新三板沉浮七年终退场：年报难产、债务违约 羊羊股份被摘牌

Core Viewpoint - On December 22, 2025, Xi Lin Guo Le Meng Yang Yang Animal Husbandry Co., Ltd. (referred to as "Yang Yang Co.") will terminate its listing on the New Third Board, marking the end of its seven-year journey in the capital market due to financial difficulties and regulatory issues [1][2]. Group 1: Company Overview - Yang Yang Co. was established in 2013 with a registered capital of 78.47 million yuan, primarily engaged in the production of Su Ni Te lamb and grassland beef products [4]. - The company was listed on the National Equities Exchange and Quotations (NEEQ) on January 22, 2018, and entered the innovation layer on May 27, 2019 [4]. Group 2: Financial Performance - In 2018, Yang Yang Co. achieved a revenue of 270 million yuan, a year-on-year increase of 158.87%, and a net profit of 3.40 million yuan, up 1.55% [4]. - In 2019, the company reported a revenue of 363 million yuan, a 34.25% increase, and a net profit of 17.58 million yuan, a significant rise of 417.27% [4]. - However, in 2023, the company reached a revenue peak of 380 million yuan and a net profit of 21.49 million yuan, which turned out to be its last annual report [5]. Group 3: Recent Challenges - In the first half of 2024, despite a revenue increase of 195.04% to 198 million yuan, the company reported a net loss of 40.03 million yuan, a drastic decline of 12,060.73% [5]. - The company faced significant operational challenges, including a cash flow crisis and multiple bond defaults totaling nearly 1.5 billion yuan, leading to severe financial distress [7][11]. - By April 2025, Yang Yang Co. had 10 bonds in default, with overdue loans from nine banks, resulting in frozen bank accounts totaling approximately 10.32 million yuan [7][8]. Group 4: Regulatory Issues - Yang Yang Co. was warned by the Inner Mongolia Securities Regulatory Bureau for failing to disclose its 2024 annual report and other significant financial issues in a timely manner [9][10]. - The company faced scrutiny for multiple debt defaults, with individual default amounts reaching 25 million yuan, 20 million yuan, and 30 million yuan, which represented 13.48%, 10.78%, and 16.18% of its audited net assets for 2023, respectively [9][10]. Group 5: Strategic Response - In response to its financial difficulties, Yang Yang Co. plans to initiate self-rescue measures, including optimizing business processes, reducing unnecessary expenses, and enhancing operational efficiency [11][12]. - The company is also exploring the launch of small-scale lamb dining and chain store businesses to shorten supply chains and improve direct consumer access [12].