XUSHENG(SH:603305) Mei Ri Jing Ji Xin Wen·2025-12-23 16:37Core Viewpoint - The company, Xusheng Group, is undergoing a significant change in control as it plans to introduce Guangzhou Industrial Investment Holding Group as its new controlling shareholder, with a transaction value of approximately 4.3 billion yuan [1][3]. Group 1: Control Change and Shareholder Structure - After a two-day suspension, Xusheng Group resumed trading on December 23, announcing the signing of control acquisition and share transfer agreements with Guangzhou Industrial Investment Holding Group [1]. - The transaction will result in the change of the actual controller to the Guangzhou Municipal Government, with Xusheng Group's market value at 16.9 billion yuan [1]. - Following the transaction, Guangzhou Industrial Investment Holding Group will control 27.0455% of Xusheng Group's shares, while the current controlling shareholder, Xu Xudong, will see his stake reduced to 21.6162% [3][4]. Group 2: Financial Performance and Profit Commitment - Xu Xudong has made a profit commitment for Xusheng Group, ensuring a cumulative net profit of no less than 1.5 billion yuan from 2026 to 2028, with a threshold of 1.2 billion yuan to avoid compensation obligations [2][5]. - The company reported a decline in revenue and net profit for 2024, with revenue at 4.409 billion yuan (down 8.79%) and net profit at 416 million yuan (down 41.71%) [6]. - The decline in performance is attributed to intensified competition in the global electric vehicle industry and fluctuations in end-user demand [6]. Group 3: Historical Context and Previous Attempts - This is not the first attempt by Xu Xudong to transfer control; a previous attempt in October 2024 was terminated due to disagreements on key terms [7]. - Xusheng Group has been a key supplier for Tesla, but is currently facing challenges in maintaining its growth trajectory amid industry pressures [6].