Yuneng Technology plans to acquire a 22% stake in an affiliated company

Yuaneng Technology stated that the specific cooperation between both parties has not officially started yet, only reaching a cooperation intention, planning to jointly develop commercial and industrial energy storage-related businesses, and expand the commercial and industrial energy storage market.

Author | Wu Xuguang

On the evening of March 26, Yuaneng Technology announced that the company intends to sign a “Share Repurchase Agreement” with Haining Fan Semiconductor Industry Investment Co., Ltd., a current shareholder of Tiantong Youneng, to acquire 15 million shares of Tiantong Youneng at a price of 17,551,200 yuan, accounting for 22% of Tiantong Youneng’s total share capital.

Yuaneng Technology stated that this move aims to further enhance the company’s energy storage industry chain layout, and the company plans to invest in Tiantong Youneng, aiming to promote the integrated development of new energy storage system technology through complementary advantages and resource collaboration.

Regarding the capital increase, on March 27, a representative from Yuaneng Technology’s Board Secretary Office told the “Science and Technology Innovation Board Daily” that the specific cooperation between both parties has not officially started yet, only reaching a cooperation intention, planning to jointly develop commercial and industrial energy storage-related businesses, and will jointly expand the commercial and industrial energy storage market in the future.

As of the announcement date, Tiantong Holdings, an affiliate of Yuaneng Technology, holds 29.3333% equity in Tiantong Youneng. The company’s purchase of Tiantong Youneng’s equity constitutes a joint investment with the related party Tiantong Holdings, constituting a related transaction. Tiantong Holdings is controlled by Pan Jianqing, a shareholder of Yuaneng Technology holding more than 5%, and serves as a director, while company director Pan Zhengqiang serves as vice chairman and president.

It is worth noting that after the completion of this equity transfer, Haining Fan Semiconductor Industry Investment Co., Ltd. will exit the shareholder sequence of Tiantong Youneng.

Regarding the pricing method of this transaction, Yuaneng Technology stated that the pricing for the acquisition of Tiantong Youneng’s equity is based on the total investment amount by Haining Fan Semiconductor Industry Investment Co., Ltd. in Tiantong Youneng, plus the returns calculated at an annualized simple interest rate of 8%, ultimately determining the transaction price.

On the same evening, Yuaneng Technology simultaneously released another announcement to further expand its energy storage market share. The company’s controlling subsidiary, Jiangsu Lingchu Yunen Technology Co., Ltd. (hereinafter referred to as “Lingchu Yunen”), intends to jointly invest with the related party Tiantong Youneng and the non-related party Hangzhou Qizhou Technology Co., Ltd. (hereinafter referred to as “Qizhou Technology”) to establish a joint venture company.

It is reported that the joint venture company is temporarily named Qiyou Lingchu Technology Co., Ltd., with a registered capital of 30 million yuan, in which Lingchu Yunen holds 60%, corresponding to an investment amount of 18 million yuan.

A representative from Yuaneng Technology’s Board Secretary Office stated that the joint venture company is controlled by the listed company, and all business of the joint venture company will be incorporated into the consolidated financial statements of the listed company. The newly established joint venture company will primarily engage in commercial and industrial energy storage-related businesses, “with plans for both domestic and overseas markets in the future, and the specific layout plans will depend on the subsequent formal cooperation arrangements among the three parties. Currently, the three parties have not signed a formal cooperation agreement, and related businesses have not officially commenced, only reaching a cooperation intention.”

In terms of complementary advantages for multi-party cooperation, information from Qizhou Technology’s official website shows that the company mainly focuses on network-end business, holding online internet channel resources, and core focus on the energy internet operation field.

A representative from Yuaneng Technology’s Board Secretary Office further told the “Science and Technology Innovation Board Daily” that Hangzhou Qizhou Technology has rich internet operation channels and possesses mature operational experience in related fields, forming a complementary resource between online and offline channels with Yuaneng Technology, indicating a good cooperation advantage for both parties.

On the business front, Yuaneng Technology mainly engages in the research and development, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems, with core products covering micro-inverters, smart control shut-off devices, energy storage systems, energy communication, and monitoring analysis systems, among others.

The company’s business layout is significantly different from industry-leading manufacturers such as Sungrow Power Supply and Huawei, which focus on centralized inverters and string inverters, primarily targeting the micro-inverter niche market.

Performance reports show that Yuaneng Technology achieved an operating income of 1.153 billion yuan in 2025, a year-on-year decrease of 34.87%; net profit attributable to the parent company was a loss of 131 million yuan, compared to a profit of 140 million yuan in the same period last year; the non-recurring net profit was a loss of 158 million yuan, compared to a profit of 121 million yuan in the same period last year.