Sunasia(SH:600593) Zhong Guo Jing Ying Bao·2025-04-30 16:11Core Viewpoint - Dalian Shengya Tourism Holdings Co., Ltd. reported a significant decline in net profit for the year 2024, transitioning from profit to loss due to various factors including project suspensions and litigation disputes [2][12]. Financial Performance - In 2024, Dalian Shengya achieved revenue of 505 million yuan, a year-on-year increase of 7.93%, but reported a net loss attributable to shareholders of 70 million yuan, a drastic decline of 304.16% [12]. - The company's net profit after deducting non-recurring items was 21 million yuan, down 64.08% year-on-year [12]. - In the first quarter of 2025, both revenue and net profit continued to decline, with a net loss of 8 million yuan, a year-on-year decrease of 738.54% [12]. Shareholder and Control Issues - Star Sea Bay Investment Co., Ltd. is identified as the largest shareholder of Dalian Shengya, holding 30.95 million shares, which accounts for 24.03% of the total shares [4]. - The legal representative of Star Sea Bay Investment is Wu Jian, who also serves as a non-independent director of Dalian Shengya. Wu Jian expressed concerns about the authenticity of the 2024 annual report, stating that Star Sea Bay is merely a major shareholder and not the controlling shareholder [5][6]. - Since 2020, Star Sea Bay Investment has repeatedly stated that it does not hold controlling power over Dalian Shengya, despite being the largest shareholder [7][8]. Governance and Board Composition - The representation of Star Sea Bay Investment on Dalian Shengya's board has diminished, with only Wu Jian remaining as a director after previous representatives left their positions [11]. - The company has faced inquiries from the stock exchange regarding the control structure and the influence of Star Sea Bay Investment on major decisions, with the latter asserting that it cannot influence significant resolutions due to its voting power [9][10]. Cost and Expense Analysis - Dalian Shengya's selling expenses increased by 7.59% to 38.94 million yuan, while management expenses rose by 40.86% to 105 million yuan, and financial expenses surged by 55.64% to 50.99 million yuan [13]. - The increase in expenses is attributed to higher advertising costs, legal fees related to ongoing litigation, and interest expenses from suspended projects [13].