Jalon(SH:688357) Chang Jiang Shang Bao·2025-12-25 01:59Core Viewpoint - Jianlong Micro-Nano has shifted its investment strategy from acquiring a controlling stake in Hanxing Energy to taking a 40% equity stake, reflecting a strategic pivot towards becoming a comprehensive technology service provider [1][2][3] Investment Strategy - Jianlong Micro-Nano's wholly-owned subsidiary, Shanghai Jianlong Micro-Nano New Materials Technology Co., plans to invest 200 million yuan to acquire a 40% stake in Hanxing Energy, which will become an associate company [1][3] - The initial plan to acquire a controlling stake was terminated due to the immaturity of conditions for a major asset restructuring [2][3] Financial Performance - For the first nine months of 2025, Jianlong Micro-Nano reported revenues of 590 million yuan, a year-on-year increase of 4.34%, and a net profit attributable to shareholders of 72.73 million yuan, up 20.15% [1][6] - In Q3 2025, the company achieved a net profit growth of 70.22% and a non-recurring net profit growth of 110.88% compared to the same period last year [1][6] Hanxing Energy's Performance - Hanxing Energy reported revenues of 618 million yuan and a net profit of 76.93 million yuan for 2024, with fluctuations in performance noted for the first nine months of 2025 due to project execution timing [3][4] - The company specializes in providing comprehensive services in the petrochemical and industrial gas preparation sectors, which are project-based and can lead to revenue volatility [3][5] Strategic Importance - The investment in Hanxing Energy is seen as a crucial step for Jianlong Micro-Nano to transition from a materials manufacturer to a comprehensive technology service provider, enhancing its capabilities in process engineering and system integration [5][6] - The collaboration aims to leverage both companies' resources and expertise, focusing on market expansion and new product development in the petrochemical and oil refining sectors [2][5] International Expansion - Jianlong Micro-Nano's overseas sales reached 155 million yuan in the first three quarters of 2025, accounting for 26.21% of total revenue, with significant growth from its Thailand subsidiary [6][7] - The company is actively expanding its customer base in key regions such as India, Europe, and North America, enhancing its local delivery and brand influence [7]