Core Viewpoint - The stock price of *ST Jinbi surged to a limit up of 6.47 yuan per share following the announcement of a change in control, with Shanghai Yuancheng Chengwu Technology Co., Ltd. becoming the new controlling shareholder and Chen Keru as the actual controller [1]. Group 1: Control Change Details - On June 11, the current controlling shareholders Lin Haoliang and Lin Ruowen signed a share transfer agreement with Yuancheng Chengwu, transferring a total of 13.3% of the company's shares at a price of 7.34 yuan per share, amounting to approximately 346 million yuan [1]. - After the first transfer, Yuancheng Chengwu will hold 13.3% of the shares and the current shareholders will relinquish their voting rights, leading to a board majority for Yuancheng Chengwu [1]. - Upon completion of the second transfer, Yuancheng Chengwu will own 28% of the shares, with the previous shareholders continuing to forfeit their voting rights [1]. Group 2: Company Performance and Risks - Founded in 1996, *ST Jinbi specializes in the research, design, production, and sales of maternal and infant consumer products, managing brands such as "LABI BABY," "I LOVE BABY," and "BABY LABI" [4]. - The company reported a total profit of 70.77 million yuan and a net profit of 49.69 million yuan for the fiscal year 2024, but the net profit after excluding non-recurring gains and losses was -45.32 million yuan, with revenue below 300 million yuan [4]. - In Q1 of the current year, the company achieved revenue of 76.06 million yuan, a year-on-year increase of 74.85%, but the net profit after deductions was -253,030 yuan, indicating a shift from profit to loss [5].

Core Viewpoint - The company *ST Jinbi is undergoing a potential change in control, with its major shareholders planning to transfer shares, which introduces both hope and uncertainty for the company's future [2][3][6] Group 1: Control Change Announcement - On June 5, *ST Jinbi announced a suspension of trading due to plans for a change in control, with the suspension expected to last no more than two trading days [2] - The change in control is currently in the negotiation stage, and there is significant uncertainty surrounding the outcome [3] Group 2: Shareholding Structure - As of the end of Q1 2025, the major shareholders Lin Haoliang and Lin Ruowen hold 27.29% and 25.95% of the shares respectively, totaling 53.24%, while the third-largest shareholder holds only 0.57% [3] Group 3: Business Overview - *ST Jinbi operates in the maternal and infant consumer goods sector, managing three proprietary brands: LABI BABY, I LOVE BABY, and BABY LABI [3] - The company has faced significant pressure on its performance due to increasing competition in the maternal and infant market [3] Group 4: Financial Performance - Since 2019, *ST Jinbi's revenue has declined from 438 million to 225 million in 2024, with net profits showing losses for three consecutive years from 2022 to 2024 [4] - The company has been under risk warning for delisting due to financial performance issues, as it met criteria for negative profit and revenue thresholds [4] Group 5: Strategic Moves - To mitigate delisting risks, *ST Jinbi has attempted to enter the medical beauty industry, acquiring stakes in Guangdong Hanfei Hospital Investment Co., Ltd. in 2021 and 2023 [5] - In 2025, the company consolidated its medical beauty operations by integrating subsidiaries, but the impact on financial performance has been limited, with a reported revenue of 76.06 million in Q1 2025, a 74.85% increase year-on-year, yet still showing a net loss [5][6]