梦洁股份的“账本”危机：董事为何不认自家财报？

Core Viewpoint - Despite a reported increase in net profit, Mengjie Co., Ltd. is facing deeper crises related to internal governance and financial compliance issues, as highlighted by a dissenting board member's statement questioning the authenticity of the financial report [1][2]. Financial Performance - For Q3 2025, Mengjie reported revenue of 1.099 billion yuan, a year-on-year decrease of 7.97%, while net profit attributable to shareholders was 26.5176 million yuan, an increase of 28.69% [1][6]. - The company's revenue for the first three quarters of this year reached 1.099 billion yuan, marking the lowest level for the same period since 2017 [1][6]. - The third quarter's net profit was only 1.1026 million yuan, a significant decline of 92.83% quarter-on-quarter, with a sales gross margin dropping to 0.33% [7]. Governance and Compliance Issues - Board member Chen Jie has consistently expressed concerns over the authenticity of the financial reports, stating that she cannot guarantee their truthfulness since her appointment in February 2023 [2][3]. - Chen's dissent is particularly focused on a significant personal loan of over 60 million yuan that remains unresolved, alongside issues of revenue and cost recognition that have been flagged as potential financial fraud [1][3]. - The company has faced regulatory scrutiny, including a fine from the Hunan Securities Regulatory Bureau for inadequate financial management and internal controls [2][3]. Operational Challenges - Mengjie has experienced a continuous decline in revenue since 2021, with a peak revenue of 2.463 billion yuan in 2021 dropping to 1.715 billion yuan in 2024, representing a 30.37% decline from the peak [6]. - The company reported cumulative losses of 604 million yuan over two years (2021-2022), severely impacting its retained earnings [6]. - Despite a slight recovery in 2023 and 2024, the net profit for these two years combined was less than 50 million yuan, indicating ongoing profitability challenges [6]. Market Perception - The company's response to governance and financial issues has been viewed skeptically by market participants, raising questions about the effectiveness of its internal controls and the timing of its recovery efforts [5].