Huasu Holdings to acquire 51% stake in Ningxia Junfeng for 23.7048 million yuan, with appraisal appreciation rate of 191.43% and five-year performance bet

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Summary · why it matters

Huasu Holdings announced on October 9 that it signed an equity transfer agreement with Junfa Technology, planning to use its own funds of 23.7048 million yuan to acquire a 51% stake in Ningxia Junfeng New Energy Technology Co., Ltd. After the transaction is completed, Huasu Holdings will become the controlling shareholder of the target company and include it in its consolidated financial statements. This transaction does not involve related-party transactions and does not constitute a major asset restructuring. The counterparty has committed that the target company's cumulative net profit from 2027 to 2031 will be no less than 25.65 million yuan, with any shortfall to be compensated in cash or equity. Using March 31, 2026 as the valuation base date, the target company's net assets had a book value of 15.9591 million yuan, while the appraised value of all shareholders' equity was 46.5098 million yuan, representing an appraisal appreciation of 30.5507 million yuan and an appreciation rate of 191.43%. The target company mainly operates a low-concentration gas power generation and heating project at the No. 2 shaft of the Siguquan Coal Mine in Yanchi County, Ningxia. As of the base date, it had provided joint and several liability guarantees to Junfa Technology for its obligations to Chongqing Pushi New Energy Technology Co., Ltd., using all equipment assets and income from the first-phase gas direct-combustion heating project of Baofeng Siguquan Coal Mine, with a current book balance of 3.1055 million yuan. The target company's payables to Junfa Technology and its related parties amounted to 16.6268 million yuan, and the company plans to sign a repayment plan agreement to specify the repayment amount and schedule. Huasu Holdings' total operating revenue in 2025 was 755 million yuan, down 26.83% year-on-year, with net profit attributable to the parent company in loss for the second consecutive year, but the loss narrowed from 13.9324 million yuan in 2024 to 10.7074 million yuan. In the first half of 2026, operating revenue was 361 million yuan, down 12.20% year-on-year, with a net loss attributable to the parent company of 17.6605 million yuan, compared with a loss of 2.7091 million yuan in the same period last year.

Impact on assets 1

Others▲
Huasu Holdings Co Ltd
000509
▲ PositiveCapitalrelevance

Huasu Holdings will acquire a 51% controlling stake in Ningxia Junfeng for 23.7048 million yuan, consolidating the target into its financial statements.

Off-coverage companies 3

宁夏君丰新能源科技有限公司i
Private± MixedCapitalrelevance

Ningxia Junfeng is the acquisition target, with a 191.43% appraisal appreciation and a five-year cumulative net profit commitment of at least 25.65 million yuan.

君发科技i
Private± MixedCapitalrelevance

Junfa Technology is the counterparty selling its 51% stake in Ningxia Junfeng and receives a repayment plan for 16.6268 million yuan of target-company payables.

重庆普什新能源技术有限公司i
Private± Mixedrelevance