Core Viewpoint - Tianye Co., Ltd. is embroiled in a financial fraud scandal involving inflated revenues, manipulated costs, and misrepresented asset values, leading to significant financial restatements and potential delisting risks [1][2][3] Financial Performance - In 2024, Tianye's total profit was revised down from 34.08 million to 14.21 million, a decrease of approximately 58.3%, while net profit attributable to shareholders fell by 66.2% from 28.59 million to 9.65 million [2] - Revenue increased slightly by 7.3% compared to 2023, but net profit saw a dramatic decline of 71.5%, marking the lowest point since 2012 [2] - The company's revenue from core juice products accounted for 74.3% and 90.9% of total revenue in 2023 and 2024, respectively, but faced significant price pressures and declining margins [4][5] Client Dependency and Market Challenges - Major clients in the new-style tea beverage sector, such as Nayuki Tea and Tea Baidao, accounted for 82.9% of procurement, contributing significantly to revenue [2] - The competitive landscape has intensified, with major clients experiencing substantial losses, leading to reduced orders from Tianye [3][4] - The average price of mango juice dropped from 10,200 CNY/ton to 8,800 CNY/ton, while unit costs increased by 2%, resulting in a significant decline in gross margins [4][5] Governance and Investment Issues - Tianye established a private equity fund with Fangfu Venture Capital, but the fund's investment progress has raised concerns, with no direct project investments reported [6][7] - The fund's intended investment projects have been delayed, and there are questions regarding the legitimacy of certain transactions, including a questionable acquisition of shares in an unrelated biotech company [8][9] - Tianye has urged Fangfu to fulfill its capital contribution obligations by August 31, 2025, or risk exiting the fund [9]
田野股份自曝财务造假背后：新式茶饮红利消退业绩“断崖” 私募基金陷关联交易接盘疑云