HIKING(SH:600735) Xin Lang Zheng Quan·2025-09-26 10:04Core Viewpoint - The company Xinhua Jin is facing significant financial issues due to the non-repayment of over 400 million yuan by its controlling shareholder, raising concerns about potential delisting risks [1][2]. Financial Issues - As of September 23, the controlling shareholder has not returned 406 million yuan, which is classified as non-operational fund occupation [2]. - The company has been warned that if the funds are not recovered within a month, it may face risk warnings and potential delisting [2]. - The company reported a revenue of 669 million yuan for the first half of 2025, a year-on-year decrease of 24.92%, and a net profit of 13 million yuan, down 39.45% year-on-year [9]. Shareholder and Debt Situation - The controlling shareholder, Shandong Lujin Import and Export Group, has all of its shares pledged, with a reference price of 6.74 yuan per share, while the current stock price is around 5.6 yuan [3]. - The controlling shareholder's shares have been judicially frozen due to a loan dispute involving 75 million yuan with Shandong Hengsheng Private Fund Management [5]. Recovery Measures - The company has signed a debt repayment agreement with Qingdao Beer Co., which involves a 665 million yuan equity transfer agreement, providing the company with priority rights to recover the receivables [6]. Financial Reporting Concerns - The company has faced regulatory scrutiny for its financial reporting, with issues identified in revenue recognition and accounting practices, leading to concerns about the reliability of its financial statements [8][9]. - The financial director has not guaranteed the authenticity of the half-year report, indicating potential issues with financial transparency [9].