YIFAN MOTOR(SZ:301023) Sou Hu Cai Jing·2025-12-17 09:12Core Viewpoint - The recent share reduction by Liu Jincheng, the actual controller of Yifan Transmission, has raised market concerns, leading to a decline in the company's stock price following the announcement of his share transfer [2][14]. Share Reduction Activities - Liu Jincheng transferred 1.96 million shares, accounting for 6.45% of his holdings, at a price of 32.22 yuan per share, resulting in approximately 63.15 million yuan in cash [2][14]. - Since August 2025, Liu has reduced his holdings by approximately 2.04 million shares, totaling over 82.44 million yuan, with block trades being the primary method, accounting for about 61.84% of the reductions [2][16]. - If the recent transfer is completed, Liu's total cashing out in a few months will reach approximately 146 million yuan, reducing his shareholding from 41.36% to about 32.42% [2][14]. Dividend Policy - Yifan Transmission has significantly increased its dividend frequency and ratio since its listing, with total dividends reaching 2.27 billion yuan from 2021 to the third quarter of 2025 [5][21]. - The company has distributed dividends that exceed its net profit in recent years, with 2023 dividends reaching 52 million yuan against a net profit of 48 million yuan [5][19]. - Liu Jincheng has received over 111 million yuan in dividends due to his approximately 41% shareholding [21]. Financial Performance - The company's revenue has fluctuated around 200 million yuan since its listing, with net profits showing significant variability, reaching 80 million yuan in 2022 and dropping to 48 million yuan in 2023 [12][27]. - The company has maintained stable relationships with core clients in the power sector, and is exploring new business opportunities, including collaborations in robotics and fitness equipment [27][28]. Project Development and Cash Management - Yifan Transmission's planned production expansion project has faced delays, with the completion date pushed from March 2024 to March 2026, and only 25.6% of the investment progress achieved by the end of 2024 [25][26]. - The company announced plans to use up to 385 million yuan of idle funds for cash management, indicating a cautious approach to investment amid market conditions [27].