恒天海龙诉讼败诉叠加股东减持，股价承压业绩下滑

Group 1: Core Insights - The company recently faced a significant legal setback, losing a first-instance lawsuit against major shareholders involving a contract dispute with a claim amount of 642 million yuan, with the case still in the appeal period, leading to uncertain impacts on profits [1] - Shareholder China Hengtian Group plans to reduce its holdings by up to 25.92 million shares (3.00% of total shares) between February 27 and May 26, 2026, following a previous cash-out of approximately 117 million yuan in October 2025, increasing governance and financial pressure on the company [1] Group 2: Stock Performance - The company's stock price has been under pressure, closing at 4.01 yuan on February 13, 2026, down 0.99% for the day, with a cumulative decline of 1.96% over the past five days and an 8.66% drop year-to-date [2] - Market sentiment has shown volatility, with a net inflow of 13.80 million yuan on February 12, 2026, contrasted by a net outflow of 25.93 million yuan on February 5, 2026, indicating mixed investor sentiment [2] - Since late May 2025, the stock has retraced over 40%, currently trading below the 20-day moving average of 4.21 yuan, with short-term support at 3.82 yuan [2] Group 3: Financial Performance - The company's 2025 earnings forecast indicates a projected net profit attributable to shareholders of 4 million to 6 million yuan, representing a year-on-year decline of 86.33% to 90.88%, with a non-recurring net profit drop of 89.04% to 92.31% [3] - The significant profit decline is primarily attributed to interest provisions related to the lawsuit, negatively impacting net profit by 41.14 million yuan [3] - Despite stable revenue from the core fabric business, which accounts for 93.09% of total revenue, the ongoing trend of declining net profits over the years highlights operational pressures, with profits dropping from 77.80 million yuan in 2022 to 43.88 million yuan in 2024 [3]