sailing(SZ:300588) Xin Lang Zheng Quan·2025-08-20 10:40Core Viewpoint - The investigation of the controlling shareholder and general manager, Yue Yamei, by the Alashankou Municipal Supervisory Committee has raised significant concerns regarding corporate governance and the legitimacy of recent share transfer transactions [1][2]. Group 1: Governance Crisis - The investigation into Yue Yamei, who has been a key figure in the company since 1999 and has held the position of general manager since 2011, highlights deep-rooted governance issues within the company [2]. - The recent announcement of a share transfer of 25.06% to Shanghai Shengxun for 720 million yuan just days before the investigation raises questions about the legality and potential regulatory scrutiny of the transaction [2]. - Following the announcement of the investigation, the company's stock price plummeted by 18%, resulting in a market value loss of nearly 800 million yuan, indicating investor skepticism about the company's governance and risk management capabilities [2]. Group 2: Financial Performance - The company has reported continuous losses over the past five years, with a cumulative deficit exceeding 340 million yuan, and a 50.8% year-on-year increase in losses for 2024, amounting to 60.55 million yuan [3]. - In the first quarter of 2025, the company recorded a loss of 15.01 million yuan, further worsening its financial situation [3]. - The company's cash flow situation is alarming, with a net cash flow from operating activities dropping by 178.39% to -24.65 million yuan in 2024, and accounts receivable reaching 193 million yuan, which is 118.6% of its revenue, posing a high risk of bad debts [3].