Company Overview - Shenzhen Sanda Industrial Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on December 4, 1993. The company was listed on October 28, 1993. Its main business includes logistics transportation, warehousing, electronic manufacturing (mainly railway GSM-R terminals, commercial and tax control cash registers, power supply, and LED lighting), trade services, and real estate [2]. Business Performance - The main business revenue composition is as follows: high-tech industry engineering services account for 92.43%, digital heating and new energy services 4.70%, digital and information services 2.26%, and other industrial services 0.61% [2]. - For the first half of 2025, the company achieved operating revenue of 23.434 billion yuan, a year-on-year decrease of 29.52%. The net profit attributable to the parent company was -974.891 million yuan, a year-on-year decrease of 157.29% [2]. Stock Performance - On September 25, the stock price of Sanda A rose by 2.01%, reaching 22.80 yuan per share, with a trading volume of 154 million yuan and a turnover rate of 0.63%. The total market capitalization is 25.945 billion yuan [1]. - Year-to-date, Sanda A's stock price has increased by 30.14%. However, it has decreased by 0.61% in the last five trading days, 18.37% in the last 20 days, and increased by 14.63% in the last 60 days [1]. - The stock has appeared on the daily trading leaderboard six times this year, with the most recent appearance on August 1, where it recorded a net purchase of 193 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Sanda A is 66,800, a decrease of 11.78% from the previous period. The average circulating shares per person increased by 91.51% to 16,316 shares [2]. - The company has distributed a total of 9.11 billion yuan in dividends since its listing, with 3.53 billion yuan distributed in the last three years [3].

Core Viewpoint - Shenzhen Sanda Industrial Co., Ltd. plans to raise up to 2.5 billion yuan through a private placement of shares to fund various projects, despite facing ongoing losses in its digital and information services segment from 2022 to 2024 [2][7]. Group 1: Stock Performance - As of September 12, 2025, Shenzhen Sanda A's stock closed at 23.39 yuan, up 2.68% from the previous week [1]. - The stock reached a peak price of 24.98 yuan on September 9, 2025, and a low of 22.31 yuan on September 10, 2025 [1]. - The company's current total market capitalization is 26.788 billion yuan, ranking 3rd in the professional engineering sector and 701st among all A-shares [1]. Group 2: Fundraising and Projects - The company intends to use the raised funds for operational cloud projects, distributed storage R&D, the first phase of the China Electronic Cloud R&D base, high-tech industrial engineering services, and to supplement working capital or repay bank loans [2][7]. - The private placement will not result in a change of control for the company, and the implementation of the fundraising projects will involve the company's controlling non-wholly-owned subsidiaries [2]. Group 3: Financial Performance and Risks - The digital and information services segment has experienced continuous losses in net profit attributable to the parent company from 2022 to 2024 [2][7]. - The company has disclosed several risk factors, including long accounts receivable aging, impairment of contract assets, and a high asset-liability ratio [2].

Group 1 - The company announced the resignation of its chairman and two directors due to retirement and work changes, with plans to complete the nomination and election of new board members promptly [1] - The chairman, Si Yuncong, has retired and will no longer hold any positions within the company, and he did not hold any company shares at the time of resignation [1] - Director Xie Qinghua resigned due to work changes and also did not hold any company shares [1] - Director Zhang Xianghong resigned due to retirement and similarly did not hold any company shares [1] Group 2 - Shenzhen Sanda Industrial Co., Ltd. has experienced significant fluctuations in net profit, reporting a loss in the first quarter of 2025, with net profits of 387 million, -158 million, 330 million, and 330 million from 2021 to 2024 [2] - In Q1 2025, the company reported revenue of 12.545 billion, a year-on-year decrease of 18.41%, and a net profit of -34.056 million, a year-on-year decrease of 299.68% [2] Group 3 - The company faced challenges in its engineering segment due to intense competition, leading to longer settlement cycles and project payment backlogs, which resulted in a decline in profit margins [5] - For 2025, the company plans to explore new markets and develop new growth areas, such as water treatment equipment and smart factory construction, to target higher-margin markets [5] Group 4 - As of May 29, the company's stock price increased by 2.42% to 19.89 CNY per share, with a market capitalization of 22.634 billion CNY, despite a cumulative decline of over 20% in the past three months [6] - The company's stock has a price-to-earnings ratio (TTM) of 81.24 and a price-to-book ratio of 3.50, with a total share capital of 1.138 billion [7]