NANCAL(SH:603859) Xin Lang Zheng Quan·2025-10-11 11:03Core Viewpoint - The capital operations of Nengke Technology reveal a contradictory situation where the company is actively raising funds while major shareholders are quietly reducing their stakes and cashing out [1][2]. Group 1: Capital Raising and Shareholder Actions - Nengke Technology announced a plan to raise no more than 1 billion yuan through a private placement, marking the third equity financing since its listing in 2016 [1]. - The actual controller, Zhao Lan, has committed to subscribe for 30 million yuan of the new shares [1]. - Since 2019, major shareholders have conducted multiple rounds of significant share reductions, with the former actual controller, Yu Shengtang, cashing out approximately 220 million yuan through four reductions [1]. Group 2: Financial Performance - In 2024, the company reported revenue of 1.51 billion yuan, a year-on-year increase of 7.47%, but the net profit attributable to shareholders decreased by 15.17% to 192 million yuan [1]. - The decline in net profit excluding non-recurring items was even more concerning, with a drop of 22.10% [1]. - In the first half of 2025, the company achieved slight growth in both revenue and net profit [1]. Group 3: Regulatory and Financial Issues - Since its IPO in 2016, the company has raised over 1.5 billion yuan through various financing methods, significantly exceeding the 79.65 million yuan in cash dividends during the same period [2]. - In December 2024, the company was ordered by the Beijing Regulatory Bureau of the CSRC to rectify issues related to revenue recognition and inaccurate accounting of R&D expenses, exposing deficiencies in financial internal controls [2]. - The ability of the current private placement to pass regulatory scrutiny is now in doubt due to these financial issues [2].