Bestsun Energy(SH:600681) Hua Xia Shi Bao·2026-01-10 10:34Core Viewpoint - Baichuan Energy (600681.SH) announced a plan for its controlling shareholder, Langfang Baichuan Asset Management Co., Ltd., to reduce its stake by up to 40.23 million shares, representing no more than 3% of the total share capital, due to funding needs [1][2] Group 1: Shareholding and Reduction Plans - As of the announcement date, Baichuan Asset Management holds 474 million shares, accounting for 35.37% of the total share capital, while it and its concerted parties collectively hold 694 million shares, or 51.79% [2] - The reduction plan is scheduled to take place between January 27, 2026, and April 10, 2026 [2] - Previous reductions by Baichuan Asset Management included a total of 38.33 million shares, representing 2.86% of the total shares, with a total amount of 135 million yuan [2] Group 2: Financial Performance and Challenges - Baichuan Energy's performance has been declining since 2018, with net profit dropping from over 1 billion yuan to 319 million yuan in 2024, less than one-third of its peak [6] - In the first three quarters of 2025, the company reported revenue of 3.688 billion yuan, a year-on-year increase of 5.80%, and a net profit of 189 million yuan, up 9.82%, while the non-recurring net profit fell by 11.23% [6] - The third quarter of 2025 saw revenue of 780 million yuan, a 5.76% increase, but net profit decreased by 46.90% due to rising natural gas procurement costs and changes in sales structure [7] Group 3: Dividends and Share Pledges - Since becoming the controlling shareholder in 2016, Baichuan Asset Management has consistently paid high dividends, with payout ratios ranging from 54.10% to 108.74% from 2017 to 2024 [4] - As of December 10, 2025, approximately 4.19 billion shares, or 60.27% of the shares held by the controlling shareholder and concerted parties, were pledged [4] Group 4: Regulatory Issues - The company and its actual controller faced regulatory penalties for failing to disclose related party transactions, which led to a warning letter from the Hubei Securities Regulatory Bureau [5] Group 5: Strategic Investments - Baichuan Energy is expanding into new production capabilities, including a recent investment in Xi'an Zhongke Optoelectronics Precision Engineering Co., Ltd., acquiring a 25.20% stake for 215.26 million yuan [7][8] - Zhongke Optoelectronics reported revenues of 100.65 million yuan in 2024 but incurred a net loss of 15.58 million yuan [8]