Core Viewpoint - The control of Daheng Technology has changed due to the judicial auction of 130 million unrestricted circulating shares held by the controlling shareholder Zheng Suzhen, resulting in the company having no controlling shareholder or actual controller [2][10]. Shareholder Changes - Zheng Suzhen no longer holds any shares in the company after the auction, and the new major shareholders are Li Rongrong and Zhou Zhengchang, who collectively hold 40.46 million shares, accounting for 9.26% of the total share capital [2][10]. - The change in control was executed through a judicial auction process, as confirmed by the court's rulings and notifications [8][9]. Company Performance - In the first half of 2025, Daheng Technology reported a revenue of 844 million yuan, an increase of 6.89% year-on-year, but a net loss of 2.74 million yuan, which is a 72.27% increase in loss compared to the previous year [12]. - The decline in profitability is attributed to intensified market competition, changes in supply and demand, and increased severance costs, along with the absence of one-time gains from the previous year [12][13]. - The optoelectromechanical integration segment saw a revenue drop of 45.79% year-on-year, while the television digital network editing and broadcasting system segment experienced a 2.95% decline in revenue [13].

Core Viewpoint - The control of Daheng Technology has changed due to the judicial auction of 130 million unrestricted circulating shares held by the controlling shareholder Zheng Suzhen, resulting in the company having no controlling shareholder or actual controller [1][2][8]. Group 1: Control Change - Zheng Suzhen no longer holds any shares in the company after the judicial auction, and the new major shareholders are Li Rongrong and Zhou Zhengchang, who collectively hold 40.46 million shares, accounting for 9.26% of the total share capital [1][2][5]. - The company will now operate without a controlling shareholder or actual controller, maintaining independence in assets, business, and personnel [2][8]. Group 2: Financial Performance - In the first half of 2025, Daheng Technology reported operating revenue of 844 million yuan, a year-on-year increase of 6.89% [9]. - The net profit attributable to shareholders was a loss of 2.74 million yuan, but this represented a year-on-year improvement of 72.27% [9]. - The company faced challenges, including intensified market competition and increased dismissal costs, leading to a decline in profitability across its business segments [9].

Core Viewpoint - The auction of shares held by Zheng Suzhen, the mother of Xu Xiang, has been completed, leading to a change in control of Daheng Technology, with a new major shareholder emerging [1][5][6]. Group 1: Share Auction Details - Zheng Suzhen's 130 million shares, representing 29.75% of Daheng Technology's total shares, were judicially auctioned for a total of 1.712 billion yuan [5][10]. - The auction concluded after 501 bids over more than seven months, with the shares sold at a price of 13.17 yuan per share [5][10]. - The auction involved eight buyers, with Li Rongrong acquiring 27.46 million shares, making her the largest single shareholder with a 6.29% stake [10][11]. Group 2: New Shareholder Profile - Li Rongrong's participation in the auction was based on her recognition of the long-term investment value and future prospects of the company [11]. - Li Rongrong has been employed at Ningbo Jinhai Logistics Service Co., Ltd. since 2018, which is a subsidiary of the Ningbo Customs [11][12]. - Concerns have been raised regarding the source of her substantial funds for the purchase, which were stated to be from her own or raised funds [13]. Group 3: Historical Context and Control Change - The original major shareholder, China New Era Co., Ltd., transferred a significant portion of its shares to Zheng Suzhen in 2014, which later led to the judicial freezing of these shares due to legal issues involving Xu Xiang [6][8]. - The change in control signifies the gradual divestment of assets by the Xu family from Daheng Technology [6][8]. - Following the auction, the company stated that the change in control would not adversely affect its governance structure or operations [17]. Group 4: Company Performance and Future Outlook - Daheng Technology's main business includes machine vision and information technology, with a projected net profit of -4.06 million yuan for the first half of 2025, indicating a reduction in losses [17][18]. - The company reported a revenue of 363 million yuan in the first quarter of 2025, a year-on-year increase of 22.73% [17]. - Daheng Technology ranks third among key enterprises in the Chinese machine vision industry, holding 134 invention patents as of the end of 2024 [18].