广东明珠业绩承诺危局：4.47亿补偿缺口高悬，质押八成股权如何填坑？

Core Viewpoint - Guangdong Mingzhu faces significant financial distress due to poor performance of its subsidiary Mingzhu Mining, which has only achieved a 64.43% completion rate of its profit commitments over the past three years, with a projected completion rate of just 28.6% for 2024, resulting in a compensation gap of approximately 450 million yuan [2][3][8]. Performance Commitments - The Shanghai Stock Exchange has raised concerns regarding the company's performance commitments, highlighting that Mingzhu Mining's net profit completion rate from 2022 to 2024 is alarmingly low, with only 28.6% of the commitment met in 2024 [3][9]. - The company attributes the poor performance to a decline in iron concentrate production and sales, as well as falling prices for sand and gravel [4][6]. Financial Data - For 2024, Mingzhu Mining's iron concentrate production dropped by 42.21% to 495,100 tons, while sales fell by 45.20% to 487,200 tons, leading to a revenue decrease of 47.10% to approximately 340.77 million yuan [5]. - The sand and gravel business saw a revenue increase of 132.08% in 2024, but this was based on a low base from 2023 when operations were largely halted [5][6]. Compensation Agreement - According to the performance compensation agreement, Mingzhu Mining is required to achieve a cumulative net profit of approximately 1.677 billion yuan from 2022 to 2025, but as of the end of 2024, the compensation gap has reached 447 million yuan [8][10]. - The company has set aside only 14.7 million yuan for compensation, which is insufficient compared to the 447 million yuan gap [10]. Historical Governance Issues - The company has a history of governance issues, including a significant financial scandal in 2021 where the actual controller Zhang Jian concealed over 4 billion yuan in systematic fund occupation, leading to severe penalties and a loss of credibility [12][14]. - The current performance crisis is seen as a resurgence of past governance failures, raising concerns about the company's ability to manage its financial obligations and maintain investor confidence [12][17].