Sunshine(SZ:300227) Tai Mei Ti A P P·2026-01-06 13:44Core Viewpoint - Guangyunda (300227.SZ) has proposed a new private placement plan to raise up to 1.211 billion yuan, primarily to supplement working capital and repay bank loans, despite facing significant financial challenges including continuous losses and declining gross margins [2][10]. Fundraising Details - The new fundraising plan aims to issue up to 167 million shares at a price of 7.25 yuan per share, a significant increase from the previous plan which sought to raise 372 million yuan at 6.41 yuan per share, marking a 225% increase in fundraising scale [2][3]. - The funds raised will be used entirely for working capital and debt repayment, indicating a strategy to optimize the capital structure and reduce financial risk [10]. Financial Challenges - Guangyunda has reported continuous losses over the past four years, with net profits declining from 73.46 million yuan in 2022 to a loss of 56.34 million yuan in 2025, alongside a decrease in gross margin from 39.32% to 30.58% [8][10]. - The company's operating cash flow has turned negative, with a net cash flow of -156 million yuan in the first three quarters of 2025, raising concerns about its liquidity and long-term profitability [8][10]. Debt Situation - As of September 30, 2025, Guangyunda's short-term borrowings amounted to 623 million yuan and long-term borrowings to 403 million yuan, leading to a total interest-bearing debt exceeding 1 billion yuan [3][10]. - The proposed fundraising is seen as a necessary move to alleviate cash flow pressures and manage the increasing debt levels resulting from aggressive acquisitions [3][10]. Acquisition Strategy - Guangyunda has engaged in two significant acquisitions in 2025, spending nearly 600 million yuan to acquire stakes in Chengdu Lingxuan Precision Machinery Co., Ltd. and Shenzhen Yilian Unlimited Technology Co., Ltd., indicating a strategy of aggressive expansion despite its financial struggles [7][10]. - The high premium paid in these acquisitions, with one transaction showing a premium rate exceeding 480%, raises concerns about potential goodwill impairment and the effectiveness of these investments [7][10]. Control and Governance - The private placement will be subscribed by Jun Guang Investment, a wholly-owned subsidiary of Guangyunda Group, which is controlled by Zeng Sanlin and Cheng Fei, who will need to jointly raise the 1.211 billion yuan for the subscription [4][6]. - The control structure of Guangyunda has been a point of focus, as the controlling shareholder's ability to maintain control is tied to the success of this fundraising effort [3][4].