NAR(SZ:002825) Ge Long Hui·2025-05-22 07:30Core Viewpoint - The announcement of major shareholders and executives of Nar Holdings planning to reduce their stakes has led to a significant drop in the company's stock price, reflecting ongoing volatility in its performance and investor sentiment [1][3][11]. Shareholder Reduction - Two major shareholders, Wang Shuming and Yang Jiantang, plan to reduce their holdings by a combined total of up to 5.66% of the company's shares, with Wang intending to sell up to 10 million shares (2.97% of total shares) and Yang up to 9 million shares (2.67% of total shares) [3][6]. - Vice General Manager Shen Weifeng also plans to reduce his stake by up to 73,000 shares (0.02% of total shares) [3][6]. Financial Performance - Nar Holdings has experienced significant fluctuations in its financial performance, with 2021 revenues of 1.76 billion yuan, a 40.28% increase, but a net profit decline of 35.64% to 61.67 million yuan [7][9]. - In 2023, the company reported revenues of 1.49 billion yuan, an 8.09% decrease, and a net profit of 100.19 million yuan, down 71.54% from the previous year [8][9]. - The company showed signs of recovery in 2024, with projected revenues of 1.9 billion yuan, a 27.73% increase, and a net profit of 126 million yuan, up 26.09% [9][10]. Business Transition Challenges - Nar Holdings has been attempting to diversify into the hydrogen energy sector since 2021, establishing a subsidiary focused on fuel cell membrane electrode production [10]. - However, progress in the hydrogen energy project has been slow, with the company indicating that it is still in the research and trial production stages as of September 2024 [10][11]. Governance Issues - The company has faced internal governance issues, including a warning from the Shanghai Securities Regulatory Bureau regarding short-term trading by a former supervisor, which has raised concerns about its management practices [6][11].