A-shares, record dividends!

Aotega (002239) announced on the evening of September 6th that its wholly-owned subsidiary, Air Conditioning International (Shanghai) Co., Ltd. (hereinafter referred to as "Air Conditioning International"), intends to acquire the 15.67% equity (corresponding to a registered capital of 2.7876 million yuan) held by Hainan Jìmù Chuàngyè Tóuzī Yǒuxiàn Gōngsī (hereinafter referred to as "Hainan Jìmù") in Jìngsū Àitèsī Xīnéngyuán Kējì Yǒuxiàn Gōngsī (hereinafter referred to as "Àitèsī") for a transfer price of 179 million yuan.

For this transaction, Air Conditioning International plans to use its own funds and make the payment in cash. Prior to this transaction, Air Conditioning International held 63.43% of the equity in Àitèsī. Upon completion of this transaction, Hainan Jìmù will no longer hold any equity in Àitèsī, and Aotega will indirectly hold 79.1% of Àitèsī's equity through Air Conditioning International.

At the same time, Aotega also controls 12.9% of Àitèsī's equity through its wholly-owned subsidiary, Xīzàng Àotégā Qǐyè Guǎnlǐ Yǒuxiàn Gōngsī, by acting as the executive affairs partner of Àitèsī's shareholders, Níngbō Bótèruì Cáiwù Guǎnlǐ Hézuò Qǐyè (Yǒuxiàn Hézuò) (hereinafter referred to as "Bótèruì") and Níngbō Bàitéruì Cáiwù Guǎnlǐ Hézuò Qǐyè (Yǒuxiàn Hézuò) (hereinafter referred to as "Bàitéruì"). Therefore, after this transaction, the company will collectively control 92% of Àitèsī's equity.

Advertisement

When Hainan Jìmù acquired shares in Àitèsī in 2022, the price for the corresponding equity was 150 million yuan. Considering that Àitèsī has not distributed profits to shareholders before, and given its high total undistributed profits, the transaction price for the acquisition of the 15.67% equity held by Hainan Jìmù in Àitèsī was determined to be 179 million yuan through friendly negotiation between the two parties, which is considered reasonable.

As one of the earliest companies in China to enter the energy storage thermal management industry, Àitèsī has strong industry experience and technical accumulation. It leads the industry in terms of product range, customer coverage, shipment volume, and market share. Àitèsī's energy storage temperature control products have all adopted high-end water-cooled unit technology from the beginning, ensuring its technological leadership and good adaptability to the rapid development and iteration of the industry.

Aotega stated that Àitèsī has multiple advantages such as advanced technology and a wide customer coverage, and has become a leading enterprise in the energy storage thermal management industry. Therefore, Àitèsī has a clear growth space for future revenue and profits.

It is known that with the increasing global demand for clean energy, the importance of energy storage technology is becoming more and more prominent. The thermal management technology in the energy storage system directly affects the system's safety, life, and efficiency, and is one of the core technologies of the energy storage system. Currently, thermal management technology is rapidly advancing, including the development of new technologies such as phase change materials and liquid cooling systems, enabling energy storage equipment to operate stably in harsher environments. Especially in application scenarios such as energy storage power stations, the performance is outstanding, with a very broad application prospect and a continuous increase in market demand.

Data shows that the global energy storage market's installed capacity is growing at an astonishing rate. The White Paper by the China Chemical and Physical Industry Association (CESA) estimates that by 2025, the global cumulative installed power of energy storage will be about 440GW, of which new-type energy storage will be about 328GW; it is expected that by 2030, the global cumulative installed power of energy storage will be about 970GW, of which new-type energy storage will be about 770GW. Among them, the installed capacity of large-scale energy storage power stations accounts for a considerable proportion, and this trend is expected to continue in the next few years. Based on the development trend of the industry where Àitèsī is located, the energy storage thermal management field has a good growth prospect in the future.

Aotega stated that after the completion of this acquisition, the company will further increase its shareholding ratio in Àitèsī and share more of Àitèsī's current and future operating performance. This equity acquisition is beneficial for the company to strengthen the control over Àitèsī's operation and management, allowing for a smoother implementation of the company's operation and management strategy in Àitèsī, improving its decision-making efficiency and execution, and helping Àitèsī to respond quickly to market demands and promote technology and product innovation. At the same time, it can better integrate internal resources, combine Àitèsī's technical advantages with the company's market, capital, and channel resources, fully utilize various resources to continue to explore the electrochemical energy storage thermal management market, and further increase market share.