新华锦上半年营收净利润“双降” 还因控股股东资金占用问题面临退市风险

Core Viewpoint - Xinhua Jin (600735.SH) reported a significant decline in revenue and net profit for the first half of 2025, alongside serious financial issues related to fund occupation by its controlling shareholder [1][6]. Financial Performance - The company achieved revenue of approximately 669 million yuan, a year-on-year decrease of 24.92% [1]. - Net profit attributable to shareholders was about 12.87 million yuan, down 39.45% year-on-year [1]. - The non-recurring net profit was approximately 5.31 million yuan, reflecting a 73.61% decline compared to the previous year [1]. Business Segment Performance - The export business of hair products generated revenue of 414 million yuan, a decrease of 11.29% year-on-year, attributed to increased tariffs, inflation, and rising raw material costs [2]. - The cross-border e-commerce business reported revenue of about 143 million yuan, down 28.56% year-on-year, mainly due to exchange rate fluctuations and geopolitical uncertainties [2]. - The textile and apparel export business saw revenue of 99.48 million yuan, an increase of 1.69% year-on-year [2]. Financial Mismanagement - The controlling shareholder, Xinhua Jin Group, and its affiliates occupied non-operating funds amounting to 406 million yuan, which is 33.34% of the company's latest audited net assets [6][8]. - If the company fails to recover the occupied funds within one month, it may face risk warnings on its stock [1][8]. Operational Risks - There is a risk that the subsidiary Qingdao Haizheng may not commence production on schedule due to delays in obtaining necessary qualifications and licenses [3]. - The company is pursuing legal action to recover 15.98 million yuan in performance compensation from individuals who failed to meet performance commitments [3]. Governance Issues - The Vice President of the company did not sign the written confirmation of the accuracy and completeness of the half-year report, raising concerns about governance [4]. Market Reaction - On August 26, the company's stock price increased by 3.11%, with a trading volume of 209 million yuan [9].