佳华科技资产重组推进中，股东减持与业绩承压引关注

Company Developments - The company is advancing a significant asset restructuring by acquiring 90% of Shudun Information Technology Co., Ltd. through a combination of issuing shares and cash, with the transaction suspended from November 24, 2025, and expected to resume on December 8, 2025. Due diligence, auditing, and evaluation are ongoing as of February 6, 2026, and the transaction is subject to board, shareholder, Shanghai Stock Exchange, and China Securities Regulatory Commission approvals, indicating uncertainty in successful implementation [2] - In January 2026, a shareholder, Shanghai Pugang Enterprise Management Center (Limited Partnership), reduced its stake in the company through a block trade, resulting in a combined holding with its concert party, Li Jin, dropping to 5% [3] Governance Structure - In December 2025, the company approved a resolution to abolish the supervisory board and revised its articles of association and related internal management systems to comply with the new Company Law. The governance structure will now have the board's audit committee exercising the powers of the supervisory board [4] Financial Performance - The company continues to face operational challenges, with a forecasted net loss of between 110 million to 165 million yuan for the full year of 2025, excluding non-recurring gains and losses. The Q3 2025 report indicated a net profit attributable to shareholders of -67.24 million yuan, with revenue declining by 30.72% year-on-year [5]