BCC(SZ:002455) Jing Ji Guan Cha Wang·2025-07-04 08:56Core Viewpoint - The chairman and actual controller of Baichuan Co., Zheng Tiejiang, is under investigation and has been placed under detention, raising concerns about the company's governance and potential impacts on its operations [1][2]. Group 1: Company Governance - Zheng Tiejiang, the founder of Baichuan Co., holds 14.19% of the company's shares, making him the largest shareholder [1]. - Despite the investigation, other board members and management are functioning normally, and the company's control has not changed [2]. - Zheng Tiejiang hosted a shareholder meeting just a week before the announcement of his investigation [2]. Group 2: Shareholding and Pledge Status - Zheng Tiejiang and his wife, Wang Yajuan, collectively hold 15.54% of the company's shares, with Wang holding 1.35% [2]. - As of June 30, 2025, 39.42% of the shares held by the controlling shareholder and their concerted parties are pledged [2]. - Zheng Tiejiang has pledged 36.4 million shares, representing 6.12% of the total share capital and 43.16% of his holdings [2][3]. Group 3: Financial Performance - Baichuan Co. has experienced significant fluctuations in financial performance, with net profit dropping from 226 million yuan in 2021 to a loss of 466 million yuan in 2023 [4]. - In 2024, the company returned to profitability with a revenue of 5.556 billion yuan, a year-on-year increase of 35.1%, and a net profit of 109 million yuan, up 123.31% [4]. - The improvement in 2024 was attributed to a recovery in the chemical sector, with rising prices for key chemical products and increased capacity from the Ningxia base project [4]. - In the first quarter of 2025, Baichuan Co. continued its growth trend, achieving a revenue of 1.45 billion yuan, a year-on-year increase of 23.07%, and a net profit of 42 million yuan, up 17.88% [4].