证券时报·2025-11-04 12:42Core Viewpoint - The article discusses the potential transfer of control of Zhenai Home (真爱美家) by its controlling shareholder, Zhenai Group (真爱集团), which may lead to changes in the company's actual controller. This situation is currently under negotiation and carries significant uncertainty [4]. Company Overview - Zhenai Home, established in 2010, specializes in the research, design, production, and sales of home textiles, primarily blankets. The company aims to become the "King of Blankets" globally, with an annual production capacity of 65,000 to 70,000 tons, ranking among the top in the blanket industry [7]. - Zhenai Home's products are exported globally, with major markets in the Middle East, North Africa, and South Africa, and it has strategic partners in key international markets [7]. Financial Performance - For the first three quarters of 2025, Zhenai Home reported revenue of 724 million yuan, a year-on-year increase of 16.16%, and a net profit attributable to shareholders of 230 million yuan, a significant increase of 310.28%. In Q3 alone, the revenue was 334 million yuan, up 10.19%, with a net profit of 33.44 million yuan, up 48.93% [8]. - In contrast, Huading Co., a subsidiary of Zhenai Group acquired in April 2022, reported a revenue of 3.562 billion yuan for the first three quarters of 2025, a decrease of 40.57%, and a net profit of 188 million yuan, down 42.11%. In Q3, the revenue was 1.152 billion yuan, down 25.69%, with a net profit of 34.92 million yuan, down 78.38% [9][10]. Shareholder Actions - Zhenai Group notified that it is planning a control transfer, which may affect the company's major shareholders. Prior to this, a related party, Yiwu Boxin Investment Co., had announced a plan to reduce its stake in Zhenai Home by up to 4.32 million shares, not exceeding 3% of the total share capital, during a specified period [4][6]. However, this reduction did not occur within the planned timeframe [6].