CORPRO(SZ:300101) Jing Ji Guan Cha Wang·2026-01-08 09:52Core Viewpoint - Chengdu Zhenxin Technology Co., Ltd. faces a governance crisis and regulatory issues, impacting its operations and market perception, despite maintaining profitability in recent years [1][2][6]. Group 1: Regulatory Issues - The company’s subsidiary, Chengdu Guoxing Communication Co., Ltd., has been banned from participating in procurement activities for three years due to bid-rigging violations, which occurred in a project in 2020 [1]. - The last procurement contract with the Western Theater Command was worth 989,500 yuan, accounting for only 0.17% of the company's revenue in 2020, indicating limited immediate financial impact from the ban [1]. Group 2: Governance Crisis - The company is experiencing internal conflicts, particularly between the actual controller He Yan and the board of directors, leading to concerns about the company's future direction and stability [2][4]. - He Yan's past legal issues, including a five-year prison sentence for financial crimes, have created a negative perception of the company, affecting its stock price and market value [2][4]. - The board has expressed concerns over He Yan's influence, citing his repeated rejection of board decisions and numerous complaints to regulatory bodies [2]. Group 3: Financial Performance - Despite the governance issues, the company reported revenues of 852 million yuan and 797 million yuan for 2023 and 2024, respectively, with net profits of 72.6 million yuan and 40 million yuan [6]. - In the first three quarters of 2025, the company achieved a revenue of 736 million yuan, reflecting a year-on-year growth of 30.56%, and a net profit of approximately 92.78 million yuan, also showing a growth of 30.79% [6]. Group 4: Shareholder Actions - Key board members plan to increase their holdings in the company, committing to invest between 5.1 million and 10.2 million yuan within six months, indicating confidence in the company's long-term prospects despite current challenges [6].