Aokanginternational(SH:603001) Chang Jiang Shang Bao·2025-07-06 22:33Core Viewpoint - The return of Wang Zhentao as chairman and president of Aokang International is seen as a dual measure for "rescue" and "breakthrough" amid the company's ongoing operational difficulties, with significant challenges ahead [1][8]. Company Performance - Aokang International has faced continuous losses in its main business from 2019 to 2024, with a cumulative net profit loss of 899 million yuan [1][6]. - The company's net profit and non-recurring net profit continued to decline in the first quarter of 2025, with losses of 44 million yuan and 48 million yuan, respectively [6]. Governance and Internal Control - Wang Zhentao resigned as chairman in December 2024 due to penalties for unauthorized fund usage and delayed disclosures, indicating a need for governance reconstruction [2][7]. - As of June 26, 2025, Wang's share pledge ratio for Aokang International was 99.08%, with 60 million shares pledged out of 60.56 million shares held [7][8]. Industry Context - The footwear industry is contracting, with China's shoe production declining from 4.618 billion pairs in 2016 to 3.524 billion pairs in 2021, and projections suggest a further reduction to 1.7 billion pairs by 2026 [8]. - Aokang International has attempted various strategies to innovate and revitalize its product offerings, including launching a new line of sports shoes and collaborations with brands like Marvel, but these efforts have yielded limited financial success [8].