Hongda New Material(SZ:002211) Mei Ri Jing Ji Xin Wen·2025-09-25 08:47Core Viewpoint - The recent personnel changes at ST Hongda involve a "role swap" between the chairman and the general manager, which aims to address the company's previous issues related to being listed as a "dishonest executor" due to legal disputes and financial misconduct [1][2]. Group 1: Personnel Changes - The chairman Huang Jun has been appointed as the general manager, while the former general manager Xu Guoxing has taken over as chairman and legal representative of the company [1]. - This change allows the company to move away from the embarrassment of having a "dishonest executor" as its legal representative [1]. Group 2: Legal and Financial Issues - The company was listed as a "dishonest executor" in May 2023 due to unpaid debts related to a court case involving Shanghai Aoying Investment Management Co., which demanded repayment of 42.22 million yuan [2]. - In March 2023, the company received a court order to pay 8.485 million yuan to the applicant, Aoying Investment, as part of the ongoing legal disputes [3]. - The company is facing further legal actions, including the auction of its equity in Dongguan New Oriental Technology Co., valued at 12 million yuan [4]. Group 3: Financial Performance - ST Hongda has experienced continuous losses for two and a half years, attributed to previous financial misconduct and legal issues [6][7]. - In the first half of 2025, the company reported revenue of 211 million yuan, marking an increase of 87.39% year-on-year, although it still recorded a net loss of 9.2972 million yuan, which is a 37.10% reduction in losses compared to the previous year [8]. - The revenue growth is primarily due to the expansion of new business in the East China market [9].