ST Tony plans to transfer subsidiary equity for 263 million yuan, with projected loss of 45 to 65 million yuan in 2025

Economic Observer Network ST Tony (Rights Protection) plans to transfer its core profitable subsidiary’s equity to raise funds. Meanwhile, the company’s 2025 performance is expected to be a loss, and it has been designated as ST due to disclosure violations.

Project Progress: In February 2026, ST Tony announced it intends to sell approximately 31.698% of its controlling stake in Tony New Energy for about 263 million yuan. After the transaction, the shareholding will decrease from 65% to 33.3%, and it will no longer be included in the consolidated financial statements. The valuation date is November 30, 2025. The assessed shareholder equity of Tony New Energy is 1.06 billion yuan, with an appreciation rate of 217.78%. A performance commitment has been set: the actual controller and others promise that the total net profit of Tony New Energy from 2026 to 2028 will not be less than 240 million yuan. The transaction aims to raise funds and optimize asset structure, but since Tony New Energy is the company’s core profit contributor (accounting for 98% of net profit in 2024), its deconsolidation may impact future profit performance.

Recent Performance: The company’s forecast for 2025 indicates a net profit attributable to the parent of a loss between 45 million and 65 million yuan, turning from profit to loss year-over-year; net profit excluding non-recurring items is expected to be a loss of 53 million to 73 million yuan, mainly due to a significant decline in semiconductor sales and reduced government subsidies. The semiconductor business has been loss-making for several years. In the first half of 2025, subsidiary Tony Semiconductor’s revenue was only 1.6646 million yuan, with a net loss of 109 million yuan.

Violation of Disclosure Regulations: ST Tony was fined millions by the Zhejiang Securities Regulatory Bureau for delayed disclosure of major contracts and false records in financial reports for 2022-2023. Its stock has been under ST designation since October 31, 2025. This incident reflects corporate governance risks and may continue to affect market confidence.

Financial Status: In the first three quarters of 2025, net cash flow from operating activities was 1.9 billion yuan, down 72.19% year-over-year, mainly due to increased payments to suppliers. Coupled with high debt ratio (65.55%), there is a need to monitor subsequent financing and operational adjustments.

The above information is compiled from public sources and does not constitute investment advice.