YMCC(SH:600691) Guo Ji Jin Rong Bao·2025-06-26 12:14Core Viewpoint - Yangmei Chemical Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose non-operating fund transactions as required by regulations, following fund occupation by its former controlling shareholder, Huayang Group [1][3][4] Group 1: Company Investigation and Changes - The CSRC has issued a notice of investigation against Yangmei Chemical due to the failure to disclose non-operating fund transactions, which stemmed from Huayang Group's occupation of the company's funds [3][4] - Yangmei Chemical announced a proposed name change to Shanxi Luan Chemical Technology Co., Ltd. (stock abbreviation "Luhua Technology") and plans to increase its stake in Yangmei Chemical by 0.09% [1][3] - The change of controlling shareholder from Huayang Group to Luan Chemical Company has been completed, with Luan Chemical now holding 24.19% of Yangmei Chemical's shares [4][5] Group 2: Financial Performance - Yangmei Chemical's revenue from 2022 to 2024 was 17.036 billion, 13.621 billion, and 10.895 billion yuan, reflecting year-on-year declines of 9.08%, 20.05%, and 20.01% respectively [7] - The net profit attributable to shareholders for the same period was 70 million, -1.366 billion, and -681 million yuan, indicating consecutive losses in 2023 and 2024 totaling 2.047 billion yuan [7] - In Q1 of the current year, Yangmei Chemical reported revenue of 2.34 billion yuan, a year-on-year decrease of 15.11%, and a net loss of 140 million yuan, marking a significant increase in losses [8] Group 3: Industry Context - The chemical industry is currently facing low demand and price volatility, leading to significant pressure on Yangmei Chemical's operating performance [6][8] - The average ex-factory price of urea, one of the company's main products, has decreased by 14.6% year-on-year, contributing to the challenges faced by the company [8] - The entry of the new controlling shareholder is seen as a potential catalyst for accelerating the company's industrial transformation [5]