Redwall(SZ:002809) Chang Jiang Shang Bao·2026-02-09 23:46Core Viewpoint - Red Wall Co., Ltd. (002809.SZ) is experiencing a significant decline in performance, with a projected net profit loss for 2025, while its actual controller, Liu Lianjun, has been selling shares for cashing out [1][9]. Group 1: Shareholding and Financial Performance - Liu Lianjun reduced his shareholding by 1.00%, cashing out approximately 30.07 million yuan, decreasing his stake from 43.85% to 42.85% [2][3]. - The company forecasts a net profit loss of between 32 million yuan and 48 million yuan for 2025, marking a decline of 165.63% to 198.44% compared to the previous year [9][10]. - This marks the first time in the company's 10-year history since its listing that it is expected to report a net profit loss [10]. Group 2: Revenue and Employee Trends - Red Wall's revenue has been declining since reaching a peak of 1.552 billion yuan in 2021, with revenues of 938 million yuan, 761 million yuan, and 675 million yuan in subsequent years, reflecting a significant drop [9]. - The number of employees has decreased by approximately 41% over four years, with a net reduction of 404 employees [11]. Group 3: Business Operations and Future Plans - The company is primarily engaged in the production of concrete additives and has recently entered the fine chemical sector, with a new project expected to start production in mid-2025 [8][10]. - The gross margin for the first three quarters of 2025 is projected to be 17.50%, the lowest in the company's history, with a third-quarter margin of 11.45%, also a record low [10].