Core Viewpoint - The control of Zhonghuan Environmental Protection (300692) is set to change as its actual controller Zhang Bozhong and his concerted party Anhui Zhongchen Investment Holdings plan to transfer 70.54 million shares (16.62% of total shares) to Beijing Dingyuan and Jiaxing Dingkang at a price of 8.48 CNY per share, totaling 598 million CNY [2][4]. Group 1: Share Transfer Details - The transfer price represents a discount of approximately 4% compared to the closing price of 8.86 CNY per share before the suspension [4]. - After the transfer, Zhang Bozhong will relinquish voting rights for 19.17 million shares (4.52% of total shares), reducing his voting rights to 7.07% [4]. - The controlling shareholder will change to Beijing Dingyuan, with Liu Yang becoming the new actual controller [4]. Group 2: New Controller Background - Liu Yang, the new controller, is recognized for his long-term investment value in Zhonghuan Environmental Protection and has a strong background in the biopharmaceutical innovation sector [4][5]. - Liu Yang is the founder and chairman of Beijing Saifu Pharmaceutical Research Institute, which provides top-tier CRO evaluation services and supports innovative drug development [5]. - Saifu Pharmaceutical has completed multiple financing rounds and has attracted investments from several prominent institutions [5]. Group 3: Company Business Overview - Zhonghuan Environmental Protection focuses on water treatment, waste incineration power generation, and hazardous waste treatment, while also expanding into new energy sectors like photovoltaics and hydrogen energy [5]. - The company aims to seek new breakthroughs in transformation and development, aligning with future technological trends [5]. - Liu Yang's entry is expected to enhance the company's asset quality and development efficiency through his resources in the biopharmaceutical sector [5].

Core Viewpoint - Zhonghuan Environmental Protection (300692.SZ) is planning a change in control, which may lead to a shift in its controlling shareholder and actual controller, Zhang Bozhong, and his concerted action party [1][3]. Group 1: Control Change Announcement - On October 8, Zhonghuan Environmental Protection announced the progress of its control change plan and continued suspension of trading to avoid abnormal stock price fluctuations [1]. - The stock and convertible bonds will remain suspended from trading starting October 9, with an expected suspension period of no more than three trading days [3]. Group 2: Shareholding Structure - As of June 30, 2025, Zhang Bozhong directly holds 15.45% of Zhonghuan Environmental Protection, while Zhongchen Investment, as a concerted action party, holds 12.76% [3]. Group 3: Company Overview - Zhonghuan Environmental Protection is a comprehensive high-tech environmental protection enterprise engaged in R&D, design, investment, construction, and operation, specializing in water treatment, waste incineration power generation, and hazardous waste treatment [5]. - The company was listed in 2017 and is headquartered in Hefei, Anhui, with projects across multiple provinces [5]. Group 4: Financial Performance - For the first half of 2025, Zhonghuan Environmental Protection reported operating revenue of 474 million yuan, a year-on-year increase of 4.84% [6]. - The net profit attributable to shareholders was 44.09 million yuan, up 9.69% year-on-year, while the net profit after deducting non-recurring gains and losses was 40.56 million yuan, an increase of 5.19% [6]. - The net cash flow from operating activities was 41.45 million yuan, reflecting a significant decline of 48.01% compared to the previous year [6].

Core Viewpoint - Zhonghuan Environmental Protection (300692.SZ) is undergoing a potential change in control as its major shareholder and actual controller, Zhang Bozhong, along with Anhui Zhongchen Investment Holding Co., Ltd., is planning to alter control arrangements, which may lead to a shift in the company's controlling shareholder and actual controller [1][4]. Group 1: Company Overview - Zhonghuan Environmental Protection, established in 2017 and headquartered in Hefei, Anhui, operates in key areas such as water treatment, waste incineration power generation, and hazardous waste management [4]. - The company has established a presence in seven provinces and cities, implementing nearly a hundred large and medium-sized environmental engineering projects, with extensive experience in pipeline construction and operation [4]. Group 2: Financial Performance - In the first half of 2025, the company reported total operating revenue of 474 million yuan, representing a year-on-year increase of 4.84% [4]. - The net profit attributable to the parent company was 44.09 million yuan, with a year-on-year growth of 9.69%, while the net profit after deducting non-recurring gains and losses was 40.56 million yuan, up by 5.19% year-on-year, indicating steady growth in performance [4]. Group 3: Current Developments - The company’s stock and convertible bonds have been suspended from trading since September 29, 2023, due to the ongoing control change discussions [1]. - As of now, no formal agreements have been signed regarding the control change, and the specific transaction plan is still under evaluation and negotiation [4].