九牧王跨界投资与实控人体外公司交织 清仓式分红背后林聪颖家族最受益

Core Viewpoint - The investment business of Jomoo King, exceeding 2 billion, appears to be intertwined with the actual controller and his daughter's external companies, raising concerns about potential profit transfer risks and the safety of the company's funds [1] Group 1: Company Overview - Jomoo King's main business is the production and sale of men's pants and business casual clothing, with men's pants accounting for about half of its revenue [1] - The company has maintained the largest market share in the domestic men's pants market for 25 consecutive years [1] Group 2: Financial Performance - In 2024, Jomoo King's revenue was 3.181 billion, a year-on-year increase of 4.13%, while the net profit attributable to the parent company was 176 million, a decrease of 7.86% [13] - The company has experienced a significant increase in sales expenses, which rose by 24.2% to 1.39 billion in 2024, outpacing revenue growth [13] - The company’s cash dividend payout ratio has been exceptionally high, reaching 163.94% at its peak, indicating that it has distributed more than its annual profits [7] Group 3: Investment Business - As of the end of 2024, the company held various financial assets, including bonds, deposits, stocks, and private equity investments, with a total balance of 12.77 billion in other assets [3] - The company’s investment activities are closely linked to its actual controller and related parties, raising regulatory concerns about fund safety [4] - The company has faced continuous losses in fair value changes related to its investment business, with losses of 1.69 billion, 1.16 billion, and 585.6 million from 2022 to 2024, respectively [17] Group 4: Governance and Control - The actual controller of Jomoo King, Lin Congying, controls 53.73% of the company's shares through Jomoo International Investment [4] - The company has been required by regulators to disclose detailed information regarding its private equity investments and their relationship with the controlling shareholder [10]