GLCC(SH:600234) Zheng Quan Shi Bao Wang·2025-09-09 05:21Core Viewpoint - The article highlights the long-standing failure of Kexin Development to distribute cash dividends to shareholders since its listing 25 years ago, despite regulatory encouragement for companies to adopt dividend policies. The company has faced significant financial difficulties, resulting in a cumulative net loss of nearly 800 million yuan and a history of being on the verge of delisting [2][3][12]. Financial Performance - Kexin Development has never issued cash dividends since its listing in 2000, reflecting its inability to generate distributable profits. The company has experienced over half of its years in losses, with a total net loss of approximately 800 million yuan over 25 years and a non-recurring net loss exceeding 950 million yuan [3][5]. - The company's annual net profit figures show significant fluctuations, with notable losses in many years. For instance, in 2023, the company reported a net loss of 171 million yuan, while in 2024, it managed to achieve a net profit of 40 million yuan after a substantial increase in revenue in the fourth quarter [4][9]. Stock Status and Delisting Risks - Kexin Development has spent a considerable amount of time under special treatment (ST status), with over 4,100 trading days in ST or *ST status, accounting for nearly 68% of its total trading days. The company has successfully avoided delisting seven times through various financial maneuvers [6][8][12]. - The company has undergone multiple name changes and management shifts, with the latest change in controlling shareholder occurring in 2024, which has raised questions about the sustainability of its financial recovery [8][9]. Regulatory Scrutiny - The company has faced intense scrutiny from regulatory authorities due to its erratic financial performance and stock price volatility. Regulatory bodies have issued inquiries regarding the authenticity of its financial results and the nature of its business transactions [10][12]. - Kexin Development and its responsible parties have been penalized for information disclosure violations, which have adversely affected its market reputation and misled investors [12]. Industry Context - The broader context of the renovation and decoration industry shows a decline, with the industry experiencing a nearly 20% drop in revenue and a net loss of 148 million yuan in the first half of 2024. Kexin Development's performance contrasts sharply with this trend, raising concerns about the quality of its earnings [9].