YMCC(SH:600691) Zhong Guo Jing Ying Bao·2025-06-26 05:40Core Viewpoint - Yangmei Chemical (600691.SH) and its former controlling shareholder Huayang New Materials Technology Group have been investigated by the China Securities Regulatory Commission (CSRC) for failing to disclose non-operating fund transactions as required [2][3] Group 1: Investigation and Company Response - On June 25, both Yangmei Chemical and Huayang New Materials received a notice of investigation from the CSRC due to suspected non-disclosure of non-operating fund transactions [2] - Yangmei Chemical stated that it will actively cooperate with the CSRC during the investigation and will adhere to relevant laws and regulations regarding information disclosure [3] - A representative from Yangmei Chemical confirmed that the involved funds have been fully returned and that the company's production and business activities are normal [3] Group 2: Company Performance and Financial Data - Yangmei Chemical has experienced poor financial performance in recent years, with a revenue of 17.036 billion yuan in 2022, a year-on-year decrease of 9.08%, and a net profit of 70.07 million yuan, down 83.80% [4] - In 2023, the company's revenue further declined to 13.621 billion yuan, a 20.05% decrease, resulting in a net loss of 1.366 billion yuan compared to a profit of 70.07 million yuan in the previous year [4] - The decline in performance was attributed to a deteriorating market environment, leading to significant price drops in key products such as PVC, caustic soda, and phosphorus trichloride, along with substantial asset impairments from subsidiary operations [4] - In 2024, Yangmei Chemical reported revenue of 10.895 billion yuan, a 20.01% decrease, and a net loss of 681 million yuan, although the loss narrowed by 50.15% year-on-year [4] - The company has implemented strategic adjustments focusing on core operations, technology upgrades, production optimization, cost reduction, and debt restructuring to mitigate losses [4] Group 3: Recent Quarterly Performance - In the first quarter of 2025, Yangmei Chemical's revenue was 2.34 billion yuan, down 15.11% from 2.757 billion yuan in the same period last year [6] - The net loss for the first quarter of 2025 was 140 million yuan, representing a year-on-year increase in losses of 273.54% [6] - The decline in revenue and profit was primarily due to falling prices in the chemical product market [6]