控股股东遭证监会立案，华阳股份业绩连降跨界新能源成效待考

Core Viewpoint - Huayang Co., Ltd. (600348.SH) is facing operational challenges, including a decline in performance and regulatory scrutiny, while exploring opportunities in the renewable energy sector [2][3][4]. Group 1: Regulatory Issues - The controlling shareholder of Huayang Co., Ltd., Huayang New Materials Technology Group, received a notice from the China Securities Regulatory Commission regarding an investigation for fund misappropriation involving Yangmei Chemical [2]. - Huayang Co. emphasized that this matter does not involve the company directly and will not affect its normal operations [2]. Group 2: Performance Decline - Huayang Co. has experienced a continuous decline in performance, with revenues dropping from 350.5 billion yuan in 2022 to 250.6 billion yuan in 2024, and net profit decreasing from 73.62 billion yuan to 20.98 billion yuan during the same period [3][4]. - The decline in performance is attributed to limited production capacity and pressure on coal prices, with a reported 16.42% decrease in production in 2024 [4][6]. Group 3: Coal Resource and Market Position - The company primarily engages in coal mining, with a focus on high-quality anthracite coal, which accounts for approximately 90% of its revenue [3]. - Huayang Co. holds 11 coal mining areas, with a total recoverable reserve of 257.3 million tons, including eight anthracite mines [3]. Group 4: Renewable Energy Ventures - Since 2021, Huayang Co. has been diversifying into renewable energy sectors, including solar power and energy storage technologies, although these ventures are still in the exploratory phase [7][9]. - The company has invested in projects related to sodium-ion batteries and flywheel energy storage, aiming to establish a comprehensive supply chain in the sodium battery sector [8][9]. - Despite these efforts, the renewable energy business has not yet been separately reported in the company's financials, indicating that it is still in the early stages of development [9].