9张罚单、一场大火，净利润两连跌 90后女性掌舵人能否带领申兰华成功闯关北交所？

Core Viewpoint - Anhui Shenlan Huase Materials Co., Ltd. has recently had its application for listing on the Beijing Stock Exchange accepted, amidst significant changes in its controlling shareholders and actual controllers over the past decade, with the current leader being the "post-90s" female Zhang Junyao [1][6]. Shareholder Structure Changes - The company has undergone multiple changes in its controlling shareholders and actual controllers since its establishment in 2003, initially being controlled by Yabang Group and later transitioning to Jiangsu Renxin and then to Anhui Jinghong [2][3][4]. - Zhang Junyao became the actual controller after the death of her father, Zhang Hua, in October 2021, but faces challenges in asserting control due to the significant shareholding of the second-largest shareholder [1][6]. Financial Performance and Challenges - Shenlan Huase operates in a heavily polluting industry and has faced multiple administrative penalties, including nine during the reporting period, which have negatively impacted its financial performance [1][8]. - The company's revenue and net profit have declined in 2023 and 2024, with net profit dropping by 26.56% in 2024 compared to the previous year [8][12]. - The company reported total revenues of 717 million yuan in 2022, 720 million yuan in 2023, and a projected 652 million yuan in 2024, with net profits of 72.9 million yuan, 72.15 million yuan, and 52.99 million yuan respectively [8][10]. Debt and Dividend Distribution - As of mid-2025, the company's debt levels are concerning, with an asset-liability ratio of 53.66%, significantly higher than the industry average [15][16]. - Despite financial constraints, the company declared a dividend of 30 million yuan in 2023, continuing a trend of substantial dividend payouts since 2022, totaling over 100 million yuan [14][15][16].