CYG(SH:600525) Sou Hu Cai Jing·2025-11-27 23:12Core Viewpoint - The recent developments surrounding ST Changyuan's chairman Qiao Wenjian, who has been placed under investigation for alleged misconduct, highlight significant internal governance issues and ongoing financial struggles within the company [3][4][18]. Group 1: Leadership Changes and Governance Issues - Qiao Wenjian was appointed chairman of ST Changyuan just two months ago, following a rapid rise within the company, supported by former chairman Wu Qiquan [5][9]. - The company has not received any investigation documents or updates regarding Qiao's status since the announcement of his detention [4]. - Internal governance flaws have been exposed, particularly regarding financial mismanagement and potential misconduct involving related parties [18][19]. Group 2: Financial Performance - ST Changyuan has faced continuous financial losses, with a net profit loss of 1.147 billion yuan in 2021, followed by a slow recovery with profits of approximately 674 million yuan in 2022 and 88 million yuan in 2023 [15]. - In 2024, the company is projected to incur a net profit loss of 978 million yuan due to the impact of a false statement case and asset impairment losses [16]. - For the first three quarters of this year, the company reported a net profit loss of 328 million yuan, primarily due to investment losses from the transfer of Changyuan Electronics' equity [17]. Group 3: Legal and Financial Liabilities - The company is facing a lawsuit from its major shareholder, Zhuhai Gree Jin Investment, related to securities fraud, with claims amounting to 413 million yuan [19]. - Allegations of financial misrepresentation include inflated revenues and profits in 2016 and 2017, totaling 3.73 billion yuan in overstated figures [19]. - The company has also disclosed additional legal claims amounting to 596 million yuan over the past 12 months, representing 14.59% of its latest audited net assets [19].