Core Viewpoint - DeLi Co., a leading household glass manufacturer, is planning a change in control, which may lead to a shift in its major shareholder and actual controller, as announced on October 8 [1] Company Overview - DeLi Co. was founded in 1996 and specializes in the research and manufacturing of various glass products, including household glass, solar glass, packaging glass, optical glass, heat-resistant appliance glass, and crystal glass [1] - The company is recognized as the largest household glass factory in the Asia-Pacific region and a top manufacturer of glassware in China [1] Financial Performance - Despite achieving double-digit revenue growth annually, DeLi Co. has reported net losses for three consecutive years since 2022, with losses of 110 million yuan, 85.51 million yuan, and 173 million yuan respectively [2] - In the first half of 2025, the company reported revenue of 771 million yuan, a year-on-year decrease of 6%, and a net loss of 45.32 million yuan, a decline of 490.74% [2] - The company attributed its financial struggles to the suspension of production at its subsidiary in Bengbu to mitigate cash flow losses, which affected overall profitability [2] Recent Transactions - In July, DeLi Co. announced the sale of its 100% stake in Fengyang Derui Mining Co. for 135 million yuan to Fengyang Mining Investment Holdings Co. to focus on its core business and improve cash flow [2][3] - As of September 22, the company confirmed receipt of the transaction amount and completion of the necessary registration changes, indicating that Derui Mining would no longer be included in DeLi Co.'s consolidated financial statements [3]

Core Viewpoint - DeLi Glass Co., Ltd. is planning a change in control, which may lead to a shift in its major shareholder and actual controller, causing significant uncertainty for the company and its investors [2][3]. Company Overview - DeLi Glass specializes in the research and manufacturing of various glass products, including household glass, solar glass, packaging glass, optical glass, heat-resistant appliance glass, and crystal glass [3]. - The company has faced significant operational challenges, with a projected net loss of 173 million yuan for 2024 and a loss of 45.32 million yuan in the first half of this year [3]. Strategic Adjustments - To alleviate operational pressure, DeLi Glass has initiated a strategic adjustment, including the planned sale of its wholly-owned subsidiary, Fengyang Derui Mining Co., Ltd., for 135 million yuan to a local state-owned enterprise, which is expected to incur a loss of 6.5 million yuan but aims to focus on its core glass business and optimize resource allocation [3]. - The company is also accelerating its overseas expansion, with plans to establish a glass products company in Egypt since March 2025, aiming to explore new growth opportunities through international capacity layout [3]. Market Reactions and Future Considerations - The potential change in control and the subsequent suspension of trading may lead to multiple chain reactions affecting the company's development [4]. - Investors are advised to closely monitor future announcements from DeLi Glass regarding the background of the transaction parties, transaction price, payment methods, and performance commitments to make informed decisions post-resumption of trading [4].

Core Viewpoint - Delixi Co., Ltd. is undergoing a potential change in control, as announced by its major shareholder and actual controller, Shi Weidong, on October 8. The specific transaction plan and agreement terms are still under further verification and negotiation [1]. Company Overview - Delixi Co., Ltd. was founded in 1996 by Shi Weidong and is headquartered in Fengyang, Anhui. The company specializes in the research and manufacturing of various glass products, including household glass, solar glass, packaging glass, optical glass, heat-resistant appliance glass, and crystal glass. It is recognized as the leading manufacturer of glassware in China and the largest household glass factory in the Asia-Pacific region [4]. Financial Performance - The company has faced continuous losses, with net profits attributable to the parent company reported as follows: a loss of 110 million yuan in 2022, 85.5094 million yuan in 2023, and 173 million yuan in 2024. In the first half of 2025, the net profit attributable to the parent company was a loss of 45.3166 million yuan, representing a year-on-year decline of 490.74% [4]. Business Challenges - Delixi Co., Ltd. established a wholly-owned subsidiary, Delixi Solar, in 2020 to enter the promising photovoltaic glass materials sector. In 2021, it signed a five-year procurement agreement for photovoltaic glass with Longi Green Energy. However, the company reported that both photovoltaic glass and daily-use glass faced pressures from insufficient capacity digestion and weak market demand due to global political and economic conditions [5]. - The company experienced significant losses due to fluctuating prices of key raw materials such as sodium antimonate and soda ash, as well as international shipping costs. The decline in photovoltaic glass prices further exacerbated the financial difficulties [5]. - In the 2025 semi-annual report, Delixi Co., Ltd. noted that its subsidiary, Bengbu Solar, achieved production quality comparable to industry leaders. However, the overall downward trend in the photovoltaic industry led to supply-demand imbalances and price declines, impacting profitability. To mitigate cash flow losses, the subsidiary temporarily halted production, affecting the company's overall profitability [6]. - The domestic trade of daily-use glass remained stable, but external trade faced challenges due to fluctuations in shipping costs. The entire industry continues to experience low profitability, with high inventory pressures not yet alleviated, compounded by the effects of international political and economic conditions [6].