SANMU GROUP(SZ:000632) Mei Ri Jing Ji Xin Wen·2025-11-20 03:56Core Viewpoint - The resignation of Lin Yu as chairman of Sanmu Group raises concerns about the company's leadership stability amid declining financial performance and regulatory scrutiny [1][3][5]. Group 1: Leadership Changes - Lin Yu resigned from his position as chairman and director of Sanmu Group due to organizational arrangements and personal reasons, effective immediately [1]. - Lin Yu had previously stepped down as president in August 2023 but continued to serve as chairman until his recent resignation [2]. - The company will promptly complete the election of a new chairman and fulfill its disclosure obligations [1]. Group 2: Financial Performance - Sanmu Group's revenue has remained around 139 billion yuan in recent years, with figures reported as 139.54 billion yuan in 2022, 139.12 billion yuan in 2023, and a projected 104.81 billion yuan in 2024 [3][4]. - The company's net profit has significantly declined, with a reported loss of 3.19 billion yuan in 2023 and an expected loss of 5.31 billion yuan in 2024 [3][4]. - For the first three quarters of 2025, the company reported a net loss of 1.37 billion yuan, worsening from a loss of 911.61 million yuan in the same period the previous year [3][4]. Group 3: Regulatory Issues - In December 2023, Sanmu Group and Lin Yu received a warning letter from the Fujian Securities Regulatory Bureau for failing to recognize revenue correctly, resulting in inflated revenues for 2020, 2021, and 2022 by 17.67 million yuan, 38.43 million yuan, and 116.19 million yuan, respectively [5][6]. - The company has faced scrutiny regarding its financial practices, which may impact investor confidence and market perception [5][6]. Group 4: Market Activity - Sanmu Group's stock experienced a significant surge, with a 94.88% increase during a seven-day trading period from November 7 to November 17, 2023, before facing consecutive trading halts [5][7]. - The stock price closed at 7.09 yuan, reflecting a 10.03% decline on the day of Lin Yu's resignation [1][7].