November 2, Amadon disclosed that the controlling shareholder of the company, Amadon Technology (Yancheng) Co., Ltd. (Hereinafter referred to as "Amadon Technology") and Shanghai Riding Network Technology Co., Ltd. (Hereinafter referred to as "Riding Network") signed the Intention Agreement on Equity Transfer (hereinafter referred to as "Intention Agreement"). Amadon Technologies intends to transfer its 38,612,502 shares (20% of the company's total shares) of the listed company to Riding Network by agreement.
For the above intention agreement, Amadon said that it was only the preliminary intention of the parties to the transaction, which is currently only in the planning and intention stage, and is still uncertain. If the transaction is finally completed, the controlling shareholders and actual controllers of the company will change.
As a result of the above transactions, Amadon's shares have been suspended since the opening of the market on November 3, and are expected to be suspended for no more than two trading days. According to
the data, Shanghai Riding Network Technology Co., Ltd. was established in 2016, and its legal representative and actual controller is Zhao Yunpeng, who is the main operator of Hitcard. Bubble Mart is the third largest shareholder of the company.
From this point of view, there is no intersection between Amadon and Riding Network Business, or even thousands of miles apart. Why does the Riding Network want to take over Amadon at this time? Why should Amadon Technology transfer its equity at this time? At present, both sides have made formal replies. However, the market speculation, one side or for the backdoor, one side or for the way out . In the
first three quarters of this year, Amadon achieved a revenue of 1.130 billion yuan, a year-on-year decrease of 28.51%; a net profit loss of 145 million yuan, a year-on-year increase of 142.81%; a non-net profit loss of 162 million yuan, a year-on-year increase of 103.11%.
For the decline in net profit, Amadon explained that the main reason is that the photovoltaic market continues to be depressed, the sales price and sales volume of photovoltaic glass have declined, the gross profit of products has been greatly reduced, and the company's profitability has declined sharply year on year.
Digital New Energy DataBM. Com found that since its listing in 2011, Amadon's cumulative net profit has been only 397 million yuan in the past 16 years. In 2020-2023, when the photovoltaic industry was booming, Amadon fell into the dilemma of increasing income without increasing profits. As the photovoltaic industry entered a downward cycle in 2024, Amadon's performance also fell into a loss quagmire. In less than three years since 2024, the company has lost 379 million yuan in net profit.
In the capital market, Amadon's share price is also falling rapidly. As of November 2nd, the closing price of Amadon was 19.28 yuan per share. The stock price has dropped by 42.55% compared with the highest point this year.
At present, the photovoltaic winter continues, the industry clearing accelerates, and the valuation of photovoltaic stocks continues to bottom out. For the Riding Network, this may be a good opportunity to "start"; for Amadon, the new controller may be able to fight out another way out.
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