SYEP(SZ:300867) Bei Jing Shang Bao·2025-12-28 14:12Core Viewpoint - Shengyuan Environmental's significant loss from a private equity product, exceeding 80%, has become a hot topic in the A-share market, with a loss amounting to approximately 46.92 million yuan [2][5][9]. Group 1: Incident Overview - On December 26, Shengyuan Environmental disclosed that its wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., subscribed to a private equity fund product managed by Shenzhen Shenboxin Investment Management Co., Ltd., which reported a cumulative net value growth rate of -81.54% [5][9]. - Following the announcement, the Xiamen Securities Regulatory Bureau and the Shenzhen Stock Exchange took action, issuing a warning letter to Shengyuan Environmental and a regulatory letter from the Shenzhen Stock Exchange [6][7]. Group 2: Company Response - In response to the private equity product incident, Shengyuan Environmental's controlling shareholders, Zhu Yuxuan and Zhu Hengbing, committed to compensating for the investment principal loss [8]. - The company has reported that it discovered serious operational violations by the fund manager, including unauthorized trading and failure to disclose information, and has reported the matter to the police [8][9]. Group 3: Financial Performance - Shengyuan Environmental's revenue has been declining in recent years, with reported revenues of approximately 17.52 billion yuan in 2022, 17.48 billion yuan in 2023, and 15.82 billion yuan in 2024 [10]. - The company achieved a net profit of approximately 1.8 billion yuan in 2022, 1.47 billion yuan in 2023, and is projected to recover to 1.82 billion yuan in 2024 [10]. - For the first three quarters of this year, the company reported revenues of about 1.15 billion yuan, a year-on-year decrease of 0.67%, while net profit increased by 43.22% to approximately 211 million yuan [10]. Group 4: Industry Context - As of December 28, over 950 A-share companies had invested more than 1 billion yuan in financial products, with a total investment of approximately 969.89 billion yuan, a decrease of over 230 billion yuan compared to the previous year [13]. - The trend of companies investing idle funds in financial products is common, aimed at enhancing capital efficiency and profitability, but it also carries potential risks [14].