Core Viewpoint - The potential acquisition of Yangdian Technology by Hantang Cloud Intelligence, controlled by Nie Kunlin, is expected to create a new listed company in the intelligent computing sector in Sichuan [1][4]. Company Overview - Hantang Cloud Intelligence is a wholly-owned subsidiary of Sichuan Hantang Cloud Information Technology Co., which is backed by state-owned enterprises from Sichuan, Ya'an, and Shenzhen [4]. - Hantang Cloud Information was established in December 2020 and has received multiple honors, including being recognized as a "Little Giant" enterprise and a national high-tech enterprise [4]. - The company operates over 4,000 server cabinets across several cities, including Beijing, Guangzhou, and Chengdu [4]. Share Transfer Details - The share transfer process involves two phases, with the first phase already completed and the second phase planned for after the lock-up period of the shares held by the current major shareholders [6][9]. - The second phase will see the transfer of 25,522,956 shares, representing 12.96% of the total share capital of Yangdian Technology, to Hantang Cloud Intelligence [9]. Financial Performance of Yangdian Technology - Yangdian Technology reported a significant increase in revenue, achieving 1.333 billion yuan in 2024, a year-on-year growth of 131.88% [11]. - The net profit attributable to shareholders reached 70.3446 million yuan, marking a staggering increase of 939.68% compared to the previous year [11][13]. - In the first quarter of 2025, the company generated 327 million yuan in revenue, with a net profit of 15.1018 million yuan, reflecting growth rates of 40% and 19.2%, respectively [11]. Industry Context - Sichuan ranks among the top provinces in China for computing power development, with intelligent computing expected to increase from 35% in 2024 to over 60% by 2027 [14]. - The China Ya'an Big Data Industrial Park, where Hantang Cloud Information is located, is a key hub for the big data industry in Sichuan, covering 542 acres with an investment of 15 billion yuan [14]. - Sichuan is recognized as a critical node in the "East Data West Computing" initiative, housing one of the top ten supercomputing centers globally and ranking seventh in the national computing power development index [14].

Core Viewpoint - Yangdian Technology is set to change ownership to Sichuan Hantang Cloud Intelligent Computing Co., Ltd, with a potential share increase within the next 12 months, leading to a 20% stock price surge upon resumption of trading [2][4]. Company Overview - Yangdian Technology announced a suspension of trading starting July 14, 2023, and resumed on July 16, 2023, with a closing price of 19.28 yuan per share and a total market capitalization of 3.797 billion yuan [4]. - Following the announcement, Yangdian Technology's stock price hit the daily limit, increasing by 20% [4]. Ownership Change Details - On July 15, 2023, Yangdian Technology's major shareholders signed agreements with Hantang Cloud Intelligent Computing for a share transfer, which includes a waiver of voting rights [6]. - The first phase involves the transfer of 9.04% of shares from Zhao Henglong to Hantang Cloud, while the second phase will see the transfer of 12.96% of shares from Cheng Junming after the lock-up period [6]. - After the completion of these transactions, Hantang Cloud will hold 22% of Yangdian Technology, gaining control, while Cheng Junming's stake will reduce to 14.21% [6][7]. Financial Performance - Yangdian Technology has experienced significant revenue fluctuations, with revenues of 635 million yuan in 2022, 575 million yuan in 2023, and projected revenues of 1.333 billion yuan in 2024, marking a 131.88% increase year-over-year [11][13]. - The net profit attributable to shareholders has also shown substantial growth, from approximately 66 million yuan in 2022 to over 70 million yuan in 2024, reflecting a 939.68% increase [11][13]. Hantang Cloud Overview - Hantang Cloud Intelligent Computing, a wholly-owned subsidiary of Sichuan Hantang Cloud Information Technology Co., Ltd, aims to optimize Yangdian Technology's management and resource allocation [9]. - Established in December 2020, Hantang Cloud operates in various cities and manages over 4,000 server cabinets, focusing on integrated IT solutions and smart retail [11].

今年1月，公司发布减持公告，泰州扬源拟减持。该减持在2月28日宣布完成，泰州杨源共减持361.86万 股、占总股本的2.54%，根据披露的减持均价，共计"套现"9067.59万元。 4月17日，公司发布的《关于部分股东不再构成一致行动关系暨公司实际控制人变动的提示性公告》显 示，上述的减持后，邰立群不再持有泰州扬源出资份额，也不再担任普通合伙人及执行事务合伙人，泰 州扬源执行事务合伙人变更为陈拥军，程俊明与泰州扬源不再构成一致行动关系。 此次变动后，邰立群不再直接或间接持有公司股份，公司实控人由程俊明、邰立群变更为程俊明。 值得一提的是，6月9日，公司完成董事会换届选举，程俊明又退出董事会并卸任董事长、总经理职务， 原副总经理王玉楹接任董事长，销售负责人杨萍升任总经理。公告中还提到，程俊明所持股份将有6个 月限售期。这意味着，此番筹划控制权变更或暂不涉及股份转让。 扬电科技成立于1993年，于2021年成功登陆科创板。上市仅4年后，公司实控人就在筹划控制权变更。 银莕财经注意到，在此次公告发出前，扬电科技股东关系与权益调整就变动频繁，诸如程俊明与员工持 股平台泰州扬源企业管理中心（有限合伙）（以下简称"泰州扬 ...

Core Viewpoint - Yangdian Technology is planning a change in control, which may lead to a shift in its major shareholders, amidst a backdrop of strong financial performance in the first quarter of 2025 [2][3]. Financial Performance - In 2024, Yangdian Technology reported a revenue of 1.333 billion yuan and a net profit attributable to shareholders of 70.34 million yuan, representing year-on-year increases of 131.88% and 939.68% respectively [2]. - For the first quarter of 2025, the company achieved a revenue of 327 million yuan and a net profit of 15.10 million yuan, reflecting year-on-year growth of 40% and 19.2% respectively [2]. Shareholder Information - The current major shareholders include Cheng Junming, holding 26.82% of the shares, and Zhao Henglong, holding 8.93% [3]. - Zhao Henglong previously signed a share transfer agreement on February 13, 2023, to sell 4.2 million shares at a price of 29.6 yuan per share, totaling 124 million yuan [3]. Control Change Planning - The announcement of the control change is notable as it occurs during a period of strong performance, which is relatively rare for such transactions [3]. - The joint planning of the control change by Cheng Junming and Zhao Henglong may enhance their bargaining power, although it requires coordination among multiple parties to avoid conflicts [4].