FS Holdings(SZ:300071) Xin Lang Cai Jing·2026-02-04 09:55Core Viewpoint - The company, Fushi Holdings, has been facing continuous financial losses since 2017, with a total accumulated loss expected to reach approximately 14.36 billion to 14.99 billion yuan by 2025 [12][36]. Group 1: Company Overview - Fushi Holdings, formerly known as Huayi Jaxin, was once a leading offline marketing service provider in China, achieving a revenue peak of 3.453 billion yuan and a net profit of 123 million yuan in 2016 [12][34]. - The company underwent a restructuring process in 2021 and was renamed Fushi Holdings in July 2022, but has struggled to recover from its financial difficulties [12][34]. Group 2: Recent Developments - On February 1, 2025, Fushi Holdings announced that its actual controller, Chairman, and General Manager Chen Yongliang was placed under investigation, leading to a significant drop in the company's stock price by 19.36% on February 2, closing at 5.83 yuan per share [2][23]. - Following the investigation news, the company's market capitalization was reported at 6.063 billion yuan [2][23]. Group 3: Financial Performance - Fushi Holdings has reported continuous losses, with net losses of 21.45 million yuan in 2023 and 131 million yuan in 2024, and an expected loss of 67 million to 130 million yuan for 2025 [36][14]. - The company has been heavily reliant on the automotive industry, with revenue from this sector increasing from 26.06% in 2016 to 81.66% in 2024, exposing it to significant industry risks [14][35]. Group 4: Compensation Obligations - Fushi Holdings entered into a performance compensation agreement with its controlling shareholder, Fushi Assets, which committed to covering any shortfall in net profit over three years from 2022 to 2024, with a total expected compensation of approximately 5.59 billion yuan [38][39]. - As of January 16, 2026, Fushi Assets had only paid 71.2 million yuan of the compensation, leaving a balance of 4.88 billion yuan outstanding, raising concerns about its ability to fulfill this obligation [40][39]. Group 5: Legal Issues - The company has faced numerous legal disputes, with small claims totaling 5.1272 million yuan, which represents 3.56% of its latest audited net assets [41][42]. - Ongoing litigation includes contract disputes with various parties, indicating potential operational challenges [41][42].