Fulin Transportation plans another change of ownership: Yongfeng Group has unrealized profit of more than 257 million yuan, and the new owner’s past “track record” is underwhelming

Source: Titanium Media

(The image is AI-generated)

After 7 years, Fulin Transportation (002357.SZ) plans to change ownership again.

On the evening of April 1, the company disclosed that its controlling shareholder, Yongfeng Group Co., Ltd. ( hereinafter referred to as “Yongfeng Group” ), signed a share transfer agreement with Dongyang Dongwang United Airlines Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as “Dongwang United Airlines”). Yongfeng Group intends to transfer 56.43M shares (accounting for 18% of the company’s total share capital) at a price of 14.18 yuan per share to Dongwang United Airlines, totaling 800 million yuan. At the same time, Yongfeng Group commits to relinquish voting rights corresponding to 5% of the remaining 11.9% shareholding within 36 months. After the transaction is completed, Dongwang United Airlines will become the company’s controlling shareholder, and the actual controller will officially change to the Dongyang Municipal People’s Government State-owned Assets Supervision and Administration Office (hereinafter referred to as “Dongyang State-owned Assets Office”).

The company notes that this is the second ownership change since Fulin Transportation was listed. In 2018, Yongfeng Group took over from the original actual controller An Zhifu, and now plans to transfer to Dongyang State-owned Assets Office, with a floating profit exceeding 257 million yuan. However, due to the limited growth potential of the previous capital operations and the performance commitments in this agreement, secondary market investors are “voting with their feet.”

On April 2, Fulin Transportation opened high and then plunged, quickly hitting the limit down. By the close, it was at 13.01 yuan, down 10.03%.

With two ownership changes since listing, Yongfeng Group has partially cashed out

According to the announcement, the core details of this ownership change are clear: Yongfeng Group plans to transfer 18% of its shares at 14.18 yuan per share, cashing out 800 million yuan in one go; it also commits to relinquish 5% of the voting rights of the remaining 11.9% shareholding within 36 months. This means Yongfeng Group is ceding control, retaining only a small amount of shares.

These shares were acquired by Yongfeng Group in 2018 from the previous controlling shareholder and actual controller.

Looking back to June 2018, Fulin Transportation’s original controlling shareholder, Fulin Group, and actual controller An Zhifu signed a share transfer agreement with Ningbo Taihong, a subsidiary of Yongfeng Group, intending to transfer 93.7332 million shares (29.90% of the company’s total share capital) at an initial price of 11.2873 yuan per share, totaling 1.06B yuan. In August of the same year, the two parties signed a supplementary agreement to adjust the transfer plan: 45.5901 million shares transferred to Ningbo Taihong (accounting for 14.5428%), and 48.1431 million shares transferred to Yongfeng Group (accounting for 15.3572%), with the transfer price adjusted to 10.97 yuan per share, and the total consideration changed to 1.03B yuan. On September 12, 2018, the share transfer was completed, and Liu Feng took control of Fulin Transportation.

In May 2019, Ningbo Taihong transferred all its shares to Yongfeng Group, increasing its stake to 29.90%, making it the sole controlling shareholder, a position it has held ever since.

After this transfer, Yongfeng Group’s investment gains can be roughly estimated. The remaining 11.9% shares, based on the closing price of 13.01 yuan on April 2, are valued at about 485 million yuan. Adding the transfer amount of 800 million yuan, Yongfeng Group’s floating profit from this investment exceeds 257 million yuan.

Additionally, from 2019 to now, Fulin Transportation has paid out dividends six times, totaling 131.6656 million yuan, with Yongfeng Group receiving approximately 39.37M yuan based on its shareholding proportion.

It is worth noting that in May 2019, after Yongfeng Group completed its shareholding integration, Fulin Group also transferred the remaining 60.0806 million shares (19.17% of total share capital) to three individuals—Guan Dafu, Luo Jiajun, and Wang Chengsheng—at a price of 6.94 yuan per share. As a result, Fulin Group completely exited as a shareholder of Fulin Transportation.

Dongyang State-owned Assets plans to take over, but past investments have poor performance

With Yongfeng Group’s exit, Dongyang State-owned Assets Office steps in. What is its background?

The company notes that it is not a newcomer in the A-share market. In recent years, Dongyang State-owned Assets Office has frequently engaged in capital operations, accelerating its layout of listed companies. It has previously acquired Dongwang Times (600052.SH), Zhongtian Jingzhuang (002989.SZ), China High-Tech (600730.SH), and Delong Huineng (000593.SZ), among others. It directly took control of Dongwang Times and Zhongtian Jingzhuang, jointly acquired China High-Tech as one of the actual controllers, and indirectly participated in Delong Huineng. Its investments span culture, construction, education, energy, and other fields.

However, the performance of these companies after Dongyang State-owned Assets Office took over has not been very promising. Take Dongwang Times as an example: in 2021, Dongke Digital acquired 28.98% of Guangsha Holdings (the predecessor of Dongwang Times) through judicial auction, making Dongyang State-owned Assets Office the new actual controller of Guangsha Holdings.

After Dongyang State-owned Assets Office’s involvement, the company shifted its main business from film and television to operation and management of university hot water supply systems, and renamed itself “Dongwang Times” in 2022, but profitability remains difficult. From 2021 to 2024, and January-September 2025, Dongwang Times recorded revenues of 233 million yuan, 220 million yuan, 408 million yuan, 447 million yuan, and 463 million yuan, respectively, with net profits attributable to parent of -40 million yuan, -213 million yuan, 113 million yuan, -367 million yuan, and 66 million yuan. It is also projected to lose 450 million yuan for the full year of 2025.

(Performance changes of Dongwang Times)

Looking at Zhongtian Jingzhuang, after Dongyang State-owned Assets Office’s takeover in June 2024, the company led a transformation from traditional decoration to deep involvement in the semiconductor industry chain. However, the transition has only just begun, and the company’s performance has worsened, shifting from decline to continuous losses. In 2024 and the first nine months of 2025, revenues were 362 million yuan and 212 million yuan, with net profits attributable to parent of -428 million yuan and -62 million million yuan. It is also expected to incur a full-year loss of 128 million to 190 million yuan in 2025.

(Performance changes of Zhongtian Jingzhuang)

Focusing on Fulin Transportation itself, it also faces significant operational pressure. As a traditional road passenger transport company, its main business has limited growth potential. In recent years, its profitability mainly relied on investment income from Mianyang Commercial Bank (holding 6.5450%) and Santai Rural Commercial Bank (holding 9.6264%). Its own ability to generate cash is insufficient. Over the more than 7 years since Yongfeng Group’s involvement, although the company has maintained dividends, its main business has not achieved breakthrough development, and performance has not substantially improved.

For example, in the first half of 2024 and 2025, Fulin Transportation recorded revenues of 856 million yuan and 405 million yuan, respectively, with year-on-year changes of -1.05% and -5.56%; net profits attributable to parent were 122 million yuan and 115 million yuan, with changes of -18.77% and +41.05%. In 2024, it recognized investment income from Mianyang Commercial Bank of 103.5233 million yuan, accounting for 84.69% of net profit attributable to parent; and 12.54 million yuan from Santai Rural Commercial Bank, accounting for 10.26%. In 2025, the investment income from Mianyang Commercial Bank was 84.4226 million yuan (73.34%), and from Santai Rural Commercial Bank was 9.9038 million yuan (8.60%).

(Performance changes of Fulin Transportation)

This equity transfer sets performance commitments: if, within three years after the transaction—2026-2028—the average operating profit of Fulin Transportation’s main business is less than 28 million yuan (operating profit refers to profit excluding investment income from Santai Rural Commercial Bank and Mianyang Commercial Bank), the new controlling party has the right to reappoint a new management team based on the original main business, and the original actual controller will compensate the listed company for the shortfall in performance.

(Performance commitment and compensation details, source: Fulin Transportation announcement)

However, such a profit threshold is not very optimistic. Whether subsequent transformation will proceed remains to be seen, and even if it does, success is uncertain. (Written by Company Observation, author: Su Qitao, edited by: Cao Shengyuan)

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