“神兽”褪色！山西新三板公司三年首亏后选择“离场”

Core Viewpoint - The company Qifengshan, which was listed on the New Third Board for over three and a half years, has announced its intention to apply for the termination of its stock listing due to strategic planning and operational cost reduction needs [1][14][26] Company Overview - Qifengshan, originally established as Taiyuan Yangqu County Qifengshan Breeding Co., Ltd., was listed on the New Third Board in March 2022, focusing on alpaca breeding and sales, with total assets of 72.08 million yuan as of June 2025 [3][16] - The company is controlled by Deng Yusheng and his daughter Deng Xin, who hold 65% and 35% of the shares respectively [5][19] Business Development - The company capitalized on the popularity of alpacas, especially after their rise in social media, leading to rapid expansion and the establishment of standardized breeding bases [6][20] - By February 2022, Qifengshan had nearly 1,400 alpacas, with annual breeding reaching up to 1,000, and sales across over 20 provinces [20][22] - The company also explored sales of alpaca by-products and biopharmaceutical services, maintaining a gross margin of over 60% [8][22] Financial Performance - In 2024, the company reported revenue of 12.14 million yuan, a year-on-year decline of 16.75%, and a net loss of 2 million yuan, marking its first annual loss since listing [9][23] - The inventory turnover days increased from 595.60 days in 2023 to 633.87 days in 2024, indicating worsened operational efficiency [9][23] Regulatory Issues - In May 2024, the Shanxi Securities Regulatory Bureau issued a warning to Qifengshan regarding undisclosed related-party transactions totaling 20 million yuan, highlighting internal control deficiencies [11][25] Strategic Decision - The decision to voluntarily terminate the listing is seen as a way to alleviate operational burdens and refocus on core alpaca breeding business, while the company faces the challenge of finding a sustainable profit path post "trend" [12][26]