BCC(SZ:002455) Chang Jiang Shang Bao·2025-07-21 23:04Core Viewpoint - Baichuan Co., Ltd. is experiencing a period of medium to high-speed development, with its actual controller and chairman Zheng Tiejiang recently returning to work after a brief investigation period [2][3]. Group 1: Company Leadership and Governance - Zheng Tiejiang was investigated and placed under detention on July 2, but returned to his position on July 20, indicating a swift resolution [2][3]. - The specific reasons for Zheng's investigation were not disclosed, but similar cases often relate to bribery or misconduct [3]. - Zheng Tiejiang and his wife Wang Yajuan hold a significant share of the company, with a pledge rate of 39.42%, and Zheng's individual pledge rate is 43.16% [2][10]. Group 2: Financial Performance - Baichuan's financial performance showed a decline in 2022 and 2023, with revenues of 4.131 billion and 4.112 billion respectively, marking decreases of 3.60% and 0.45% year-on-year [8]. - The net profit for 2022 was 136 million, which turned into a loss of 466 million in 2023, representing a decline of 39.81% and 443.20% respectively [8]. - In 2024, Baichuan reported a revenue of 5.556 billion, a 35.10% increase, and a net profit of 109 million, up 123.31% [8]. - For Q1 2025, the company achieved a revenue of 1.450 billion, a 23.07% increase, and a net profit of 42.22 million, up 17.88% [9]. Group 3: Financial Health and Debt Levels - The company's asset-liability ratio has been on the rise, reaching 80.22% by the end of 2024 and 81.32% in Q1 2025, marking historical highs [10]. - As of the end of 2024, Baichuan's audited net assets were 2.307 billion, with a loan balance of 7.205 billion [10]. - The company has indicated that the new borrowings are necessary for operational needs and are within the scope of normal business activities [10][11].