Aokanginternational(SH:603001) Mei Ri Jing Ji Xin Wen·2025-09-16 13:21Core Viewpoint - Aokang International, known as the "first stock of men's shoes," is facing significant financial challenges, including continuous losses over the past three years and high share pledges by its major shareholders [1][4][6]. Shareholder Reduction - Aokang International's third-largest shareholder, Xiang Jinyu, has reduced his holdings by 11.39 million shares, accounting for 2.84% of the company's total share capital, resulting in a cash-out of at least 93.53 million yuan [1][2][3]. - Following the reduction, Xiang Jinyu's shareholding has decreased to 7.14%, still making him the third-largest shareholder [2]. - The stock price of Aokang International has seen a significant increase, nearly doubling from its 2024 low, reaching a recent high of 10.26 yuan [2][3]. Financial Performance - Aokang International has reported losses for three consecutive years, with net profits of -374 million yuan in 2022, -93.28 million yuan in 2023, and -216 million yuan in 2024 [4]. - 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, which is an increase in losses by 364.28% compared to the previous year [4]. - Despite stable gross margins above 40%, the company has been unable to achieve profitability due to high sales expenses and adverse market conditions [4]. Share Pledge Situation - The controlling shareholder, Aokang Investment, holds 27.73% of the shares, while the actual controller, Wang Zhentao, has a combined direct and indirect holding of 40.06% [5][6]. - Aokang Investment has pledged 80.60% of its directly held shares, while Wang Zhentao has pledged 99.08% of his directly held shares [6]. - The company has announced that the controlling shareholder has sufficient repayment capabilities, primarily from operational income and dividends [6].