TIANSHENG(SZ:300169) Shen Zhen Shang Bao·2026-01-09 00:39Core Viewpoint - Tian Sheng New Materials (300169) is undergoing a significant change in control as the largest shareholder, Wu Haizhou, is planning a major matter that may lead to a shift in the company's control [1][4]. Group 1: Shareholder Information - Wu Haizhou holds 25,423,066 shares, representing 7.80% of the company [4]. - Wu Haizhou has served in various roles within the company since its establishment, including Chairman since July 2015 [4]. Group 2: Financial Performance - The company has reported continuous losses for six consecutive years from 2019 to 2024, with a total loss exceeding 1.1 billion yuan [4]. - Revenue has declined from over 900 million yuan in 2018 to 531 million yuan in 2024 [4]. - For the first three quarters of 2025, the company achieved revenue of 334 million yuan, a year-on-year decrease of 16.71%, and a net loss attributable to shareholders of 83.12 million yuan [5]. Group 3: Debt and Legal Issues - The company's debt-to-asset ratio has significantly increased, reaching 104.52% by the end of the third quarter of 2025 [5]. - On December 18, 2025, the company lost a major lawsuit, resulting in a judgment to pay 43.65 million yuan plus overdue interest to the plaintiff [5]. - The company has also faced additional litigation, with a total amount involved in undisclosed lawsuits reaching approximately 4.38 million yuan [6].