复牌，002036，国资入主

Core Viewpoint - The actual controller of Lianchuang Electronics is set to change to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, with the company resuming trading on December 25, 2025 after a five-day suspension [1]. Group 1: Share Transfer and Control Change - Lianchuang Electronics announced that its controlling shareholder, Jiangxi Xingsheng, signed a share transfer agreement with Beiyuan Intelligent, agreeing to a phased payment of 900 million yuan for the acquisition of 70.8661 million unrestricted circulating shares, representing 6.71% of the total shares [1]. - Following the completion of the share transfer, the controlling shareholder will change to Beiyuan Intelligent, with Jiangxi Guozhi Chuangtou becoming the indirect controlling shareholder, and the actual controller will be the Jiangxi Provincial State-owned Assets Supervision and Administration Commission [1]. Group 2: Capital Increase and Financial Strategy - Lianchuang Electronics signed a conditional share subscription agreement with Jiangxi Guozhi Chuangtou, which plans to subscribe for up to 189 million shares through cash, potentially holding 15.19% of the total shares post-issuance [4]. - After the completion of the share transfer and stock issuance, Jiangxi Guozhi Chuangtou will directly and indirectly hold 20.89% of the total shares, with the controlling shareholder changing to Jiangxi Guozhi Chuangtou while the actual controller remains the Jiangxi Provincial State-owned Assets Supervision and Administration Commission [4]. Group 3: Financial Performance and Business Focus - Lianchuang Electronics reported total revenue of 6.489 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.20%, while the net profit attributable to shareholders was 50.92 million yuan, indicating a turnaround from losses [5]. - The company aims to use the raised funds to supplement working capital and repay interest-bearing debts, which will help alleviate financial pressure, reduce liquidity risk, and enhance financial strength and risk resistance [4]. - Lianchuang Electronics is committed to deepening its focus on the optical industry, optimizing product structure, and expanding product variety and quality, with the goal of transitioning towards automotive optical business [4].