MENDALE(SZ:002397) Sou Hu Cai Jing·2025-10-26 09:43Core Viewpoint - Despite a seemingly positive third-quarter report for 2025, Mengtian Co., Ltd. faces internal dissent from board member Chen Jie, who has consistently voted against the company's financial reports since joining the board in February 2023 [1][2]. Financial Performance Summary - The company reported a third-quarter revenue of 365,564,802.55 yuan, a 9.76% increase year-on-year, but a year-to-date revenue of 1,099,412,104.96 yuan, reflecting a 7.97% decrease compared to the previous year [1]. - Net profit attributable to shareholders reached 1,102,568.85 yuan, marking a significant increase of 131.11% year-on-year, while year-to-date net profit was 26,517,550.35 yuan, up 28.69% [1]. - The net profit excluding non-recurring gains and losses was 776,707.48 yuan, up 121.75% year-on-year, with a year-to-date figure of 24,752,129.08 yuan, an increase of 105.37% [1]. - Cash flow from operating activities showed a substantial increase of 276.33%, totaling 126,672,705.73 yuan year-to-date [1]. - Basic and diluted earnings per share were both reported at 0.00 yuan for the third quarter, but increased to 0.04 yuan for the year-to-date, reflecting a 33.33% rise [1]. Internal Governance Issues - Chen Jie voted against the third-quarter report, citing concerns over the company's financial management and internal controls, particularly regarding a loan of 63.3763 million yuan to Ye Yifeng, which has not been actively pursued for repayment [2][3]. - The company received a warning from the Hunan Securities Regulatory Bureau regarding inadequate financial management and failure to recover the loan from Ye Yifeng [2][3]. - Chen Jie criticized the company's decision to fully provision for the bad debt without board approval, arguing it reflects a lack of proper financial procedures [3]. Legal and Regulatory Actions - The company has initiated legal proceedings against Ye Yifeng to recover the outstanding loan, having signed a debt confirmation and repayment arrangement agreement [4][5]. - The Quanzhou Arbitration Commission has accepted the case against Ye Yifeng, indicating ongoing legal efforts to resolve the financial dispute [5]. Financial Restructuring Plans - Mengtian Co., Ltd. plans to use 106,727,588.75 yuan from surplus reserves and 261,832,575.01 yuan from capital reserves, totaling 368,560,163.76 yuan, to cover accumulated losses [6]. - The company acknowledged that its high-end strategy has not met expectations, leading to revenue declines and significant losses in 2021 and 2022 [6]. - Following the loss compensation plan, the company's surplus reserves will be reduced to zero, and capital reserves will decrease to 404,527,971.09 yuan [6].