恒润股份易主四年未改善再亏1.38亿 承立新2.9%持股被拍卖将累套现11亿

Core Viewpoint - The shareholding of Cheng Lixin in Hengrun Co., Ltd. has decreased due to judicial auction, raising concerns about the company's financial health and ongoing shareholder sell-offs [1][2][5] Shareholding Changes - Cheng Lixin, the founder and former actual controller of Hengrun, has seen his shareholding drop to 14.10% after a judicial auction of 2.90% of his shares [1][4] - Since 2021, Cheng has transferred shares twice, cashing out approximately 9.52 billion yuan, with potential total cashing out reaching 11.34 billion yuan if the latest transaction is completed [1][4] - Other shareholders, including Jiarun International and Zhituo Group, have also been reducing their stakes, with total cashing out exceeding 20 billion yuan since Hengrun's IPO in 2017 [2][6] Financial Performance - Hengrun's financial performance has deteriorated since its change of control in 2021, with revenue and net profit declining for four consecutive years [6][7] - The company reported revenues of 22.93 billion yuan in 2021, dropping to 17.26 billion yuan in 2024, representing a decline of 6.64% year-on-year [7][8] - Net profit has also plummeted, with a loss of 1.38 billion yuan in 2024, marking a significant increase in losses compared to previous years [7][8] Operational Challenges - The company faces intense competition in the wind power industry, leading to declining sales prices and reduced gross margins [8] - Increased depreciation costs from new projects and rising financial expenses due to growing short-term borrowings, which reached 7.75 billion yuan by the end of 2024, have further pressured the company's finances [9][8]