GLAVI(SZ:300900) Mei Ri Jing Ji Xin Wen·2025-07-22 16:53Core Viewpoint - Guanglian Aviation's chairman Wang Zengduo is under investigation, but the company's operations remain normal and stable [1][4]. Group 1: Company Background - Wang Zengduo, aged 62, has a strong background in the aviation industry, having founded Harbin Guanglian Electronic Co., Ltd. in 1996, which is the precursor to Guanglian Aviation [4][5]. - Under Wang's leadership, Guanglian Aviation has established 16 subsidiaries across various cities, creating a collaborative industrial layout from research and development to manufacturing [5]. Group 2: Recent Transactions - In February 2023, Guanglian Aviation announced a cash acquisition of a 40% stake in Xi'an Guanglian for approximately 201 million yuan, which was a related party transaction [6][8]. - The acquisition raised concerns as Xi'an Guanglian reported significant losses, with a net loss of 48.61 million yuan in 2023 and 9.44 million yuan in the first 11 months of 2024 [8][11]. Group 3: Financial Performance - Guanglian Aviation's total assets increased from 61.83 billion yuan in 2023 to 66.10 billion yuan in 2024, while total liabilities rose from 28.36 billion yuan to 33.55 billion yuan [7]. - The company's revenue grew by 11.5% in 2023 and 41.64% in 2024, but the net profit attributable to shareholders decreased by 30.28% in 2023 and turned negative in 2024 [10][11]. - The company's debt ratio has significantly increased, reaching 71.17% by the first quarter of 2025, up from 10% at the time of its IPO [8][10].