“无实控人”的梦洁股份内战不停：董事对财报“无法保真”多次投出反对票

Core Viewpoint - Hunan Mengjie Home Textile Co., Ltd. reported a revenue decline of 7.97% year-on-year to 1.099 billion yuan for the first three quarters of 2025, while net profit increased by 28.69% to 26.5176 million yuan, raising concerns about the authenticity of the financial report due to issues of revenue recognition [2][3][4] Financial Performance - For the first three quarters of 2025, Mengjie achieved revenue of 1.099 billion yuan, a decrease of 7.97% year-on-year, while net profit reached 26.5176 million yuan, an increase of 28.69% [2] - The company faced significant losses in 2022, with a total revenue of 2.033 billion yuan and a net loss of 448 million yuan, primarily due to operational pressures and goodwill impairment [9] - In 2023, revenue slightly rebounded to 2.156 billion yuan, but net profit remained low at 2.241 million yuan [9] - Revenue for 2024 dropped by 20.48% to 1.715 billion yuan, with net profit at 2.488 million yuan, indicating concerns over profit quality despite a year-on-year increase of 10.99% [9] Governance Issues - Board member Chen Jie opposed the financial report, citing issues such as uncollected financial assistance exceeding 60 million yuan and the lack of adjustments for revenue recognition discrepancies as noted by the Hunan Securities Regulatory Bureau [3][4] - The company has been under scrutiny for its financial management and internal controls, with a warning issued to top executives to rectify issues within three months [5][4] - The board has been divided, with Chen Jie representing one faction and raising concerns about the company's financial practices, while the other faction, led by former actual controller Jiang Tianwu, has faced challenges due to ownership disputes and regulatory investigations [7][8] Shareholder Dynamics - The company is currently in a "no actual controller" state, with significant shifts in shareholder power dynamics following the transfer of control to Changsha Jinsen New Energy Co., Ltd. [8] - The influence of Changsha Jinsen has diminished due to judicial freezes on their shares, leading to a loss of board representation and internal governance challenges [8] - Recent changes in shareholding have brought in new investors, with the stakes of Jiang Tianwu, Changsha Jinsen, and new entrants closely aligned, complicating the control structure [9] Cost Management - The increase in net profit despite declining revenue in 2025 is attributed to significant cost control measures, with a reduction of over 60 million yuan in sales and research expenses [9] - The company has closed over 400 stores, indicating a strategic shift to manage operational costs amid declining sales in core product categories [9] Industry Comparison - Compared to competitors like Mercury Home Textile and Luolai Life, which have recovered from revenue and profit declines, Mengjie continues to struggle with falling sales and profitability [9]