【导读】南都电源宣布终止筹划控制权变更事项 停牌5个交易日后，12月18日，南都电源（300068）宣布终止筹划控制权变更事项，公司股票自12月19日起复牌。 交易各方未达成共识 在最新公告中，南都电源表示，停牌期间，公司控股股东杭州南都电源有限公司、上海南都集团有限公司、上海益都 实业有限公司与交易对方就筹划控制权变更事项进行了充分探讨，但由于涉及事项较多，交易各方就核心条款经多次 协商和谈判后，仍未达成共识。经慎重考虑并友好协商，为切实维护公司全体股东及公司利益，本着审慎的原则，决 定终止本次控制权变更事项。 南都电源称，公司目前各项经营情况正常，终止筹划本次控制权变更事项不会对公司经营业绩和财务状况产生重大不 利影响，公司将继续围绕自身发展战略，坚持可持续发展，提升公司盈利能力，为公司和股东创造价值。 近年来业绩承压 作为一家老牌储能企业，南都电源长期专注于储能技术、产品的开发与应用，面向新型电力储能、通信和数据中心储 能和民用储能领域，提供以锂电为主的产品、系统集成及服务。 近年来，南都电源业绩承压明显。2024年，营收同比下降45.56%，归母净亏损14.97亿元。今年前三季度，营收同比 下降24. ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 百亿A股，终止筹划控制权变更！明日复牌 来源：中国基金报 记者 忆山 【导读】南都电源宣布终止筹划控制权变更事项 停牌5个交易日后，12月18日，南都电源宣布终止筹划控制权变更事项，公司股票自12月19日起复牌。 交易各方未达成共识 12月11日，南都电源发布公告称，公司于近日收到控股股东杭州南都电源有限公司、上海益都实业有限 公司、上海南都集团有限公司通知，获悉其正在筹划控制权变更、促进再生铅板块股权出售的相关事 宜。为保证公平信息披露，避免公司股价异常波动，维护广大投资者利益，公司股票自12月12日（星期 五）开市起停牌，预计停牌时间不超过2个交易日。 12月15日，南都电源又发布公告称，公司仍在积极推进本次事项的各项工作，因存在重大不确定性，经 申请，公司股票于12月16日继续停牌，预计停牌时间不超过3个交易日。 在最新公告中，南都电源表示，停牌期间，公司控股股东杭州南都电源有限公司、上海南都集团有限公 司、上海益都实业有限公司与交易对方就筹划控制权变更事项进行了充分探讨，但由于涉 ...

中国基金报记者 忆山 停牌 5 个交易日后， 12 月 18 日， 南都电源 宣布终止筹划控制权变更事项，公司股票自 12 月 19 日起复牌。 【导读】南都电源宣布终止筹划控制权变更事项 交易各方未达成共识 12 月 11 日，南都电源发布公告称，公司于近日收到控股股东杭州南都电源有限公司、上海 益都实业有限公司、上海南都集团有限公司通知，获悉其正在筹划控制权变更、促进再生铅 板块股权出售的相关事宜。为保证公平信息披露，避免公司股价异常波动，维护广大投资者 利益，公司股票自 12 月 12 日（星期五）开市起停牌，预计停牌时间不超过 2 个交易日。 此外，公司 2025 年半年报显示，再生铅业务的毛利率为 -11.02% ，是公司四项业务中唯 一亏损的板块。南都电源在半年报中直言，公司已主动对再生铅板块业务减产。 12 月 15 日，南都电源又发布公告称，公司仍在积极推进本次事项的各项工作，因存在重大 不确定性，经申请，公司股票于 12 月 16 日继续停牌，预计停牌时间不超过 3 个交易日。 在最新公告中，南都电源表示，停牌期间，公司控股股东杭州南都电源有限公司、上海南都 集团有限公司、上海益都实业有限公 ...

Core Viewpoint - The control change at Jiachuan Vision reflects a significant shift in ownership and management, driven by ongoing operational challenges and financial losses over the past several years [1][2]. Group 1: Control Change - Jiachuan Vision's controlling shareholder, Chen Kunjian, signed an agreement to transfer 2,006,240 shares (4.66% of total shares) to Li Li, while also assisting in the acquisition of an additional 0.34% from other shareholders [1]. - Following the transfer, Chen Kunjian will delegate voting rights of 60,187,300 shares (13.97% of total shares) to Mao Guangfu [1]. - Li Li and Mao Guangfu may subscribe to a private placement of up to 6,786,010 shares, raising no more than 354 million yuan, aimed at replenishing working capital and repaying loans [1]. Group 2: Financial Performance - Jiachuan Vision has faced significant financial difficulties, with cumulative losses of 307 million yuan from 2021 to 2024, reporting net losses of 105 million yuan, 77 million yuan, 67 million yuan, and 58 million yuan respectively [2]. - In Q1 2025, the company briefly returned to profitability with a net profit of 1.94 million yuan, but the net profit excluding non-recurring items remained a loss of 1.25 million yuan [3]. - The company's gross margin plummeted from 28.83% in 2023 to 4.81% in 2024, primarily due to a high proportion of low-margin projects in its traditional broadcasting business [3]. Group 3: Background of New Controlling Shareholders - Li Li and Mao Guangfu's core asset is Shenzhen Ruineng Industrial Co., Ltd., which specializes in the research, production, and sales of lithium battery testing equipment [2]. - Ruineng was previously listed on the New Third Board and attempted an IPO on the ChiNext in 2021, but withdrew the application in June 2022 due to insufficient net profit [2]. - The company has recently restarted the listing process on the Beijing Stock Exchange, although no substantial progress has been reported [2].

Core Viewpoint - The couple Mao Guangfu and Li Li are attempting to gain control of the A-share listed company Jiachuan Vision after years of unsuccessful attempts to list their own company, Shenzhen Ruineng Industrial Co., Ltd. [1][2] Group 1: Acquisition Details - Mao Guangfu and Li Li signed a control change framework agreement with the current controlling shareholder Chen Kunjian, which involves acquiring 4.6564% of Jiachuan Vision's shares and the delegation of voting rights for an additional 13.9692% of shares to Mao Guangfu [2][5] - The couple plans to subscribe to a private placement of shares not exceeding 67.86 million shares, raising up to 354 million yuan for working capital and debt repayment [2][3] Group 2: Financial Performance - Jiachuan Vision has reported net losses for six consecutive years from 2019 to 2024, with total revenues of approximately 1.64 billion yuan in 2019 and 1.49 billion yuan in 2024, while net profits were -1.58 billion yuan in 2019 and -580.54 million yuan in 2024 [7] - In the first quarter of 2025, Jiachuan Vision showed signs of recovery with revenues of approximately 56.1 million yuan, a year-on-year increase of 207.34%, and a net profit of approximately 1.94 million yuan, indicating a turnaround [7][8] Group 3: Background and Relationships - Mao Guangfu and Li Li have a history in the capital market, having previously attempted to list their company Ruineng, which was established in 2003 and has faced multiple setbacks in its IPO journey [3][4] - The independent director of Jiachuan Vision, Zhang Xuebin, has prior connections with Ruineng, having served as an independent director there from 2018 to 2021, suggesting a potential familiarity between the parties involved [5][6]

Core Viewpoint - The control of Jiachuan Video (300264) has changed hands from Chen Kunjian to Mao Guangfu and Li Li, with the stock resuming trading on August 11 after a five-day suspension [2][4]. Control Change Details - On August 7, a framework agreement for the change of control was signed, where Chen Kunjian plans to transfer 20,062,400 shares (4.66% of total shares) to Li Li, which is 25% of his holdings [4]. - Chen Kunjian will also assist Li Li in acquiring an additional 1,480,400 shares (0.3436% of total shares) from other shareholders [4]. - After the transfer, Chen Kunjian will delegate voting rights of approximately 60,187,300 shares (13.9692% of total shares) to Mao Guangfu [4]. Fundraising and Share Issuance - To strengthen control and support liquidity, Mao Guangfu and Li Li may subscribe to shares issued to specific investors, with a maximum of 67,860,100 shares to be issued, raising up to 354 million yuan [4]. - The issuance price will be no less than 80% of the average trading price over the 20 trading days prior to the board resolution announcement [4]. Company Background - Jiachuan Video, established in October 2000 and listed on the Shenzhen Stock Exchange in September 2011, focuses on providing end-to-end solutions and products for the broadcasting industry [12]. - The company’s main business includes audio and video software products, system integration, gaming and cloud services, and VR products [12]. Financial Performance - In 2024, Jiachuan Video reported operating revenue of 149.15 million yuan, a year-on-year increase of 14.16%, while the net profit attributable to shareholders was -58.05 million yuan, a reduction in losses by 12.86% [13][14]. - The broadcasting industry accounted for 96.70% of the total revenue, indicating its significance to the company [13]. Recent Stock Performance - As of August 1, the company's stock price was 6.86 yuan per share, with a total market capitalization of 2.956 billion yuan [15].

Group 1 - The controlling shareholder of Jiachuan Vision will change from Chen Kunjiang to Mao Guangfu and Li Li, with Chen transferring 20.0624 million shares, representing 25% of his holdings and 4.66% of the total share capital [1] - Chen Kunjiang will assist Li Li in finding other shareholders willing to transfer shares, with an additional 0.34% of the company's shares to be transferred to Li Li [1] - Mao Guangfu and Li Li may subscribe to a private placement of up to 67.8601 million shares, raising no more than 354 million yuan, to supplement working capital and repay loans [1][2] Group 2 - Jiachuan Vision has a high consolidated asset-liability ratio of 89.15% as of the end of 2024, indicating significant bank loans and interest expenses, leading to debt repayment pressure [3] - The company has been experiencing continuous net profit losses since 2017, with a negative net profit for six consecutive years as of 2024 [3] - The main business of Jiachuan Vision includes audio and video software products, system integration and services, gaming and cloud services, and VR products and services [3]

Core Viewpoint - The company JiaChuang Video (300264) announced a framework agreement for a change of control, where the controlling shareholder will shift from Chen Kunjiang to the couple Mao Guangfu and Li Li, pending successful implementation [1][2]. Group 1: Control Change Agreement - On August 7, the controlling shareholder Chen Kunjiang signed a framework agreement with Li Li and Mao Guangfu, intending to transfer 20.0624 million shares, representing 25% of his holdings and 4.6564% of the total share capital, to Li Li [2]. - Chen Kunjiang will assist Li Li in acquiring an additional 1.4804 million shares from other shareholders, which accounts for 0.3436% of the total share capital [2]. - After the transfer, Chen Kunjiang will delegate the voting rights of his remaining 60.1873 million shares (13.9692% of total share capital) to Mao Guangfu [2]. Group 2: Capital Increase and Financial Support - To enhance the shareholding ratio of the new controlling parties, they or their affiliates will subscribe to shares issued by the company to specific investors, with a maximum of 67.8601 million shares, not exceeding 30% of the total share capital prior to the issuance [3]. - The total funds raised from this issuance will not exceed 354 million yuan, which will be used for working capital and debt repayment [3]. - The issuance price will be no less than 80% of the average trading price over the 20 trading days prior to the board resolution announcement [3]. Group 3: Company Performance - In 2024, JiaChuang Video reported revenues of approximately 149 million yuan, a year-on-year increase of 14.16%, but incurred a net loss of 58.0543 million yuan [4]. - The primary revenue source remains the broadcasting industry, with significant growth in revenue but low gross margins on major projects [4]. - In Q1 2025, the company achieved total revenue of approximately 56.1027 million yuan, a year-on-year increase of 207.34%, and a net profit of approximately 1.9401 million yuan, marking a turnaround from losses [4]. Group 4: Stock Performance - Prior to the suspension, JiaChuang Video's stock closed at 6.86 yuan per share, with a total market capitalization of 2.956 billion yuan; the stock price has increased over 27% year-to-date, with a maximum increase of over 70% since April [5].

Core Viewpoint - The control of Jiachuan Vision (300264) is set to change, with the current controlling shareholder Chen Kunjian transferring control to Li Li and Mao Guangfu, as per the framework agreement signed on August 7, 2023 [1][2]. Group 1: Control Change Agreement - Chen Kunjian plans to transfer 20.0624 million shares, representing 25% of his holdings and 4.6564% of the total share capital, to Li Li [2]. - Li Li will also acquire an additional 1.4804 million shares from other shareholders, totaling 0.3436% of the company's total share capital [2]. - After the transfer, Chen Kunjian will delegate voting rights of his remaining 60.1873 million shares (13.9692% of total capital) to Mao Guangfu [2]. Group 2: Capital Increase and Financial Support - To enhance the shareholding ratio and provide liquidity support, Li Li or related parties may subscribe to shares issued to specific targets, with a maximum of 67.8601 million shares, not exceeding 30% of the total share capital before the issuance [3]. - The total funds raised from this issuance will not exceed 354 million yuan, intended for working capital and debt repayment [3]. - The issuance price will be no less than 80% of the average trading price over the 20 trading days prior to the board resolution announcement [3]. Group 3: Company Performance - In 2024, Jiachuan Vision reported revenue of approximately 149 million yuan, a year-on-year increase of 14.16%, but incurred a net loss of 58.0543 million yuan [4]. - The main revenue source remains the broadcasting industry, with significant growth but low gross margins on major projects [4]. - In Q1 2025, the company achieved total revenue of approximately 56.1027 million yuan, a year-on-year increase of 207.34%, and a net profit of approximately 1.9401 million yuan, marking a turnaround from losses [4]. Group 4: Stock Performance - Prior to the suspension, Jiachuan Vision's stock closed at 6.86 yuan per share, with a total market capitalization of 2.956 billion yuan [5]. - The stock price has increased by over 27% year-to-date, with a maximum increase of over 70% since April [5].

Core Viewpoint - The company JiaChuang Video (佳创视讯) is undergoing a change in control, with the current controlling shareholder Chen Kunjiang transferring control to the couple Mao Guangfu and Li Li, which is expected to be completed smoothly [1][2]. Group 1: Control Change Announcement - On August 7, the controlling shareholder Chen Kunjiang signed a framework agreement for the change of control with Li Li and Mao Guangfu [1]. - The stock will resume trading on August 11, with a closing price of 6.86 yuan per share and a market capitalization of 3 billion yuan as of August 1 [1]. - Chen Kunjiang plans to transfer 25% of his shares to Li Li, which represents 4.6564% of the total share capital [2]. Group 2: Share Transfer and Voting Rights - Chen Kunjiang will assist Li Li in finding other shareholders willing to transfer their shares, amounting to approximately 148.04 million shares, or 0.3436% of the total share capital [2]. - After the share transfer, Chen Kunjiang will delegate the voting rights of approximately 60.19 million shares (13.9692% of total share capital) to Mao Guangfu [2]. Group 3: Fundraising and Stock Issuance - To enhance the shareholding ratio of Li Li and Mao Guangfu, the company plans to issue up to 67.86 million shares to specific investors, not exceeding 30% of the total share capital prior to the issuance [2]. - The total fundraising amount from this issuance is expected to be no more than 354 million yuan, which will be used for working capital and debt repayment [2]. Group 4: Financial Performance - In 2024, the company reported revenue of approximately 149 million yuan, a year-on-year increase of 14.16%, and a net profit attributable to shareholders of -58.05 million yuan, a reduction in losses by 12.86% [4]. - In the first quarter of 2025, the company achieved total revenue of approximately 56.1 million yuan, a year-on-year increase of 207.34%, and a net profit of approximately 1.94 million yuan, marking a return to profitability [4].