300068，终止筹划控制权变更！

Core Viewpoint - Nandu Power has terminated its planned change of control after failing to reach consensus on key terms with the potential buyer, and its stock will resume trading on December 19 [1][3]. Group 1: Control Change Announcement - Nandu Power announced on December 11 that its controlling shareholder was in discussions regarding a potential change of control, which could lead to a change in the company's actual controller [3]. - The company’s stock experienced a significant increase, rising over 14% at one point on December 11, closing up 8.69% at 18.38 yuan per share [3]. Group 2: Financial Performance - In 2024, Nandu Power reported its largest annual loss, with revenue of 7.984 billion yuan, a year-on-year decrease of 45.56%, and a net loss attributable to shareholders of 1.497 billion yuan, a decline of 4260.62% [3]. - For the first three quarters of the year, the company achieved revenue of 5.911 billion yuan, down 24.80% year-on-year, and reported a net loss of 220 million yuan compared to a profit of 24.7 million yuan in the same period last year [4]. Group 3: Strategic Adjustments and Market Conditions - The revenue decline was attributed to strategic adjustments, including a reduction in production in the recycled resources sector, while revenue from overseas data center lithium battery products saw significant growth [4]. - The company has maintained a high debt-to-asset ratio, hovering around 70%, which increased to 79.14% by the end of 2024 and was 79.01% at the end of the third quarter of 2025 [4]. Group 4: Legal Matters and Future Plans - As of the announcement date, Nandu Power and its subsidiaries were involved in nine ongoing small lawsuits and arbitration cases, with a total amount in dispute of approximately 10.852 million yuan [4]. - In April, the company announced plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange, focusing on deepening its presence in international markets and expanding its overseas operations [4].