Cangzhou Mingzhu(SZ:002108) Chang Jiang Shang Bao·2025-04-17 00:14Core Viewpoint - The proposed share transfer of 184 million shares from the controlling shareholder, Dongsu Group, to the Hebei Cangzhou Jiaokong Group has failed after 9 months of planning due to a lack of consensus between the parties involved [1][2][3]. Group 1: Share Transfer Details - Dongsu Group intended to transfer 184 million shares, representing 11.00% of the total share capital of Cangzhou Mingzhu, to Jiaokong Group [2]. - The remaining 123 million shares held by Dongsu Group, accounting for 7.77% of the total share capital, were to have their voting rights fully entrusted to Jiaokong Group until Dongsu Group no longer held shares [2]. - The termination of the share transfer will not impact the company's governance structure or operational strategy [3]. Group 2: Financial Performance - Cangzhou Mingzhu's financial performance has been declining, with a significant drop in net profit by 43.02% year-on-year in the first three quarters of 2024, amounting to 138 million yuan [9]. - The company's gross profit margin has decreased consecutively from 20.86% in 2021 to 11.93% in the first three quarters of 2024 [11][12]. - The company reported a revenue of 1.962 billion yuan in the first three quarters of 2024, a decline of 1.54% compared to the previous year [9]. Group 3: Shareholding and Pledge Status - Dongsu Group holds 314 million shares of Cangzhou Mingzhu, with 242 million shares pledged, resulting in a pledge ratio of 77.09% [13]. - The total amount executed against Dongsu Group has reached 32.9342 million yuan, with the most recent execution occurring in July 2024 for 2.4811 million yuan [15]. - Dongsu Group has been involved in multiple legal disputes, indicating potential financial instability [15].