Core Viewpoint - The article discusses the recent developments surrounding Guanzhong Ecology, highlighting the potential change in control and the implications of the major shareholders' actions, particularly in relation to the company's performance post-IPO and the significant drop in stock price since its listing [2][12]. Company Overview - Guanzhong Ecology was initially listed on the New Third Board on November 24, 2015, and later transitioned to the A-share market, successfully listing on the ChiNext board on February 25, 2021, becoming the first company from Qingdao to do so under the new registration system [6][12]. - The company specializes in ecological restoration services, including vegetation recovery, industrial waste management, and desertification control [6]. Shareholder Actions - The controlling shareholders, Li Chunlin and Xu Jianping, are planning to transfer control of the company, which may lead to a change in the major shareholders [2]. - Following the lifting of the lock-up period on February 26, 2024, the controlling shareholders reduced their holdings significantly, transferring 8.4 million shares (6.07% of total shares) to a natural person, Yang Enguang, at a price of 8.5 CNY per share [8][10]. - Yang Enguang plans to reduce his holdings further within a specified timeframe, indicating a potential exit strategy for the new shareholder [10][11]. Financial Performance - The company's financial performance has deteriorated since its IPO, with revenue dropping from 4.02 billion CNY in 2021 to only 500 million CNY in the first half of 2025, and a net loss of 78.18 million CNY in 2024 [12][16]. - The company has experienced a significant decline in net profit, with a 28% drop in 2022 and a 36.55% drop in 2023, leading to a cumulative loss in recent years [12][13]. - Despite the poor performance, Guanzhong Ecology has managed to raise over 700 million CNY through various financing activities since its IPO, while only distributing approximately 30 million CNY in dividends [16][18]. Stock Performance - The stock price peaked shortly after the IPO at 47.58 CNY but has since fallen to around 11.2 CNY, representing a decline of over 75% from its highest point [12][13]. - The stock's performance mirrors the company's financial struggles, with a consistent downward trend following the initial listing [12][13].