Wind and solar energy companies are now setting their sights on the space solar business. Recently, wind turbine manufacturer Mingyang Smart Energy (601615) announced a merger plan, proposing to acquire control of Zhongshan Dehua Chip Technology Co., Ltd. (hereinafter referred to as "Dehua Company") and raise supporting funds. Due to this matter, Mingyang Smart Energy is currently suspended from trading. It is understood that the target company, Dehua Company, is an enterprise controlled by the family of the listed company's actual controller, making this transaction a connected transaction. Regarding Mingyang Smart Energy's performance, since 2023, the company's net profit has declined year-on-year; for the first three quarters of 2025, the company achieved an attributable net profit of approximately 766 million yuan, a decrease of 5.29% compared to the same period last year.
Mingyang Smart Energy stated that it received notice from its controlling shareholder proposing that the company acquire control of Dehua Company through issuing shares and paying cash, and raise supporting funds. The controlling shareholder of Dehua Company is Guangdong Mingyang Ruide Venture Capital Co., Ltd., which is wholly owned by company director Zhang Chao, who is also a close relative of the company's actual controller. This transaction is not expected to constitute a major asset reorganization.
Equity relationship information shows that the controlling shareholder of Mingyang Smart Energy is Mingyang New Energy Investment Holding Group Co., Ltd., and the actual controllers are Zhang Chuanwei, Wu Ling, and Zhang Rui. Information indicates that Zhang Chao is the daughter of the company's actual controller, Zhang Chuanwei.
Business registration information from Tianyancha shows that Dehua Company's business scope covers the design, R&D, production, testing, processing, sales, consultation, and technical services related to semiconductor epitaxial wafers, chips, components, systems, and related products (excluding printed circuit boards); as well as the R&D, design, manufacturing, sales, consultation, and technical services related to semiconductor material preparation and chip process equipment.
Furthermore, Mingyang Smart Energy previously stated on the SSE Interactive Platform in response to investor inquiries that Dehua Company was founded in 2015, focuses on products such as space solar cells and flexible solar cells, and possesses full industrial chain R&D and manufacturing capabilities covering materials, epitaxial wafers, chips, and space energy systems. In the future, the company will comprehensively consider the layout and advancement of related businesses based on group strategy, industry development, and operational planning.
Mingyang Smart Energy went public on the A-share market in 2019. Its business includes wind turbine manufacturing, new energy power plant electricity generation and sales, and new energy power plant product sales. Beyond these main operations, the company has expanded into related specialized and innovative fields within new energy, encompassing the photovoltaic industry, power electronics and energy storage industry, hydrogen energy industry, and smart energy and digital energy industry.
Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, commented that although space solar faces technical challenges and risks associated with fluctuating initial market demand, its long-term development prospects are positive. As a cutting-edge field deeply integrating the aerospace industry and new energy technology, space solar is not only a core supporting technology for the aerospace industry but also has the potential to spawn new business models like "space power generation - ground application," becoming an important supplement to the future energy structure.
Behind this planned reorganization lies Mingyang Smart Energy's less-than-ideal performance in recent years, with the company's net profit having declined for two consecutive years in 2023 and 2024.
Financial data shows that from 2022 to 2024, Mingyang Smart Energy achieved operating revenues of approximately 30.748 billion yuan, 28.124 billion yuan, and 27.158 billion yuan, respectively. The corresponding attributable net profits were approximately 3.445 billion yuan, 377 million yuan, and 346 million yuan, respectively.
In the first three quarters of 2025, Mingyang Smart Energy achieved an operating revenue of approximately 26.304 billion yuan, a year-on-year increase of 29.98%; the corresponding attributable net profit was approximately 766 million yuan, a year-on-year decrease of 5.29%.
It is worth noting that prior to the announcement of the reorganization news, Mingyang Smart Energy's stock price experienced a "preemptive rise."
In the secondary market, on January 12, Mingyang Smart Energy closed at the daily limit price of 19.68 yuan per share, with a total market capitalization of 44.51 billion yuan. Taking a longer view, over the five trading days from January 6 to January 12, Mingyang Smart Energy's cumulative increase reached 33.6%, while the broader market index rose by 3.53% during the same period.
Regarding related inquiries, a request for comment was sent to Mingyang Smart Energy, but no response had been received by the time of publication.
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