复牌大跌近17%！这家公司怎么了？

Core Viewpoint - The recent control change at Feilu Co., Ltd. (飞鹿股份) has led to a significant drop in stock price, with the company undergoing a share transfer and voting rights delegation to Xiangguang Intelligent Technology Co., Ltd. (骁光智能) [1][4] Group 1: Control Change and Stock Performance - Feilu Co., Ltd. announced a control change, with Xiangguang Intelligent becoming the controlling shareholder, and its actual controller Yang Yixiao taking over control [1][5] - Prior to the announcement, the company's stock had seen a substantial increase, rising 42% over five trading days [1] - Following the announcement, the stock price fell by 16.73% to 10.7 yuan [1] Group 2: Share Transfer and Financing - The share transfer agreement involves the transfer of 11 million shares (5.02% of total shares) and the delegation of voting rights for 29.97 million shares (13.69% of total shares) to Xiangguang Intelligent [4][5] - The company plans to issue between 32 million and 40 million new shares at a price of 8.08 yuan per share, raising up to 323.2 million yuan for working capital [5][10] - After the share issuance, Xiangguang Intelligent's ownership will range from 17.14% to 19.70%, while the previous controller's stake will decrease to 11.57%-11.94% [5] Group 3: Financial Situation and Debt Pressure - Feilu Co., Ltd. has a high debt ratio of 77.39% and only 107 million yuan in cash as of June 2025 [8] - The company has experienced significant revenue fluctuations, with a 37.2% decline in revenue to 518 million yuan in 2024 and a net loss of 140 million yuan [9] - In the first half of 2025, revenue increased by 48.77% to 238 million yuan, but the net loss was still 39 million yuan [9] - The transaction is expected to provide at least 259 million yuan in funding and an additional 50 million yuan in loans to alleviate some debt pressure [10]