Mei Ri Jing Ji Xin Wen·2025-08-31 11:31Core Viewpoint - The control struggle over *ST New潮 (600777.SH) continues despite the recent board restructuring, with significant operational and legal challenges ahead for the new management team [1][2][7] Financial Performance - In the first half of 2025, *ST New潮 reported revenue of 3.973 billion yuan, a year-on-year decline of 8.85%, and a net profit attributable to shareholders of 959 million yuan, down 18.22% year-on-year [1][2] Control Transfer Issues - The new management faced significant resistance during the transition, with no cooperation from the previous executives during the handover of the Beijing office [2][8] - The control dispute has escalated to litigation over the company's core U.S. assets, with three lawsuits currently in progress [2][9] Shareholder Meeting and Board Restructuring - A temporary shareholders' meeting was held where the new board was elected with 81.49% of voting rights in favor, marking a significant shift in control to the 伊泰 B股 group [5][4] - The newly elected board members include Zhang Junyu, Liu Chunlin, Zhang Jingquan, and Lian Tao, who are expected to address shareholder concerns and improve governance [5][4] Legal Challenges - The ongoing litigation includes a case initiated by 伊泰 to secure the company's U.S. assets and ensure the new management can access critical financial documents [9][10] - A "status quo order" from a Delaware court mandates that the U.S. subsidiary must operate normally and comply with the new board's requests for financial reporting [10] Risk of Delisting - The company faces a delisting risk due to an "unable to express opinion" audit report for the 2024 fiscal year, which could lead to termination of listing if the 2025 audit does not improve [10]