Hot picks
Data center
Quote center
Capital flows
Simulated trading client From October 20 to 22, along the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference returns once again. Nobel and Turing Award winners take the stage to describe the future and trends of technology, and there is even the internet-famous professor who "rescues" people from the era of anxiety and involution, Michael Macfarlane, in a live dialogue with Xiang Biao!
Limited seats, slow hands are gone. Let us go together to the appointment of sustainability! [Click to register] For stock trading, just look at the Golden Kirin analyst reports, authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities! Produced by: Sina Finance Listed Company Research Institute Author: Hao On October 13, Golden Milky Way issued an announcement that the equity change of the company's controlling shareholder and actual controller Zhang Qifa and his concert party, Foshan Baoyueshan Enterprise Management Co., Ltd. ("Baoyueshan"), reached 1%, among which from August 4 to 5 they collectively reduced 2.1339 million shares of the company through block trades, accounting for 0.94% of the total share capital at that time. Combined with the reduction on July 28, the two together cashed out about 180 million yuan. In addition, the company's second-largest shareholder, Guangzhou Haihui Wealth Venture Capital Enterprise ("Haihui Wealth"), has also successively reduced more than 7.44 million shares during the year, cashing out hundreds of millions of yuan. On the surface, Golden Milky Way achieved growth in both revenue and net profit. However, the company's cash collection ratio has long remained at around 80%, and capital expenditure far exceeds operating cash flow, with profit remaining only "on paper." Due to long-term inability to make ends meet, Golden Milky Way's interest-bearing debt and financial expenses have continued to climb. Since 2020, the company has completed three rounds of direct financing through convertible bonds and private placements, yet it still cannot ease debt pressure. It is worth noting that in the previous round of private placement, Golden Milky Way planned to raise 1.7 billion yuan but actually received only 640 million yuan, less than a fraction of expectations. After major shareholders reduced their holdings, Golden Milky Way announced another new round of 1.5 billion yuan in private placement, but whether it can be completed smoothly remains highly uncertain. Low cash collection ratio, capital expenditure far exceeding operating cash flow: behind the growth in both revenue and profit lies only "paper wealth." Recently, Golden Milky Way announced that the cumulative share change of controlling shareholder and actual controller Zhang Qifa and his concert party Baoyueshan exceeded 1%. In August this year, Zhang Qifa and his concert party Baoyueshan announced the early termination of the reduction plan, actually reducing a total of 8.0933 million shares, accounting for 3.58% of the company's total share capital, cashing out about 184 million yuan. Among them, Zhang Qifa reduced 4.5237 million shares in three tranches, cashing out more than 100 million yuan; Baoyueshan reduced 3.5696 million shares, cashing out 84.1355 million yuan, and exited completely after the reduction. Previously, the company's second-largest shareholder, Haihui Wealth, had also reduced more than 7.44 million shares. Golden Milky Way's main products are twin-screw fully automatic continuous production lines and automated single equipment, used in industries such as lithium batteries, organosilicon, and polymer compounds. In 2025, Golden Milky Way achieved operating revenue of 1.930 billion yuan, a year-on-year increase of 27.90%, and net profit attributable to the parent company of 19.2281 million yuan, turning a loss into a profit year on year. In the first half of this year, the company achieved revenue of 953 million yuan, a year-on-year increase of 44.35%, and net profit attributable to the parent company of 15 million yuan, a year-on-year increase of 135.57%. However, behind the recent growth in both revenue and profit, Golden Milky Way's cash collection ratio has long remained at around 80%, capital expenditure has far exceeded operating net cash flow, and funds have actually been unable to make ends meet. The long-term low cash collection ratio reflects Golden Milky Way's weak bargaining power in the industrial chain, with a large amount of revenue existing in the form of accounts receivable. At the same time, the company's capital expenditure far exceeds operating cash flow in the same period. Especially in 2024, with capital expenditure of nearly 300 million yuan, net operating cash outflow that year reached 460 million yuan, with profit remaining more in accounting books rather than at the cash level. Interest-bearing debt and financial expenses both climb: three rounds of direct financing fail to quench cash thirst. Due to long-term inability to make ends meet, even if performance appears to have improved on the surface, Golden Milky Way's debt pressure continues to climb. As of the end of June 2026, Golden Milky Way's monetary funds were about 1 billion yuan, while various interest-bearing liabilities totaled 2.3 billion yuan in the same period. Financial expenses in the first half of the year were 49 million yuan, a year-on-year increase of 44%. In recent years, both interest-bearing liabilities and financial expenses have shown a trend of rising year by year. In January 2020, Golden Milky Way raised 167 million yuan through convertible bond issuance for intelligent and information-based upgrading projects and R&D center project construction. In February 2021, the above fundraising projects were terminated, and the remaining 64.55 million yuan was used to permanently replenish working capital. In November 2021, the company issued shares to actual controller Zhang Qifa at a low price of 14.99 yuan per share, raising 107 million yuan. In November 2023, Golden Milky Way once again announced a private placement plan, intending to raise 1.7 billion yuan for the construction of projects such as a digital factory for advanced new energy manufacturing equipment. However, it is worth noting that ultimately only 13.9237 million shares were issued, and only 640 million yuan of fundraising was actually completed. Since 2020, Golden Milky Way has completed three rounds of direct financing, raising about 900 million yuan in total, but interest-bearing liabilities and financial expenses have continued to climb, and the company's chronic "cash thirst" remains difficult to cure. After the company's actual controller and other major shareholders successively reduced their holdings, on September 28, Golden Milky Way once again issued an announcement, planning to raise another 1.5 billion yuan through a private placement for projects including sodium-ion battery equipment industrialization, dry electrode and solid-state battery research and development, silicon-based materials projects, and organosilicon and rubidium-cesium equipment research and development, as well as to supplement working capital. The company's first and second largest shareholders have successively reduced their holdings, actual controller Zhang Qifa's concert party Baoyueshan has exited completely, and the actual funds received from the previous private placement were less than a fraction of expectations. Whether Golden Milky Way's new round of 1.5 billion yuan private placement can be completed smoothly may face major uncertainty.
Comments