Yonghe Intelligent Control plans to transfer 51% of the equity of Pule New Energy, and it is difficult to hide the loss of photovoltaic transformation twice in four years

Yangtze River Business Daily News ● Yangtze River Business Daily reporter Jiang Chuya

Yonghe Intelligent Control, which has transformed into photovoltaic new energy, has not yet found a new growth point, and has begun to transfer related assets.

Recently, Yonghe Intelligent Control (002795. SZ) announced that in order to further optimize the company's industrial structure, realize the effective allocation of resources, and improve the development quality of listed companies, the company intends to transfer 51% of the equity held by Pule New Energy Technology (Taixing) Co., Ltd. (hereinafter referred to as "Pule New Energy") to Guosheng Xusheng.

Pule New Energy is a manufacturer of R&D, production and sales of N-type solar cells. In November 2022, Yonghe Intelligent Control gained control of it through a capital increase and quickly entered the photovoltaic track.

In November 2019, Chengdu Meihua became the indirect controlling shareholder of Yonghe Intelligent Control, and Cao Delin relayed Ying Xueqing and Chen Xianyun to become the actual controllers of Yonghe Intelligent Control. Subsequently, Cao Delin withdrew, and at the end of November 2023, Guangdong Pule Green Energy Holdings Co., Ltd. (hereinafter referred to as "Guangdong Pule") became the new controlling shareholder of Yonghe Intelligent Control, and Ou Wenkai became the actual controller of the company.

Behind the transfer of assets, Yonghe Intelligent Control, which has invested a lot of money in the development of photovoltaics, is in a crisis of continuous losses. In 2022 and 2023, Yonghe Intelligent Control has lost money for two consecutive years, and the loss margin in the first quarter of this year has not improved.

In this transfer of photovoltaic business assets, where will Yonghe Intelligent Control turn?

It has changed hands twice in four years

According to the data, Yonghe Intelligent Control was founded in 2003 and listed on the Shenzhen Stock Exchange in April 2016. At first, the company was mainly engaged in the research and development, manufacturing and sales of plumbing pipe fittings, valves, etc. and other fluid control equipment and accessories. In 2019, the company expanded its medical business such as precision radiation therapy for tumors. In December 2022, Yonghe Intelligent Control became Pule New Energy Holding Company through capital increase and share expansion, and set foot in the photovoltaic industry. At present, the company has three major industries: valve, medical and photovoltaic.

In November 2019, Yonghe Intelligent Control announced that through a "Capital Increase and Loan Agreement" and related operations, Chengdu Meihua became the indirect controlling shareholder of Yonghe Intelligent Control, and Cao Delin succeeded Ying Xueqing and Chen Xianyun to become the new actual controllers of Yonghe Intelligent Control.

Subsequently, at the end of November 2022, Cao Delin wanted to give up the position of the actual controller of Yonghe Intelligent Control. According to the company's announcement at that time, Cao Delin, Cao Delin's concerted action person Yu Yaqun, Huzhou Hecheng Equity Investment Partnership (Limited Partnership), and Ou Wenkai signed the "Framework Agreement", and the transaction plan includes three parts: share agreement transfer, share voting rights entrustment, and industrial investment. If the above transaction is completed, Owen Kai will become the new actual controller of the company.

However, less than a month after the disclosure of the above announcement, Yonghe Intelligent Control announced the failure of the change of ownership. As for the reason for the termination, Yonghe Intelligent Control said that it was mainly due to the fact that Cao Delin and the counterparty did not reach an agreement on the specific transfer steps, the timing of the payment of the price, the transfer of control, the guarantee of the payment of the balance and other matters.

A year later, the change of control of Yonghe Intelligent Control finally made new progress. In November last year, Cao Delin, the controlling shareholder and actual controller of Yonghe Intelligent Control, planned to transfer a total of 59,296,300 shares of the company (accounting for 13.3% of the company's total share capital) at a price of 8.9736 yuan per share, with a total transfer price of 532 million yuan.

At the same time, Xia Zuwang intends to entrust the voting rights corresponding to the 5.3% shares of the company held by him to Ou Wenkai, the actual controller of Guangdong Pule, for a period of 18 months. After that, the controlling shareholder of the company will be changed from Cao Delin to Guangdong Pule, and the actual controller will be changed from Cao Delin to Ou Wenkai. This change of control was reached, and Yonghe Intelligent Control changed hands for the second time in four years.

The transformation of photovoltaic can hardly hide the decline in performance

Before Owen Kai entered the game, Yonghe Intelligent Control began to accelerate the layout of the photovoltaic cell field.

According to the disclosure of Yonghe Intelligent Control, in order to seize the development opportunity of the photovoltaic cell industry and lay out the photovoltaic cell industry, on November 25, 2022, Yonghe Intelligent Control invested 31.2245 million yuan to become the controlling shareholder of Pule New Energy through capital increase and share expansion, and finally held 51% of its equity.

As the industrial development platform of the company's photovoltaic cell business, Pule New Energy is engaged in the research and development, manufacturing and sales of ultra-high-efficiency N-type TOPCon solar cells and IBC solar cells, and the company's products are mainly used in household photovoltaic modules, industrial and commercial photovoltaic modules, centralized photovoltaic modules, etc.

On December 16, 2022, Yonghe Intelligent Control announced that it will continue to support the development of Pule New Energy to assist the company in completing the mass production target from 2023 to 2025, that is, to build a total of 10GW of photovoltaic cell production capacity in 2025 and achieve capacity release in 2026.

In May 2023, Pule Taixing carried out the installation and commissioning of production equipment and realized the first TOPCon cell off the assembly line, but the company's photovoltaic product revenue in the current period was less than 3 million yuan, and the gross profit margin was -89.22%, which is still a certain distance from the completion of 10GW production capacity and the release of production capacity.

It is worth mentioning that the Shenzhen Stock Exchange has issued a letter of concern, requiring the company to explain "whether the decision to transform to the photovoltaic industry is prudent". Yonghe Intelligent Control replied that the order volume of the original business valve industry has continued to decline, and the development of cancer hospitals has been slow due to the epidemic. For the sustainable development of the company, the controlling shareholder of the company has introduced the photovoltaic cell industry to the company, with the aim of helping the company form a competitive advantage in the photovoltaic new energy industry chain and become an important promoter and participant of the new generation of photovoltaic technology.

However, since the development of the photovoltaic business, the climate has not yet become a climate, and Yonghe Intelligent Control has begun to transfer related assets. On May 7, Yonghe Intelligent Control announced that the company signed an equity acquisition intention agreement with Guosheng Xusheng and Pule New Energy, and the company intends to transfer 51% of the equity held by Pule New Energy to Guosheng Xusheng.

Behind the transfer of assets, Yonghe Intelligent Control, which has invested a lot of money in the development of photovoltaics, is in a crisis of continuous losses.

Affected by the supply and demand of the photovoltaic industry chain, upstream and downstream prices have continued to decline, and the performance of many photovoltaic companies has declined, and Yonghe Intelligent Control is no exception.

In 2022, Yonghe Intelligent Control fell into the first loss after listing, and the company achieved operating income of 990 million yuan in the current period, a year-on-year decrease of 1.86%; The net profit attributable to the parent company and the non-net profit deducted were -26.7033 million yuan and -23.2364 million yuan respectively, a year-on-year decrease of 242.93% and 258.01%.

In 2023, Yonghe Intelligent Control will achieve operating income of about 948 million yuan, a year-on-year decrease of 4.19%; The net profit attributable to the parent company was about -156 million yuan, a year-on-year decrease of 496.13%.

In the first quarter of 2024, Yonghe Intelligent Control achieved an operating income of 220 million yuan, a year-on-year decrease of 8.41%, and a net profit attributable to the parent company of -23 million yuan, an increase of 46.88% year-on-year.