Biocause Pharma(SZ:000627) Hua Xia Shi Bao·2025-04-30 13:04Core Viewpoint - Tianmao Group has faced significant stock price declines and concerns regarding its financial reporting, particularly the delay in disclosing its 2024 annual report and 2025 Q1 report, which has raised alarms in the capital market [3][5][6]. Financial Performance - Tianmao Group's 2024 performance forecast indicates a net loss of between 500 million to 750 million yuan, with a projected revenue of 40 billion to 43 billion yuan [5][6]. - The company has reported a staggering 1619.92% increase in claims payments, amounting to 21.822 billion yuan for the first three quarters of 2024, alongside a 23.8% year-on-year decline in first-quarter revenue, which was approximately 11.59 billion yuan [6][8]. Stock Market Reaction - Following the announcement of the reporting delays, Tianmao Group's stock price was locked at the daily limit down of 3.04 yuan per share on April 29, 2024, and remained under pressure with a total market capitalization shrinking to 13.54 billion yuan [3][5]. - The stock had previously experienced significant volatility, including a 200% increase over three months, peaking at 5.42 yuan per share, driven by speculative trading [10]. Corporate Governance and Control - Tianmao Group's primary business is derived from Guohua Life Insurance, with 99.99% of its revenue coming from this segment. The company is controlled by Liu Yiqian, who also chairs both Tianmao Group and Guohua Life [4][10]. - The company has faced challenges in its restructuring efforts, including a failed merger with Guohua Life that was announced in 2019 but ultimately terminated in 2020 [11]. Regulatory Environment - The company has indicated that failure to disclose its annual report within the legal timeframe could lead to a trading suspension of up to two months, and potential delisting risks if compliance is not met [6][8].