“男鞋第一股”连亏三年，第三大股东减持套现超9000万元

Core Viewpoint - Aokang International, known as the "first stock of men's shoes," is facing significant challenges, including a major shareholder's share reduction and continuous financial losses over the past three years [1][5]. Shareholder Reduction - The third-largest shareholder, Xiang Jinyu, has reduced his holdings by 2.84% of the total share capital, resulting in cash proceeds of at least 93.53 million yuan [1][4]. - As of September 12, 2025, Xiang Jinyu's shareholding has decreased to 7.14%, maintaining his position as the third-largest shareholder [2][4]. - The share price of Aokang International has seen a significant increase, nearly doubling from its low in 2024, reaching a peak of 10.26 yuan in August 2025 [2][4]. Financial Performance - Aokang International has reported losses for three consecutive years, with net losses of 374 million yuan in 2022, 93.28 million yuan in 2023, and 216 million yuan in 2024 [5][6]. - In the first half of 2025, the company recorded a revenue of 1.081 billion yuan, a year-on-year decline of 21.39%, and a net loss of 92.04 million yuan, representing a staggering year-on-year increase in loss of 364.28% [6]. - The company's gross margin has remained stable above 40%, but the net margin has consistently been negative due to high sales expenses [6]. Share Pledge Situation - The actual controller's pledged shares account for 99.08% of his direct holdings, indicating a high level of financial leverage [6][7]. - The controlling shareholder, Aokang Investment Holdings, has pledged 80.60% of its direct holdings, raising concerns about financial stability [6][7]. - Despite recent financial struggles, Aokang International has distributed over 100 million yuan in dividends in 2024, suggesting some liquidity [7].