CCS(SH:600180) Chang Jiang Shang Bao·2025-12-26 00:13Core Viewpoint - 瑞茂通 is facing significant financial difficulties, including ongoing lawsuits and overdue debts, which have raised concerns about its operational stability and future prospects [2][6][12]. Group 1: Financial Issues - As of December 24, 瑞茂通 announced an additional lawsuit amounting to 10.21 billion yuan, bringing the total unresolved litigation amount to 22.26 billion yuan, which represents 28.21% of the company's latest audited net assets [6][7]. - The company reported overdue debts totaling approximately 20.01 billion yuan, which is 25.37% of its latest audited net assets, including overdue loans and commercial acceptance bills [8][9]. - In the first three quarters of 2025, 瑞茂通's net profit attributable to shareholders was 0.75 billion yuan, a year-on-year decline of 40.34% [12]. Group 2: Shareholder and Control Issues - The controlling shareholder, 郑州瑞茂通, has seen a significant portion of its shares frozen, with a total of 41.02 billion shares under judicial freeze, which is 377.51% of its holdings [9][10]. - Despite the high percentage of frozen shares, the company claims that this will not significantly impact its control structure or governance [10]. Group 3: Operational Performance - 瑞茂通 has experienced a decline in net profit since 2018, with only one year (2021) showing an increase, indicating a troubling trend in operational performance [11]. - The company has faced regulatory scrutiny, receiving two regulatory letters in December for issues related to information disclosure and internal controls [12].