WANLIN LOGISTICS(SH:603117) Mei Ri Jing Ji Xin Wen·2025-05-26 15:29Core Viewpoint - Wanlin Logistics has filed a lawsuit against its former chairman Huang Baozhong, claiming he failed to fulfill his duties during his tenure, leading to significant financial losses for the company due to uncollectible debts totaling 142 million yuan [2][3]. Group 1: Legal Proceedings - Wanlin Logistics initiated legal action against Huang Baozhong in April last year, seeking compensation for debts that could not be recovered from seven companies, amounting to 142 million yuan [2][3]. - The court ruled against Wanlin Logistics in April this year, dismissing all claims, prompting the company to file an appeal [2][3][4]. - The initial lawsuit sought 100 million yuan in damages, which was later increased to 142 million yuan before the court's dismissal of the claims [3]. Group 2: Financial Performance - Wanlin Logistics has experienced a stark contrast in financial performance before and after Huang Baozhong's departure as chairman in August 2020 [5][6]. - The company's revenue grew from 380 million yuan in 2015 to 940 million yuan in 2019, but has since declined, with projected revenue of only 295 million yuan for 2024 [6]. - The company reported continuous losses from 2021 to 2023, accumulating over 1.3 billion yuan in losses, surpassing total profits made since its listing [6]. Group 3: Audit Findings - An internal control audit by Tianjian Accounting Firm in April 2022 identified significant litigation and long-term uncollectible receivables, leading to a negative opinion on the company's internal controls [5]. - The audit highlighted the company's ongoing issues with large receivables from companies like Shandong Weishanhu Dayun Coal and Coke Sales Co., Ltd., which have been longstanding partners [6].