自收购加气站股权、拓展清洁能源业务后，*ST海华筹划易主。 10月10日晚间，*ST海华（600243）公告称，公司实际控制人王封正在筹划重大事项，该事项可能导致公司控制权发生变更。 梳理发现，在此次筹划实控人变更之前，*ST海华的前十大股东榜已有异动。截至2025年半年报，公司共有4名新进股东。 5月28日，*ST海华公告称，公司控股股东之一致行动人青海机电国有控股有限公司，将其持有的公司1800万股股份无偿划转至其全资子公司青海欣世置 业有限公司，占公司总股本的4.1%。由此，截至6月30日，青海欣世置业有限公司成为*ST海华第二大股东。 | ▶十大股东 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 实际控制人:王封(直接持股比例:3.00%) | | | | | | | | | !!! | 2025-06-30 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 20 ...

9月26日晚，华菱精工发布公告称，公司董事会、监事会通过议案，终止向特定对象上饶巨准启鸣企业管理合伙企业（有限合伙）（以下简称上饶巨准） 发行A股股票事项。本次定增终止将导致上饶巨准收购公司控制权事项终止，公司的控股股东仍为黄业华，实际控制人仍为黄业华、马息萍、黄超（三人 为一家人）。 此前在2024年12月6日，华菱精工通过了《关于公司2024年度向特定对象发行A股股票方案的议案》等相关议案，同时公司与上饶巨准签订了附条件生效 的股份认购协议，拟向其定向发行不超过4亿股股份（不超过发行前公司总股本的30%）。发行完成后上饶巨准将成为华菱精工控股股东，郑剑波将成为 公司新实际控制人。 2025年3月10日，公司召开股东大会审议通过了上述定增议案等与本次发行相关的议案，批准公司本次发行并授权董事会全权办理相关事宜。但其间大半 年时间，不知何故华菱精工始终未向上交所提交发行申请文件。 华菱精工董事会给出的理由非常模板化，称"综合考虑当前资本市场环境情况变化、公司发展规划等诸多因素，经相关各方充分沟通、审慎分析后，公司 决定终止向特定对象发行A股股票事项"。 中国基金报记者注意到，2023年5月以来，华菱精工也曾谋 ...

Core Viewpoint - Hualing Precision Engineering has terminated its private placement of A-shares, leading to the cessation of the control change involving Shangrao Juzhun Qiming Enterprise Management Partnership [2][3] Group 1: Termination of Private Placement - On September 26, Hualing Precision Engineering announced the termination of its plan to issue A-shares to Shangrao Juzhun, which would have resulted in a change of control [2] - The company’s major shareholder remains Huang Yehua, with the actual controllers being Huang Yehua, Ma Xiping, and Huang Chao, all from the same family [2] - The private placement was initially approved on March 10, 2025, but the company failed to submit the necessary application documents to the Shanghai Stock Exchange for over six months [2][3] Group 2: Historical Context - Hualing Precision Engineering had previously attempted a control change in May 2023, which also failed due to conflicts arising from a 9.5% share transfer to Jiedeng Zero Carbon [3] - After the previous conflict, the Huang family regained control of the board, only to seek another control change shortly thereafter [3] Group 3: Financial Performance - Since 2021, Hualing Precision Engineering has experienced significant declines in performance, with continuous negative growth in revenue [4] - The company reported a net loss for four consecutive years, with losses increasing from -3.99 million to -1.51 billion [4] - As of the first half of 2025, the company continued to incur losses of over 46 million [4] Group 4: Revenue and Profitability Metrics - The total revenue for Hualing Precision Engineering has decreased from 2.23 billion in 2021 to 1.12 billion in 2024, reflecting a year-on-year decline of 27.80% [5] - The gross profit has also seen a decline, dropping from 165.57 million in 2021 to 25.65 million in 2024 [5] - The company’s market capitalization as of September 27 is 1.735 billion [6]

Core Viewpoint - *ST Haihua is undergoing a strategic transformation through acquisitions in the clean energy sector, driven by the need to improve financial performance and avoid delisting risks [1][4]. Group 1: Acquisition Details - *ST Haihua's subsidiary, Mangya Yuanzin, plans to acquire 100% of Bazhou Luxin Dingsheng Gas Co., Ltd. for 43 million yuan, focusing on CNG and LNG services [2]. - The acquisition target is strategically located in Xinjiang, enhancing its operational potential due to its advantageous geographical position [2]. - Additionally, *ST Haihua intends to acquire 51% of Ruoqiang Yuanzin Energy Co., Ltd. for 422.11 thousand yuan, which also operates in the CNG and LNG sector [3]. Group 2: Financial Context - The company faces significant financial challenges, with revenues declining from 535 million yuan in 2022 to an expected 237 million yuan in 2024, alongside a projected loss of 89.93 million yuan [4]. - The need for new business ventures is critical to improve performance and avoid delisting due to continuous losses [4]. Group 3: Strategic Challenges - The transition from traditional industrial manufacturing to natural gas operations presents substantial challenges, including weak synergies in technology, supply chain, and customer resources [5]. - Regulatory constraints in the natural gas industry limit profit margins, posing additional risks to the profitability of the acquired companies [5]. - The lack of disclosure regarding key parameters such as the duration of operating licenses and user coverage makes it difficult for the market to assess the long-term value of the acquisitions [5].

Group 1 - The launch of international cargo transportation from the Xikou Port in Tongjiang officially began with the first voyage of two cargo ships to Khabarovsk, Russia, marking a significant milestone for cross-border trade [1] - The first shipment consisted of over 1,130 tons of goods valued at 20 million yuan, including stone materials, elevator parts, and color-coated steel coils, which will meet market demands in Russia and support domestic companies in expanding overseas [1] - The company plans to achieve an annual transport volume of 200,000 tons by 2025, focusing on cement exports and imports of organic fertilizers and copper concentrate [1] Group 2 - The Tongjiang Entry-Exit Border Inspection Station has implemented strict inspection processes to ensure the safe and efficient passage of cargo ships, contributing to the economic development of the port [2] - Future efforts will focus on deepening reforms, optimizing customs services, and enhancing the role of border inspection in promoting high-level openness and quality development of the port [2]

Core Viewpoint - Qinghai Huading Industrial Co., Ltd. faces significant challenges as reflected in its 2024 annual report, with a notable decline in revenue and cash flow, indicating operational and investment strategy difficulties [1] Financial Performance Summary - Revenue decreased by 33.55% to CNY 236,603,674.38 in 2024 from CNY 356,043,035.04 in 2023, attributed to changes in consolidation scope and a drop in orders [2] - The industrial segment's revenue fell by 36.13%, while the newly added natural gas business generated only CNY 8,362,048.94 [2] - Net profit attributable to shareholders was -CNY 89,935,284.53, an improvement from -CNY 159,257,552.49 the previous year, but still in a loss position [2] - The basic earnings per share improved to -CNY 0.20 from -CNY 0.36, reflecting the company's ongoing financial struggles [2] Expense Management - Operating costs decreased by 37.27% to CNY 209,499,954.77, aligning with the revenue decline [3] - Sales expenses dropped by 39.84% to CNY 3,366,971.92, potentially impacting market promotion and sales channel expansion [3] - Financial expenses significantly decreased by 128.59% to -CNY 1,224,522.90, alleviating some financial burden [3] Research and Development - R&D expenses were CNY 11,750,331.61, accounting for 4.97% of revenue, indicating a commitment to innovation despite a reduction in investment [4] - The company has 17 R&D personnel, representing 2.59% of total staff, with an aging workforce that may affect innovation and efficiency [4] Cash Flow Analysis - Operating cash flow was -CNY 70,445,929.55, showing weak cash generation capabilities [5] - Investment cash flow plummeted by 109.56% to -CNY 10,529,027.36, indicating a shift in investment strategy and reduced asset disposal gains [5] - Financing cash flow also worsened to -CNY 75,995,654.82 due to increased debt repayments, intensifying financial pressure [5] Risk and Governance - The company is under delisting risk warning due to negative profit figures and revenue below CNY 300 million, necessitating performance improvement [6][7] - Executive compensation appears reasonable given the company's losses, but the effectiveness of the incentive mechanisms in driving performance remains a concern [7]