baonengyuan(SZ:000690) Nan Fang Du Shi Bao·2025-12-03 08:02Core Viewpoint - The actual controller of Baoneng New Energy, Ye Huanneng, faces administrative penalties from the China Securities Regulatory Commission (CSRC) for concealing shareholding arrangements and illegal share reductions, amounting to a total penalty of 37.54 million yuan [1][2]. Group 1: Regulatory Violations - Ye Huanneng's violations began in 2017 when he concealed shareholding arrangements to comply with regulatory requirements for establishing a private bank, transferring 111 million shares (5.11% of total shares) to the then-chairman Ning Yuanxi under a "nominal transfer" arrangement [2][4]. - The CSRC's notice indicated that Ye Huanneng failed to fulfill information disclosure obligations, violating the Securities Law, leading to a warning and a fine of 2 million yuan [4]. Group 2: Financial Implications - In December 2021, due to financial disputes arising from pledged shares, Ning Yuanxi sold 45.6881 million shares without the consent of Baoliwa Group, resulting in a violation involving a 1.1% reduction, with a transaction value of 141 million yuan [4]. - The total amount of illegal gains to be confiscated from Ye Huanneng is 25.5429 million yuan, along with a fine of 10 million yuan for the illegal reduction of shares [4]. Group 3: Company Governance Issues - The governance issues within Baoneng New Energy have been accumulating, with Ye Huanneng, Ning Yuanxi, and former general manager Wen Hui being seen as a governance "iron triangle" for over 20 years [5]. - The stock price decline during the shareholding arrangement led to Ning Yuanxi incurring over 70 million yuan in margin calls, which Ye Huanneng refused to cover, resulting in further disputes [5]. Group 4: Business Performance - Despite industry cycle impacts, Baoneng New Energy's revenue is projected to drop to 7.904 billion yuan in 2024, with a net profit of 706 million yuan [6]. - In the first three quarters of 2025, the company reported significant recovery, achieving revenue of 6.754 billion yuan, a year-on-year increase of 10.61%, and a net profit of 821 million yuan, with a growth rate of 38.62% [6].