这家券商，卷入4.9亿元纠纷

Core Viewpoint - Zhongshan Securities is facing legal troubles and significant financial decline, with a lawsuit demanding a total compensation of 489 million yuan, while its revenue and net profit have drastically decreased in 2025 [1][6]. Group 1: Legal Issues - On January 20, Zhongshan Securities was sued by the Changchun branch of Everbright Bank, along with four other defendants, for a total of 489 million yuan, which includes 350 million yuan in principal and 139.4 million yuan in funds occupation fees [1]. - The lawsuit stems from a 2014 agreement where Zhongshan Securities was tasked with managing a directed asset management plan for Everbright Bank, which involved a loan that was not repaid [4][5]. - The original claim alleges that employees of the bank and the actual controller of Liuhe Rice Industry fraudulently signed documents to withdraw the funds, leading to financial losses for Everbright Bank [5]. Group 2: Financial Performance - In 2025, Zhongshan Securities reported a revenue of 550 million yuan, a decline of 29.17% year-on-year, and a net profit of 21 million yuan, down 88.06% compared to the previous year [6]. - The company's financial performance has been volatile, with revenues fluctuating from 646 million yuan in 2021 to 426 million yuan in 2023, and net profits showing losses in previous years before a brief recovery in 2024 [6]. - The decline in 2025 is attributed to significant drops in major income sources, including investment banking fees and asset management fees, with self-operated business becoming a major drag on performance [6]. Group 3: Parent Company Challenges - The parent company, Jinlong Co., has been under financial pressure, reporting losses for four consecutive years from 2021 to 2024, totaling over 900 million yuan [7]. - To alleviate debt, Jinlong Co. has been planning to sell its stakes in Dongguan Securities and Zhongshan Securities, with a failed attempt to sell a 67.78% stake in Zhongshan Securities in 2025 [7]. - In September 2024, Jinlong Co. successfully sold a 20% stake in Dongguan Securities for 2.272 billion yuan, which helped to ease its financial burdens [7].