Core Viewpoint - The control of Zhenai Meijia may change as its controlling shareholder, Zhenai Group, is planning to transfer its control, which could lead to a change in the company's actual controller [2][8]. Group 1: Control Transfer and Shareholding - Zhenai Meijia announced a suspension of trading starting November 5, with an expected duration of no more than two trading days. As of November 4, the stock price was 30.82 CNY per share, with a total market capitalization of 4.438 billion CNY [5]. - As of the end of Q3 2025, Zhenai Group directly held 66.7656 million shares of Zhenai Meijia, accounting for 46.37% of the total shares. Among these, 33.7 million shares were pledged, representing 50.48% of Zhenai Group's holdings [10][11]. - Zhenai Group's action partner, Yiwu Boxin Investment Co., Ltd., held 16.686 million shares, representing 11.59% of the total shares, with 10 million shares pledged, which is 59.93% of Boxin's holdings [10][11]. Group 2: Financial Performance - Zhenai Meijia has experienced significant fluctuations in performance since its listing on April 6, 2021. The net profit attributable to shareholders from 2021 to 2024 was 108 million CNY, 155 million CNY, 106 million CNY, and 75.7955 million CNY, respectively [15]. - In the first three quarters of 2025, Zhenai Meijia's net profit attributable to shareholders increased by 310.28% to 230 million CNY, with a non-recurring profit increase of 43.37% to 58.858 million CNY [16][18]. - The company's revenue for 2024 was approximately 878.62 million CNY, a decrease of 7.77% compared to 2023, while the net profit attributable to shareholders decreased by 28.46% to 75.8 million CNY [16][18]. Group 3: Industry Context - The textile industry is facing severe challenges, including intense competition from low-cost Southeast Asian countries and rising shipping costs, which pose significant challenges for Zhenai Meijia's product exports [18]. - The company specializes in home textiles, primarily blankets, carpets, and bedding products, and has faced difficulties due to the international textile supply chain adjustments [18].
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