关联交易“旧账”将了 新实控人能否为菲林格尔翻开新篇？

Core Viewpoint - After the change of actual controller, Filinger (SH603226) is revisiting an old issue regarding related party transactions, indicating a need for further scrutiny and resolution of past governance issues [1][5]. Group 1: Related Party Transactions - Filinger announced a second review of related party transactions and new expected transactions due to previous shareholder meeting disapproval, necessitated by changes in the company's shareholder and governance structure [1][2]. - The related party involved is Shanghai Anhong Construction Engineering Co., Ltd., controlled by the former actual controller, Ding Furu. Filinger had signed contracts with two companies for construction projects, which were executed by Anhong without external disclosure [2][3]. - As of 2023, the total transaction amount from 2020 to 2023 reached 321 million yuan, with 31.596 million yuan pending payment, which requires approval from the shareholder meeting before disbursement [3]. Group 2: Governance and Management Changes - The new actual controller, Jin Yawei, faces significant governance challenges, particularly in addressing historical issues related to related party transactions and ensuring compliance with regulatory requirements [4][6]. - Filinger's financial performance for the first three quarters of 2025 showed a revenue of 210 million yuan, a year-on-year decline of 3.02%, and a net loss of 34.9883 million yuan, attributed to high fixed costs and declining gross margins [5]. - The company is under pressure to upgrade its strategic direction due to limited growth in its core flooring business and previous disagreements between former German shareholders and the current controlling shareholder [5][6].