaries, two branches, and three associated companies, with major industrial parks in Cangzhou and production bases in Shandong, Anhui, and Chongqing [2]. - The company has faced performance pressure in recent years, with negative growth in net profit since the third quarter of 2023, although there was a slight increase of 0.99% in net profit year-on-year for the first three quarters, and revenue grew by 5.90% to 2.078 billion yuan [2][3]. - The sales revenue of PE pipe products has decreased compared to the previous year, while BOPA film products have seen an increase in both sales volume and revenue, with improved profitability [3]. Group 3: Market Reaction - Following the announcement, Cangzhou Mingzhu's stock opened nearly 4% higher on December 16 but later retreated, closing with a 1.29% increase at 4.72 yuan per share, giving it a market capitalization of 7.78 billion yuan [3].