知名浙商钟仁海入主一年后，*ST庚星更名前最后一场股东大会传递新信号

Core Viewpoint - The company *ST Gengxing, soon to be renamed *ST Haiqin, is undergoing significant transformation under the new controlling shareholder Zhejiang Haixin Energy, focusing on the liquefied petroleum gas (LPG) trading business while facing challenges in its coal supply chain and electric vehicle charging services [1][4][6]. Group 1: Company Transformation - The last shareholders' meeting for *ST Gengxing was held on June 4, with the official name change to *ST Haiqin set for June 6, signaling a new phase of reform driven by Zhejiang Haixin [1]. - The new management team has initiated a business transformation, shifting from coal trading to include LPG trading, primarily sourcing LPG from the US and the Middle East [1][4]. - The company has experienced a notable market response, achieving four trading limit increases in the last eight trading days [1]. Group 2: Financial Performance and Challenges - The coal supply chain business has seen a decline in profitability in 2024, with a provision for bad debts amounting to 156 million yuan [4]. - The electric vehicle charging service has been consistently unprofitable, with losses of 54.37 million yuan and 13.17 million yuan reported in 2024 for its subsidiaries [6]. - Despite these challenges, the LPG business generated over 160 million yuan in revenue in 2024, with the first quarter of 2025 contributing 83.19 million yuan, indicating a positive trend in this segment [5]. Group 3: Strategic Partnerships and Market Position - The company benefits from support by its controlling shareholder in various aspects, including funding and operational resources, with the office space provided by Zhejiang Haixin [4]. - The LPG procurement strategy leverages relationships with international suppliers, facilitated by the controlling shareholder's established credibility in the market [5]. - The company anticipates a total of 510 million yuan in daily related transactions with affiliated parties in 2025, highlighting the strategic importance of these partnerships [5].