Longertek(SZ:300594) Xin Lang Cai Jing·2025-12-24 13:58Core Viewpoint - The company, Langjin Technology, is facing severe operational challenges due to prolonged financial misconduct by its controlling shareholder, leading to a significant decline in its core business and overall financial health [1][17]. Group 1: Financial Misconduct - Langjin Technology and its six subsidiaries engaged in non-operational fund transfers to the controlling shareholder, totaling 415 million yuan over 18 months [2][18]. - The company failed to disclose these fund transfers in its financial reports, resulting in significant penalties from regulatory authorities [3][19]. - The controlling shareholder, Li Jingmao, received a substantial fine for organizing and directing these fund misappropriations, highlighting a lack of internal controls [20][21]. Group 2: Declining Business Performance - The company's core business, which includes air conditioning systems for rail transit and new energy vehicles, has seen a drastic decline in profitability since 2021 [5][26]. - Revenue growth has been overshadowed by a significant drop in gross margin from 38.88% in 2020 to 20.42% in 2024, a decrease of 18.46 percentage points [7][23]. - Net profit plummeted from a peak of 86.88 million yuan in 2020 to a loss of 76.41 million yuan in 2024, indicating a "cliff-like" decline over four years [9][26]. Group 3: Cash Flow and Debt Issues - The company has experienced negative cash flow from operating activities for three consecutive years, with a total outflow of 477 million yuan, equivalent to 18% of its revenue during that period [11][28]. - Short-term borrowings surged from less than 80 million yuan in 2020 to a stable range of 330-380 million yuan post-2022, reflecting increasing financial strain [13][29]. Group 4: Shareholder Actions - The second-largest shareholder, Zhejiang Jingjiantou, plans to transfer 13.06% of its shares, equivalent to 12 million shares, at a minimum price of 18.54 yuan per share, aiming to raise 222 million yuan [15][31]. - Despite multiple attempts to find buyers since November 2023, there has been no interest in acquiring these shares, indicating a lack of market confidence [32].