震安科技披露定增与股权激励计划，股价反弹但基本面仍承压

Core Viewpoint - Zhenan Technology (300767.SZ) has announced a private placement and stock incentive plan, signaling a potential business transformation and operational improvement under new actual controller [1] Stock Performance - On February 11, 2026, Zhenan Technology's stock price rebounded significantly, rising by 13.33% to close at 21.25 yuan, with a trading volume of 5.25 billion yuan and a turnover rate of 10.48% [2] - Over the past three months, the stock has experienced a volatility range of 25.65%, with a low of 17.85 yuan on February 6, 2026, indicating a downward trend [2] Recent Events - The company plans to issue up to 46.42 million shares at a price of 15.96 yuan per share to its actual controller, Ning Huaxiang, raising no more than 741 million yuan for working capital and bank loan repayment, with a full subscription by the controller reflecting confidence in the company's future [3] - The stock incentive plan includes granting 2.76 million shares to the Vice President and CFO, Wu Weihua, at a price of 9.98 yuan per share, with performance targets set for revenue and net profit growth, although the targets are considered relatively lenient given the expected losses in 2025 [3] Company Fundamentals - The company has faced significant financial pressure, with continuous losses from 2023 to 2025, reporting net profits of -41.13 million yuan, -141 million yuan, and an expected loss of -103 million to -134 million yuan [4] - The losses are attributed to credit impairment of accounts receivable and low capacity utilization at its Hebei subsidiary, leading to fixed asset impairment [4] - Historical project performance has been poor, with a production base project from 2021 achieving only 13.3% capacity utilization and a cumulative loss of 11.63 million yuan, while a 2022 R&D center project was terminated [4] Future Development - The stock incentive and private placement may boost market sentiment in the short term, as evidenced by the stock surge on February 11, 2026 [5] - However, the limited scope of the incentive plan and the low performance targets raise questions about its effectiveness in driving overall operational improvement [5] - Long-term stock performance will depend on the actual progress of business transformation under the new controller, resolution of historical issues, and recovery in industry demand [5]