Core Viewpoint - The control of Zhen'an Technology (300767) is set to change, with the current controlling shareholder, Beijing Huachuang Sanxin Investment Management Co., Ltd., planning to transfer 100% of its equity to Shenzhen Dongchuang Technology Co., Ltd. for 616 million yuan, leading to a shift in actual control from Li Tao to Ning Huaxiang and Zhou Jianqi [1][2] Group 1: Shareholder Changes - The transaction involves the transfer of 100% equity of Huachuang Sanxin by its two legal shareholders to Shenzhen Dongchuang for 616 million yuan [2] - Li Tao, the current actual controller, will relinquish voting rights for 12% of shares, reducing his voting power to 5.28% post-transaction [2] - After the transaction, Huachuang Sanxin remains the controlling shareholder, while Shenzhen Dongchuang will hold 18.12% of voting shares through Huachuang Sanxin [2] Group 2: Background of Shenzhen Dongchuang - Shenzhen Dongchuang, previously known as Dongchuang Precision, has a registered capital of 69.12 million yuan and has been involved in the capital market since 2019 [3] - The company has established itself as a core supplier for Huawei and has partnerships with other major firms like ZTE, Foxconn, and BYD [3] Group 3: Financial Performance of Zhen'an Technology - Zhen'an Technology has reported losses for two consecutive years, with total net losses amounting to 182 million yuan [1][6] - In 2023 and 2024, the company generated revenues of 694 million yuan and 417 million yuan, respectively, with net losses of 41.13 million yuan and 141 million yuan [6] - The company's gross profit margin decreased to 31.65% in 2024, with specific product margins showing mixed results [6][7] Group 4: Investment Projects and Future Outlook - Zhen'an Technology's investment projects have underperformed, with significant losses reported in both IPO and convertible bond projects [7] - The company aims to leverage Shenzhen Dongchuang's industry resources to enhance its operational capabilities and improve overall competitiveness [7]

Core Viewpoint - The company specializes in seismic isolation technology and has become a leading manufacturer in the domestic market, focusing on the development, production, and sales of various seismic isolation products, which are increasingly in demand due to rising earthquake risks in China [5][20][24]. Company Overview - The company is engaged in the consulting, design, production, sales, and maintenance of seismic isolation products, establishing itself as a high-tech enterprise with significant production capacity [5][6]. - Key products include rubber bearings, sliding bearings, energy-dissipating dampers, and various vibration control devices, which are essential for enhancing building safety against seismic activities [6][8][9][10]. Business Model - The company adopts a sales-driven procurement model, ensuring reasonable inventory levels while maintaining a list of qualified suppliers [14]. - Production is based on sales orders, allowing for flexibility in meeting market demands [15]. - The company emphasizes technical services, providing comprehensive support from project consultation to post-installation maintenance [16]. Market Dynamics - China is located in a seismically active region, with a significant portion of its territory at risk of earthquakes, driving the demand for seismic isolation technologies [20]. - Recent regulations, such as the "Construction Engineering Seismic Management Regulations," have increased the demand for seismic isolation products in public buildings [22][24]. - The company has strategically adjusted its sales and collection policies to enhance cash flow and mitigate risks, leading to a temporary decline in revenue but positioning for long-term stability [19][22]. Technological Advancements - The company is committed to improving product quality and industry standards, collaborating with research institutions to enhance testing methodologies for seismic isolation products [25]. - Ongoing development of economic benefit assessment methods for seismic isolation technologies aims to demonstrate their cost-effectiveness and long-term advantages [26][27]. Future Outlook - The company plans to expand its market presence by establishing regional sales centers and enhancing collaboration with design institutes to promote seismic isolation technologies [21][28]. - With increasing government support and regulatory frameworks, the seismic isolation industry is expected to grow, providing significant opportunities for the company [24][25].