三季报净利大增，却被董事泼冷水：财报无法“保真”，投反对票！A股家纺龙头，究竟怎么了？

Core Viewpoint - Dream Jie's third-quarter report for 2025 shows a decline in revenue but an increase in net profit, raising concerns about financial accuracy and compliance due to ongoing regulatory issues [1][4]. Financial Performance - For the first three quarters of 2025, the company reported revenue of approximately 1.099 billion yuan, a year-on-year decrease of 7.97% [1]. - The net profit attributable to shareholders was approximately 26.52 million yuan, reflecting a year-on-year increase of 28.69% [1]. Regulatory Issues - Prior to the third-quarter report, the company was subjected to corrective supervision measures by the Hunan Securities Regulatory Bureau due to two major violations [2]. - The violations included issues with revenue and cost recognition across periods, as well as improper handling of employee compensation and social security [4]. Board Concerns - Director Chen Jie voted against the third-quarter report, citing concerns over the report's accuracy and the failure to address regulatory violations [1][4]. - Chen highlighted that the financial data presented in the report lacked credibility and contained misleading statements due to unaddressed violations [4][6]. Financial Management Issues - The company has been involved in financial transactions with its subsidiary, Fujian Dafa Sleep Technology Co., Ltd., including a loan of 66.02 million yuan to an individual named Ye Yifeng, which has not been recovered [4][8]. - The company has previously recognized this loan as a bad debt, indicating poor financial management and internal controls [4][8]. Ownership Structure - As of August 13, 2025, Dream Jie has entered a state of having no controlling shareholder or actual controller due to changes in voting rights agreements [8]. - The company’s market capitalization was reported at approximately 2.976 billion yuan, with a closing price of 3.98 yuan per share on October 24, 2025 [8].