FW(SH:600742) Da Zhong Ri Bao·2025-11-11 08:17Core Viewpoint - An investor raised concerns regarding the whereabouts of at least 800 million RMB in investment gains from Fuwei Co., Ltd. (600742.SH) following a significant equity transfer transaction [2][4]. Group 1: Equity Transfer and Financial Impact - Fuwei Co., Ltd. completed the transfer of 6.4421% equity in FAW Finance Co., Ltd. to China FAW Group Corporation, receiving a total of 1.452 billion RMB in dividends and transfer payments [4]. - The company initially invested 644.21 million RMB for the 6.4421% stake, suggesting a theoretical investment gain of at least 800 million RMB from the transfer [4][5]. - Despite the substantial investment gain, Fuwei's financial reports for 2024 and 2025 do not reflect this gain, raising questions about the accuracy of reported profits [5][7]. Group 2: Financial Performance Overview - Fuwei's revenue and net profit have remained relatively stable over recent years, with 2023 revenue at 20.766 billion RMB and net profit at 765 million RMB, and 2024 revenue at 19.636 billion RMB with net profit at 749 million RMB [5][9]. - The company reported a net cash flow from investment activities of 1.065 billion RMB in 2024, indicating a significant cash inflow from the disposal of equity investments [6][7]. - The reported investment income for 2024 was only 383 million RMB, a modest increase from 242 million RMB in 2023, which contradicts the expected gain from the equity transfer [7][9]. Group 3: Accounting and Disclosure Issues - Fuwei's financial statements show discrepancies, with a long-term equity investment change of 1.325 billion RMB and cash flow from investment activities of 1.065 billion RMB, yet the reported investment income does not align with these figures [7][9]. - The lack of detailed disclosure regarding the financial impact of the equity transfer raises concerns about the company's transparency and communication with investors [10].