GLCC(SH:600234) Zheng Quan Shi Bao Wang·2025-09-09 05:20Core Viewpoint - The company Kexin Development has not distributed any cash dividends since its listing 25 years ago, despite regulatory encouragement for listed companies to implement cash dividend policies. This lack of dividends is attributed to the company's long-term financial struggles and significant accumulated losses [1][2][9]. Financial Performance - Kexin Development has recorded a cumulative net loss of nearly 800 million yuan over 25 years, with a non-recurring net profit loss exceeding 950 million yuan [2]. - The company has experienced a high frequency of financial losses, with more than half of its years since listing resulting in losses [2]. - The company's net profit figures have fluctuated significantly, with instances of both profit and loss, but overall, the long-term trend has been negative [3][6]. Stock Market Status - Kexin Development has spent approximately 68% of its trading days under ST (Special Treatment) or *ST status, indicating financial distress [4]. - The company has successfully avoided delisting seven times through various financial maneuvers, including debt restructuring and asset disposal [4][6]. Regulatory Scrutiny - The company has faced multiple regulatory inquiries due to significant fluctuations in its financial performance and stock price, raising concerns about the authenticity of its reported earnings [8][9]. - Kexin Development and its responsible parties have been penalized for information disclosure violations, which have damaged its market reputation [9]. Industry Context - The overall performance of the decoration and renovation industry has been declining, with a reported revenue drop of nearly 20% in the first half of the year, contrasting with Kexin Development's reported revenue growth [7].