奋达科技连吃监管警示函，高质押与减持潮风险并存

Core Viewpoint - Recent regulatory scrutiny on Fenda Technology highlights serious issues in corporate governance and financial disclosure, negatively impacting market order and investor confidence [2][5][7]. Regulatory Actions - On May 19, the Shenzhen Stock Exchange issued a regulatory letter to Fenda Technology due to non-operational fund occupation by the controlling shareholder, Xiao Fen, and irregularities in financial accounting related to share repurchase costs [2][5]. - The Shenzhen Securities Regulatory Bureau had already issued a warning letter on May 17, urging the company to rectify its operations and address violations [2][5]. Financial Misconduct - Fenda Technology's self-inspection revealed that from November 2023 to March 2025, Xiao Fen occupied a total of 9.56 million yuan in non-operational funds, which has since been fully repaid [4]. - The company has a history of financial disclosure errors, including past accounting corrections and adjustments to multiple financial reports due to inaccuracies [6]. Financial Performance - In 2024, Fenda Technology reported revenue of 3.144 billion yuan, an increase of 8.76% year-on-year, and a net profit of 97.09 million yuan, up 117.44% [8]. - For Q1 2025, the company achieved revenue of 760 million yuan, a 15.82% increase, and a net profit of 40.45 million yuan, up 84.07% [8]. Risks in Financials - The company has a high proportion of accounts receivable, which accounted for 80.66% of revenue in Q1 2025, indicating potential issues with sales quality and cash flow [8]. - Customer concentration risk is evident, with the top five customers accounting for 49.63% of total sales, raising concerns about dependency on a limited customer base [9]. Shareholding Structure Risks - As of May 17, Xiao Fen and associated parties had pledged 282 million shares, representing 72.70% of his holdings and 15.72% of the total shares, posing risks of forced liquidation if stock prices decline [10]. - Continuous share reductions by major shareholders may signal a lack of confidence in the company's future, potentially leading to panic selling among other investors [10].