全文请见：山东高速拟超24亿元抛售粤高速A股权，还将引入新股东，两次"资本腾挪"有何意图？ 除了对粤高速A的股权转让，山东高速本身的股权也可能发生较大变动。此前公司公告，公司控股股东 山东高速集团有限公司（以下简称"山高集团"）拟转让山东高速7%的股份给皖通高速。山高集团及其 控股公司近期的两次"资本腾挪"，其这背后有什么样的战略意图呢？ 山东高速近期发布公告称，其全资子公司山东高速投资发展有限公司（以下简称"投资公司"）拟以 24.35亿元非公开协议转让所持广东省高速公路发展股份有限公司（以下简称"粤高速A"）9.68%股权。 此次交易较账面成本溢价49.1%，但二级市场反应平淡，公告后两个交易日股价甚至出现下跌。 ...

Core Viewpoint - The acquisition of *ST Tianshan by Xiamen Shed is a significant event marking the end of the "Zhongzhi System" control, with the new owner facing severe operational challenges and potential delisting risks [2][3][7]. Group 1: Acquisition Details - Xiamen Shed acquired 22.11% of *ST Tianshan's shares and a debt claim of 76.49 million yuan for a total of 287 million yuan [2][3]. - The acquisition signifies the end of the Zhongzhi System's control over *ST Tianshan, which had been struggling with debt issues since 2021 [3][4]. - Xiamen Shed was established in May 2021 with a registered capital of 30 million yuan and is part of the Xiamen Gude Industrial Group [4]. Group 2: Financial and Operational Challenges - *ST Tianshan has faced three consecutive years of negative net profit, with a significant decline in revenue and ongoing losses in the first half of 2025 [7][10]. - The company reported a net profit of -65.94 million yuan and revenue of 92.28 million yuan for 2025, leading to a risk warning and potential delisting [7][10]. - In the first half of 2025, *ST Tianshan's livestock sales were dismal, with only 126 heads sold, indicating severe operational difficulties [10]. Group 3: Capital Operations and Future Prospects - The acquisition of *ST Tianshan coincided with Xiamen Shed's indirect acquisition of Shenzhen Chisu Automation Equipment Co., suggesting potential future asset injections [6][7]. - The rapid succession of capital operations raises questions about Xiamen Shed's intentions and the strategic direction for *ST Tianshan [6][7]. - The new ownership faces the urgent task of stabilizing *ST Tianshan's financial situation while navigating the complexities of potential asset integration [7][10].

Core Viewpoint - Wolong New Energy is undergoing a significant transformation by divesting its copper concentrate trading business and fully committing to the renewable energy sector, following a history of losses and declining revenues in its previous operations [1][2][4]. Group 1: Business Transformation - On May 23, Wolong New Energy announced the sale of 90% of its stake in Shanghai Mining for 221 million yuan, marking a complete exit from the copper concentrate trading business [1]. - This divestiture comes shortly after the company rebranded from "Wolong Real Estate" to "Wolong New Energy," indicating a strategic shift away from real estate and mining towards renewable energy [1][4]. - The company has undergone three major transformations in the past decade, with the current focus on renewable energy being the most recent [1][5]. Group 2: Financial Performance - In 2024, Wolong New Energy reported revenues of 3.611 billion yuan, with the mining business contributing 2.477 billion yuan, accounting for 68.6% of total revenue [1]. - Despite the revenue, the net profit for the company was only 40.86 million yuan, a significant decline of 75.15% year-on-year [1][2]. - The mining business, which was acquired for 68 million yuan in 2022, had previously accounted for over 60% of the company's revenue [1][2]. Group 3: Market Conditions and Challenges - The decline in copper prices and reduced downstream demand have led to compressed margins for the mining business, prompting the sale to improve cash flow and asset structure [2][6]. - The renewable energy sector is facing challenges, including high investment costs and long project cycles, which may hinder Wolong New Energy's ability to transition successfully [9]. - The company’s previous attempts at diversification have not resulted in a stable profit model, with most of the acquired energy companies reporting losses [5][6]. Group 4: Future Outlook - Wolong New Energy aims to complete a significant wind and storage project by the end of 2025, which is seen as a key part of its renewable energy strategy [5][9]. - The company’s market capitalization has decreased from over 10 billion yuan to less than 4.2 billion yuan, reflecting investor concerns about its financial health and strategic direction [7][8]. - The overall renewable energy market is currently experiencing a phase of capacity reduction and valuation compression, which poses additional risks for new entrants like Wolong New Energy [8][9].