RONG FENG HOLDING(SZ:000668) Mei Ri Jing Ji Xin Wen·2025-10-27 06:02Core Viewpoint - The sudden disappearance of independent director Liu Changkun from *ST Rongkong raises concerns about the company's governance and operational continuity, especially as it seeks to finalize its third-quarter financial report [1][3][4]. Company Governance - *ST Rongkong announced on October 26 that it has been unable to contact independent director Liu Changkun through various means, including phone and WeChat, since the notice of the board meeting was sent on October 14 [1][4]. - Liu Changkun, aged 67, has been serving as an independent director since April 23, 2020, and his current term is set to end on December 20, 2026 [3][5]. - The company stated that it will closely monitor the situation and may consider measures such as appointing a new independent director to ensure proper board operations [6][3]. Financial Performance - In the third quarter of 2025, *ST Rongkong reported a significant increase in revenue, achieving 67.91 million yuan, a 249.21% increase year-on-year [7][8]. - For the first nine months of 2025, the company reported cumulative revenue of approximately 185 million yuan, reflecting a year-on-year growth of 377.55% [8][10]. - Despite the revenue growth, the company still reported a net loss attributable to shareholders of 2.39 million yuan in the third quarter, although this was an 85.75% reduction compared to the previous year [10][11]. Cash Flow and Financial Health - The company's cash flow situation remains tight, with a net cash flow from operating activities of -18.70 million yuan for the first nine months of 2025, indicating significant cash consumption in the third quarter [12][10]. - As of September 30, 2025, the company's cash balance had dwindled to 994.13 million yuan, down from 5.38 million yuan at the beginning of the year [12][10].