Core Viewpoint - The announcement of a change in control for *ST Huaron has drawn attention in the capital market, with Hainan Bocheng planning to acquire a 25% stake from Zhejiang Hengshun Investment and Shanghai Tianji Investment, valued at approximately 325 million yuan [2]. Group 1: Company Background - *ST Huaron's total market value is around 1.3 billion yuan as of August 6, with the 25% stake being valued at approximately 325 million yuan [2]. - The incoming controller, Lin Moshun, is not new to the capital market and has interests in various companies, including Xiamen Beifan Zhisheng Investment and Shanghai Bocheng Information Technology [2]. Group 2: Financial Performance - *ST Huaron has reported continuous losses from 2021 to 2024, with net profits of -8.86 million yuan, -6.49 million yuan, -8.28 million yuan, and -4.68 million yuan, totaling over 28 million yuan in losses [3]. - The company has experienced nine consecutive years of losses in non-recurring net profit, accumulating over 60 million yuan in losses from 2016 to 2024 [3]. Group 3: Current Situation - In the first half of the current year, *ST Huaron expects a net profit loss of between 2.7 million yuan and 4 million yuan, with a non-recurring net profit loss of between 2.8 million yuan and 4.2 million yuan [4]. - The losses are attributed to intense competition in the traditional mold industry and the exploratory phase of its subsidiary, Hangzhou Huaron Beiruan Technology, which is currently incurring losses [4].

Core Viewpoint - *ST Huaron is facing significant challenges, including failed control transfers and share auctions, while its financial performance continues to deteriorate, raising concerns about its future viability [1][2][5]. Group 1: Control Transfer and Share Auction - The company is once again planning a control transfer after a previous attempt failed six months ago, with its major shareholders Zhejiang Hengshun and Shanghai Tianji in discussions for a share transfer agreement [1][2]. - The previous control transfer attempt was halted due to a lack of agreement with the counterparty, and a subsequent share transfer to Beisoft Smart Technology was also terminated [2][3]. - Recently, shares held by significant shareholders were put up for auction but failed to attract any bids, leading to a complete failure of the auction [3]. Group 2: Financial Performance - The company has reported continuous losses, with net profits declining from 2021 to 2024, totaling over 2.8 million yuan in losses, and non-recurring net profits have been in the red for nine consecutive years, accumulating losses exceeding 46 million yuan [4][5]. - Due to these ongoing losses, the company is on the brink of delisting, having triggered delisting indicators under new regulations, with reported revenues of only 1.17 billion yuan last year [5]. Group 3: Business Transformation Efforts - In an attempt to reverse its fortunes, the company is shifting from traditional construction to the wind power mixed tower mold market, primarily through its subsidiary Zhejiang Zhuangchen [6]. - Despite these efforts, the company has not seen significant improvement in its financial situation, with ongoing losses expected in the first half of the year due to intense competition and low demand in its traditional mold market [6].

8月4日晚间，*ST华嵘宣布因控股股东恒顺投资及其一致行动人天纪投资筹划重大事项，可能导致公司 控制权变更，公司股票自8月5日起停牌。值得注意的是，4日当天交易时段，股价涨停，晚上就发布重 大事项公告，这一异常表现，或引发市场对内幕交易的强烈质疑。 从过往案例来看，重大事项发布前股价异常波动的情况会引发市场的广泛关注和监管层的高度警觉。 *ST华嵘在公告发布前股价提前涨停，无疑再次将内幕交易的嫌疑推到了风口浪尖。按照规定，上市公 司在发布重大事项公告前应严格保密，避免信息泄露。然而，*ST华嵘的股价却在公告前"提前起舞"， 这种异常表现不得不让人怀疑，是否有人提前知晓了重大事项并借此获利。 值得注意的是，*ST华嵘的业绩表现并不理想。根据2025年半年度业绩预告，*ST华嵘预计上半年亏损 270万元至400万元。公司称，其子公司浙江庄辰所处行业竞争较为激烈，传统模具类产品市场需求没有 明显提升，毛利率仍处于较低水平。同时，其子公司杭州华嵘北软科技业务处于开拓期，报告期内亏 损。在这样的背景下，此次重大事项虽可能涉及控制权变更，但公司财务状况不佳，重组计划的合理性 与潜在风险需进一步评估。笔者认为，公司需向投资 ...

Group 1 - The core point of the news is that *ST Huaron announced a potential change in control due to significant matters being planned by its controlling shareholder, Hengshun Investment, leading to a stock suspension starting August 5 [2] - On the day of the announcement, *ST Huaron's stock price hit the daily limit up, raising suspicions of insider trading as the stock price surged before the major announcement [2] - The company is facing financial difficulties, with a projected loss of between 2.7 million to 4 million yuan for the first half of 2025, attributed to intense competition in its subsidiary's industry and low demand for traditional mold products [3] Group 2 - The company needs to provide detailed explanations regarding the restructuring plan, including funding sources, integration strategies, performance commitments, and compensation mechanisms to avoid investor speculation due to information asymmetry [3] - The unusual stock price movement before the announcement necessitates a reasonable explanation from the company and strict oversight from regulatory authorities to ensure a fair investment environment [3]

Group 1 - The company forecasts a net loss attributable to shareholders for the first half of 2025, estimated between -4 million and -2.7 million yuan [2][11] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be between -4.2 million and -2.8 million yuan [3][11] - The previous year's net profit attributable to shareholders was -3.339 million yuan, and the net profit excluding non-recurring gains and losses was -3.8179 million yuan [5] Group 2 - The primary reasons for the expected loss include intense competition in the industry where subsidiary Zhejiang Zhuangchen operates, and a lack of significant demand increase for traditional mold products, resulting in low gross margins [7] - The subsidiary Hangzhou Huarong Beiruan Technology Co., Ltd. is in a development phase and incurred losses during the reporting period [7]

Core Viewpoint - *ST Huaron (600421) expects a net profit attributable to shareholders of the listed company for the first half of 2025 to be between -4 million and -2.7 million yuan, indicating ongoing financial challenges for the company [1] Company Summary - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -4.2 million and -2.8 million yuan, reflecting a continued struggle with profitability [1] - The performance forecast has not been audited by an accounting firm, which may raise concerns regarding the reliability of the financial outlook [1] - The subsidiary Zhejiang Zhuangchen operates in a highly competitive industry, with no significant improvement in market demand for traditional mold products, resulting in a low gross margin [1] - Another subsidiary, Hangzhou Huaron Beisoft Technology Co., Ltd., is in the expansion phase, but reported losses during the reporting period [1]