YKS(SZ:300209) Nan Fang Du Shi Bao·2026-01-13 02:13Core Viewpoint - The arbitration case involving Youkeshu Technology Co., Ltd. highlights the financial difficulties faced by the company and the broader challenges within the cross-border e-commerce industry, stemming from a significant debt dispute with a logistics partner [1][2]. Group 1: Dispute Background - The dispute originated from a logistics service contract signed in October 2019 between Youkeshu's subsidiary and Qianhai Yuntu Logistics Co., Ltd., which later led to a debt accumulation due to delayed payments [2]. - A debt settlement agreement attempted in September 2024 confirmed a principal debt of 64.31 million yuan and late fees totaling 21.91 million yuan, but failed to resolve the ongoing payment issues [2][3]. Group 2: Arbitration Details - In January 2026, Qianhai Yuntu initiated arbitration, demanding payment of 64.31 million yuan in principal, 31.60 million yuan in late fees, and 500,000 yuan in legal fees, totaling 96.41 million yuan [3]. - The arbitration also involves a guarantee from Shenzhen Youkeshu Technology Co., Ltd. for the subsidiary's obligations, alongside shared arbitration costs [3]. Group 3: Financial Performance and Management Issues - Youkeshu's financial performance has deteriorated, with a 16.73% revenue decline to 387 million yuan in 2024, and a staggering 81.33% drop in revenue to 42.57 million yuan in the first half of 2025 [4]. - Despite a reported net profit of 56.76 million yuan in 2024, the company's core operations have been unprofitable, with a cumulative net loss of 4.52 billion yuan from 2020 to 2024 [4]. Group 4: Internal Conflicts - The internal conflict between former chairman Xiao Siqing and new management led by major shareholder Wang Wei has exacerbated operational chaos, impacting the company's management and financial stability [5][6]. - A court ruling in December 2025 confirmed the legality of a shareholder meeting decision, but the internal strife has already caused irreversible damage to the company's operations [6]. Group 5: Historical Context and Industry Implications - Youkeshu's current challenges are not isolated; past regulatory penalties for information disclosure violations and a significant loss of over 2.7 billion yuan in 2021 due to the Amazon account bans have contributed to its decline [7]. - The case serves as a cautionary tale for the cross-border e-commerce industry, emphasizing the need for compliance, risk management, and prudent financial planning to avoid similar pitfalls [8].