Core Viewpoint - Zhang Xiaoqin, known as the "first stock of knives and scissors," is facing a crisis with its control at risk, while shareholders Wan Zhimei and Jin Yan have successfully exited by cashing out their shares [1][5]. Group 1: Shareholder Actions - Jin Yan plans to reduce her holdings by up to 540,100 shares, representing 0.36% of the company's total share capital, due to personal financial needs [2]. - Since last year, Jin Yan has repeatedly reduced her stake, with total cashing out exceeding 60 million yuan from May 2024 to January 2025 [2]. - Wan Zhimei sold off her shares shortly after the lock-up period ended, cashing out over 18 million yuan [3]. Group 2: Company Performance and Crisis - Zhang Xiaoqin faced a significant brand trust crisis in September 2022, leading to a 47.28% year-on-year drop in net profit to 41.51 million yuan [5]. - The company's net profit continued to decline in 2023 and 2024, with figures of 25.21 million yuan and 25.04 million yuan, representing decreases of 39.48% and 0.30% respectively [5]. - In Q1 2025, the company reported a net profit of 12.99 million yuan, a year-on-year increase of 69.49%, indicating a potential recovery [5]. Group 3: Control and Governance Issues - The control of Zhang Xiaoqin is precarious, with the major shareholder Zhang Xiaoqin Group facing significant debt issues, including overdue loans exceeding 5.2 billion yuan [6][8]. - As of August 11, 2023, 28.23% of the shares held by Zhang Xiaoqin Group were judicially frozen, with a total of 134 million shares frozen [8]. - Rabbit Jump Chengxiang acquired 18.43% of Zhang Xiaoqin's shares through judicial auction, becoming the second-largest shareholder, and is actively seeking to influence company governance [8][9].
金氏母女清仓离场，张小泉资本局曲终人散