业务布局上，*ST阳光聚焦商业运营管理、物业租赁及商住尾盘销售三大板块。自2021年起，公司受托 管理京基集团旗下优质商业项目，借此拓宽了业务版图，但整体市场竞争力仍较弱，商业物业租赁业务 市场占有率低，面临消费疲软与线上冲击的双重压力。2025年4月，*ST阳光曾推出估值提升计划，提 及通过并购重组等方式提升投资价值，此次控制权变更或与该计划推进相关。 公开资料显示，京基集团于2020年5月通过协议受让方式成为*ST阳光控股股东，当时受让单价为6.6元/ 股，交易对价合计14.41亿元。成为控股股东时，京基集团曾承诺在5年内完成同业竞争资产注入以解决 同业竞争问题，但截至目前尚未有相关资产注入动作。值得注意的是，2025年11月，京基集团在解除部 分股份质押后，将所持*ST阳光全部剩余股份重新质押，质押比例达100%，质押用途为补充流动资金， 这一举措被解读为其自身资金压力的体现。 从*ST阳光自身经营状况来看，公司正处于退市风险警示下的艰难转型期。因2024年度利润总额、净利 润、扣非后净利润均为负值，且扣除后营业收入低于3亿元，2025年4月，公司股票被实施退市风险警 示，简称变更为"*ST阳光"。20 ...

Core Viewpoint - *ST阳光 is a commercial real estate company with significant operational capabilities, but it faces challenges in revenue and profitability compared to industry leaders [1][2]. Group 1: Company Overview - *ST阳光 was established on June 7, 1996, and listed on the Shenzhen Stock Exchange on September 19, 1996, with its registered office in Nanning, Guangxi, and operational office in Shenzhen, Guangdong [1]. - The company focuses on commercial operation management, property leasing, and sales of residential and commercial properties, categorized under the real estate development sector [1]. Group 2: Financial Performance - For Q3 2025, *ST阳光 reported revenue of 252 million yuan, ranking last in the industry, significantly lower than the top competitor, China Merchants Shekou, which reported 89.77 billion yuan [2]. - The company's net profit was -66.33 million yuan, also ranking 7th out of 10, with a stark contrast to the leading competitor's profit of 3.60 billion yuan [2]. - The asset-liability ratio stood at 42.09%, lower than the industry average of 68.96%, indicating better debt management [2]. - The gross profit margin was 32.89%, higher than the industry average of 22.73%, although it decreased from 60.39% in the previous year [2]. Group 3: Management and Shareholder Information - The chairman, Chen Jiaxian, received a salary of 1.79 million yuan in 2024, while the president, Xiong Wei, earned 3.99 million yuan, a decrease from the previous year [3]. - As of September 30, 2025, the number of A-share shareholders decreased by 9.32% to 23,800, while the average number of shares held per shareholder increased by 10.28% to 31,300 [3].