环保再生纸企业松炀资源，在2年前曾进军彩票行业。近日，松炀资源宣布拟转让控股子公司松炀乐彩 （北京）运营管理有限公司控股权。这家松炀乐彩去年在北京开设了两家彩票实体店，是松炀资源彩票 业务的主体运营公司。值得注意的是，根据出售公告，松炀乐彩2024年营业收入9.6万元，亏损150.92万 元，今年前三季度营业收入19.82万元，亏损61.13万元。 ...

需要说明的是，松炀乐彩不并表对上市公司的业绩影响微乎其微。根据出售公告，松炀乐彩2024年营业 收入9.6万元，亏损150.92万元，今年前三季度营业收入19.82万元，亏损61.13万元。而松炀资源今年前 三季度收入3.14亿元，亏损8670余万元。 剥离彩票业务主体经营公司，战略是否有调整？ 虽对业绩影响较小，但松炀乐彩的意义非同一般。2023年下半年，松炀资源通过乐动科技投资参股了金 陵乐彩科技有限公司（以下简称金陵乐彩），从而进军彩票行业。金陵乐彩为视频电子即开型彩票海南 拍拍乐的核心服务商。 广东汕头的环保再生纸企业松炀资源（SH603863，股价20.78元，市值43亿元），在2年前进军彩票行 业，当时一度引发资本关注，股价飙升。如今，松炀资源宣布拟转让控股子公司松炀乐彩（北京）运营 管理有限公司（以下简称松炀乐彩）控股权。这家松炀乐彩去年在北京开设了两家彩票实体店，是松炀 资源彩票业务的主体运营公司。 值得注意的是，松炀资源在2022年至2024年各年度净亏损均超2亿元，因此其在彩票业务上的布局进展 备受投资者关注。在本次出售公告中，松炀资源提及，这次出售是基于"松炀乐彩的发展未能符合公司 的发 ...

12月18日盘后，松炀资源（603863）公告称，为进一步盘活公司存量资产，优化资产结构，公司于12月3日在广东股权交易中心公开挂牌转让全资子 公司汕头市松炀新材料特种纸有限公司(以下简称"松炀新材")100%的股权，首次挂牌转让价为松炀新材100%股权对应价值1亿元。截至12月17日，未 征集到合格意向方。 松炀资源称，公司将于12月19日以首次挂牌价格的80%，即8000万元，第二次挂牌转让松炀新材100%股权，后续公司将根据广东股权交易中心的规则 延长公告期，如有必要将进一步调整挂牌价格，最终交易价格和交易对手将根据公开挂牌交易结果确定。 据松炀资源此前公告，松炀新材成立于2016年，经营范围包括纸制品制造、高性能纤维及复合材料销售、新型膜材料制造、橡胶制品销售等。2024年 度、2025年上半年，松炀新材分别净亏损5988.03万元、1241.27万元。 公开资料显示，松炀资源于2019年登陆上交所，是一家集废纸回收、环保造纸及涂布成型于一体，从事环保再生纸的研发、生产和销售的企业。 上市以来，松炀资源资产负债率连年攀升，截至2025年9月30日达67.89%。 业绩方面，2022年至2024年，松炀 ...

Core Viewpoint - Songyang Resources (603863.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance - The company achieved an operating revenue of 22.36 million yuan in the first half of 2025, a decrease of 37.22% year-on-year [1][2]. - The net profit attributable to shareholders was -45.70 million yuan, compared to -60.02 million yuan in the same period last year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -45.81 million yuan, down from -61.50 million yuan year-on-year [1][2]. - The net cash flow from operating activities was -21.47 million yuan, an improvement from -37.46 million yuan in the previous year [1][2]. Historical Financial Data - From 2022 to 2024, the operating revenues were 928 million yuan, 665 million yuan, and 727 million yuan respectively [2]. - The net profits attributable to shareholders for the same years were -277 million yuan, -237 million yuan, and -236 million yuan [2]. - The net cash flow from operating activities showed a trend from -123 million yuan in 2022 to -28.57 million yuan in 2023, and then to 8.58 million yuan in 2024 [3]. Company Background - Songyang Resources was listed on the Shanghai Stock Exchange on June 21, 2019, with an initial offering price of 9.95 yuan per share and a total issuance of 51.47 million shares [3][4]. - The total amount raised from the initial public offering was 512.17 million yuan, with a net amount of 456.21 million yuan after deducting issuance costs [4].

Core Viewpoint - The article discusses the recent increase in control change announcements among listed companies, highlighting both successful and terminated attempts at control changes and their impact on stock prices. Group 1: Control Change Announcements - Recently, there has been a surge in control change announcements among listed companies, with companies like Changling Hydraulic, Shangwei New Materials, and Hangzhou High-tech announcing plans for control changes within a week [2] - Some companies have terminated their control change plans due to disagreements on key terms, with three companies announcing terminations since June [3] Group 2: Market Reactions - The market's reaction to control change terminations has been mixed, with stock prices fluctuating. For instance, Songyang Resources announced the termination of its control change plan after failing to reach an agreement, leading to a significant drop in its stock price [3] - After the announcement, Songyang Resources' stock opened lower, hitting a low of 13.25 yuan per share, with a maximum decline of 9.55%, ultimately closing down 6.48% [3] Group 3: Company Performance - Songyang Resources reported a revenue of 727 million yuan in 2024, a year-on-year increase of 9.23%, but also recorded a net loss of 236 million yuan, marking its third consecutive year of losses [5] - The cumulative net loss for Songyang Resources from 2022 to 2024 reached 750 million yuan, attributed to fluctuations in the paper industry, which is transitioning from a downturn to recovery [5] - The company anticipates improved market demand in the paper industry due to the gradual recovery of the domestic economy and favorable policies [5] Group 4: Other Terminations - Haiwang Bio announced the termination of its control change plan after a year of planning, which resulted in a slight initial drop in stock price, followed by a recovery [6] - Kede Education also terminated its control change plan after a month of planning, with its stock price rising by 1.45% the following trading day [6]

Financial Performance Summary - In 2024, the company achieved operating revenue of 727.77 million, a year-on-year increase of 9.23% compared to 2023 [1][2] - The net profit attributable to shareholders was -23.56 million, slightly improved from -23.69 million in the previous year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -22.32 million, compared to -23.60 million in the previous year [1][2] - The net cash flow from operating activities was 8.58 million, a significant improvement from -28.57 million in the previous year [1][2] Q1 2025 Performance - For the first quarter of 2025, the company reported operating revenue of 102.46 million, a decline of 28.28% year-on-year [2][3] - The net profit attributable to shareholders was -18.01 million, an improvement from -22.49 million in the same period last year [2][3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -18.19 million, compared to -23.19 million in the previous year [2][3] - The net cash flow from operating activities was -40.36 million, worsening from -29.38 million in the same period last year [2][3] Historical Performance - In 2022, the company achieved operating revenue of 928.09 million, a year-on-year increase of 55.44% [3] - The net profit attributable to shareholders was -27.72 million, compared to a profit of 0.89 million in the previous year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -28.00 million, compared to a profit of 0.83 million in the previous year [3] Company Background - The company was listed on the Shanghai Stock Exchange on June 21, 2019, with an issuance price of 9.95 per share and a total issuance of 51.47 million shares [4] - The total amount raised from the initial public offering was 512.17 million, with a net amount of 456.21 million after deducting issuance costs [5] - The raised funds were intended for an annual production project of 180,000 tons of environmentally friendly recycled paper and the construction of a research and development center [5]