Core Viewpoint - Green Kang Biochemical has completed the transfer of its controlling shareholder from Shanghai Kangyi to Zongteng Network, alongside the divestiture of its photovoltaic assets, amidst ongoing financial struggles and operational challenges in its core veterinary medicine business [1][3]. Group 1: Company Background and Financial Struggles - Green Kang Biochemical, originally focused on veterinary drug R&D and production, has faced declining net profits since its IPO in 2017, culminating in significant losses starting in 2021 [1][2]. - The company reported a total loss of 789 million yuan from 2022 to 2024, with its net assets reaching -24.54 million yuan by the end of 2024, leading to a risk of delisting [3][4]. Group 2: Transition to Photovoltaic Business - The company attempted to pivot to the photovoltaic sector by acquiring Jiangxi Weike New Materials Technology Co., with a premium of 632%, but this transition resulted in substantial losses due to falling prices in the photovoltaic industry [2][3]. - The photovoltaic business accounted for approximately 36% of the company's revenue in 2024, but the overall revenue from the veterinary business remains critical, constituting 84% of the adjusted revenue [5][6]. Group 3: New Controlling Shareholder and Future Prospects - Zongteng Network, the new controlling shareholder, specializes in cross-border logistics and reported a revenue of 27.105 billion yuan and a net profit of 1.122 billion yuan in 2024, raising questions about its ability to turn around Green Kang Biochemical's fortunes [6]. - The veterinary business has shown volatility, with a gross margin of only 7.35% in 2024, although it improved to 21.61% in the first half of the year due to rising pig prices [5][6].