黑芝麻再收警示函：资金占用、违规担保 业绩波动难掩治理问题

Core Insights - Black Sesame (000716.SZ) has come under regulatory scrutiny due to issues related to non-operational fund occupation by controlling shareholders and related parties, improper external guarantees, and governance irregularities [2] - The company’s financial performance has been inconsistent, with revenue declining from 4.476 billion to 2.465 billion from 2019 to 2024, and net profit showing significant volatility [2][3] Regulatory Concerns - The Guangxi Securities Regulatory Bureau issued a warning letter to Black Sesame, highlighting the occupation of company funds by controlling shareholders and related parties, as well as delayed disclosures regarding a 65.53 million yuan external guarantee [2] - Previous disciplinary actions were taken by the Shenzhen Stock Exchange in April for the same guarantee issue, raising concerns about the company's governance capabilities [2] Financial Performance - Black Sesame's revenue has seen a decline, with only a slight increase in 2021, while net profit has fluctuated significantly, including a major loss in 2021 and a return to losses in Q1 2025 [2][3] - The company reported a non-recurring net profit loss of 1.38 million yuan in Q1 2025, indicating ongoing financial struggles [2] Business Strategy and Market Position - The core traditional product sales have been declining, with combined sales of its drink products dropping to 5.2986 million units, nearly halving from peak levels [3] - Attempts to diversify into younger product lines and various sectors, including logistics and energy storage, have largely failed, with the energy storage project becoming a significant source of fund occupation issues [3] Market Reaction - Despite the company's announcement to "seriously rectify" its issues, the market has reacted negatively, with the stock price continuing to decline throughout the year [3] - Investor concerns persist regarding the company's ability to fundamentally improve its governance structure and refocus on its core business [3]