Core Viewpoint - The profitability of Zhonglan Environmental Protection (300854.SZ) has been declining, and the actual controller has recently reduced his holdings, raising concerns about the company's financial health and future project timelines [1][2][5]. Financial Performance - Zhonglan Environmental Protection has experienced a continuous decline in net profit for three and a half years, with net profits of 281.2 million, 205.0 million, and 130.9 million respectively from 2022 to 2024, showing year-on-year decreases of 72.37%, 27.10%, and 36.12% [9][10]. - The company's revenue for the same years was 723 million, 836 million, and 646 million, reflecting a year-on-year growth of 3.43%, 15.65%, and a decline of 22.75% [9][10]. - In the first half of 2025, Zhonglan reported revenue of 291 million, a decrease of 3.68%, and a net profit of 5.6 million, down 55.05% [9]. Shareholder Activity - The actual controller, Kong Xiongjun, reduced his holdings by 2.9995 million shares, cashing out approximately 51.72 million [1][5]. - Other shareholders, including Liu Qingsong, have also been reducing their stakes, with Liu cashing out 24.73 million from a reduction of 1.41 million shares [6][7]. - The total shareholding of the controlling shareholders decreased from 36.10% to 35.59% following these transactions [4]. Project Progress - A significant fundraising project initiated during the company's IPO in September 2021, aimed to be completed by October 31, 2025, is currently only 38.92% complete as of the first half of 2025 [2][10]. - The company is expected to announce a delay in the completion timeline for this project due to market conditions and underperformance [11]. Corporate Governance - The company has announced a change in its legal representative from Ge Fang to Wang Guangqing, who has a background in both corporate and governmental roles [7][8]. Social Responsibility - Despite financial challenges, Zhonglan Environmental Protection is committed to social responsibility, recently announcing a donation of 2 million RMB to the Shenzhen Beautiful City Public Welfare Foundation for community development projects [12].
中兰环保投5275万募资项目或延期 净利连降三年半孔熊君套现5172万