Core Viewpoint - The planned change of control for Shikong Technology (605178) has been aborted due to the failure of the controlling shareholder Gong Lanhai to reach an agreement on key terms with the counterparties [1][6]. Group 1: Control Change Announcement - On July 24, Shikong Technology announced that its controlling shareholder was planning a significant matter that could lead to a change in control, resulting in a stock suspension [3]. - The stock was suspended on July 24 and was expected to resume trading on July 30 after the announcement of the termination of the control change [1][2]. Group 2: Share Pledge and Ownership - Gong Lanhai has released a portion of his pledged shares, totaling 4.3 million shares, which accounts for 11.57% of his holdings and 4.33% of the total share capital [2]. - After the release of the pledge, Gong Lanhai holds 37.45% of the total share capital, with 436.6 thousand shares still pledged [2]. Group 3: Financial Performance - Shikong Technology has reported continuous losses for four consecutive years, with a revenue of 341 million yuan in 2024, representing a year-on-year increase of 68.14%, and a net profit attributable to shareholders of -262 million yuan [6][7]. - The company expects a net loss of between 61 million and 75 million yuan for the first half of 2025, indicating ongoing financial challenges [6]. Group 4: Industry Context - The company operates in the night economy and smart city sectors, focusing on lighting engineering system integration and innovative development in cultural tourism [6]. - The industry remains competitive, with prolonged project development and signing cycles affecting revenue conversion, alongside macroeconomic impacts leading to lower project payment expectations [7].

Group 1 - The booming night economy has become a symbol of urban vitality, with leading companies like Leyard, Unilumin, and Absen expanding into cultural tourism and night tours, despite facing challenges such as high accounts receivable due to local government financial constraints [1][2] - In 2025, the LED display industry is expected to face oversupply risks, leading to new price competition, while traditional manufacturers are controlling costs and penetrating the market to compete for existing market share, which is compressing profit margins across the industry [2][3] - The integration of culture, tourism, and nighttime activities through cultural tourism night tours enhances interactive experiences for visitors, showcasing traditional culture while providing diverse nighttime experiences [2] Group 2 - Leyard's chairman expressed optimism about the development of cultural tourism night tours, highlighting the significant market demand in urban renewal and scenic area upgrades, and the company's strategy to create an ecological cooperation circle to drive growth [3] - Government support is crucial for the development of the night economy, with measures in place to encourage nighttime cultural and tourism consumption, including upgrading lighting and night scenes in commercial areas [3] - Leyard's accounts receivable stood at approximately 3.28 billion yuan, with a significant portion attributed to cultural tourism projects, leading to a provision for bad debts of about 168 million yuan in 2025 [4] Group 3 - The accounts receivable situation is concerning for both LED display companies and scenic area operators, with significant amounts owed by local government entities impacting cash flow and financial health [5][6] - The increasing total of overdue accounts and lengthening payment terms in the cultural tourism night tour sector highlight the critical role of "party A" companies' payment capabilities and willingness [6] - Recommendations include enhancing judicial penalties for overdue payments and establishing a credit evaluation system to improve the payment environment and address the issue of delayed payments [6]