Core Viewpoint - The control of Tongyu Heavy Industry has changed hands again, with Guohui Capital becoming the largest shareholder after the transfer of shares from Zhuhai Port Group, marking a significant shift in the company's governance structure [2][3][4]. Share Transfer Details - Zhuhai Port Group transferred 604,032,700 shares (15.50% of total shares) to Guohui Capital at a price of RMB 2.22 per share, totaling approximately RMB 1.34 billion, which represents a 9.02% discount compared to the last closing price before suspension [3][4]. - Following the transfer, Zhuhai Port Group's voting rights will drop from 20.33% to 0%, while Guohui Capital will gain 20.33% voting rights, effectively changing the actual controller from Zhuhai State-owned Assets Supervision and Administration Commission to Shandong State-owned Assets Supervision and Administration Commission [4][5]. Background of Guohui Capital - Guohui Capital, established in January 2020, is a wholly-owned subsidiary of Shandong Guohui Investment Holding Group, which is under the control of Shandong State-owned Assets Supervision and Administration Commission [5]. - Guohui Group is undergoing strategic restructuring, aiming to support green, low-carbon development and new industrialization in Shandong Province [5]. Company Performance - Since Zhuhai Port Group took over, Tongyu Heavy Industry has experienced declining performance, with net profits dropping from RMB 2.85 billion in 2021 to RMB 413.76 million in 2024, reflecting a significant downward trend [7][8]. - The company faces substantial debt pressure, with short-term loans reaching RMB 28.02 billion and a total of RMB 12.69 billion in long-term loans [7]. - In Q1 2025, the company reported a slight revenue increase of 1.34% year-on-year, but net profit growth was primarily due to reduced financial expenses rather than operational improvements [9]. Industry Context - The wind power industry has entered a phase of oversupply and intense price competition since 2021, leading to declining prices for wind turbines and components [8][9]. - The competitive landscape has intensified, with significant downward pressure on prices affecting upstream component manufacturers like Tongyu Heavy Industry [8][9].