“捞完油水”实控人留下烂摊子，“A股不死鸟”靠什么屡次续命？

Core Viewpoint - The article discusses the financial struggles and potential turnaround of Rendo Holdings, now known as "*ST Rendo," highlighting its past mismanagement and recent restructuring efforts [1][3][4]. Group 1: Financial Performance - In 2024, Rendo Holdings reported a revenue of 1.16 billion, but incurred a net loss of 830 million [4]. - In the first quarter of 2025, the company's revenue dropped by 45.8% to 200 million, yet it reported a net profit of 485 million [4][11]. - The company has faced continuous losses for five years without being flagged until its restructuring application was accepted in 2024, leading to its "*ST" designation [3][4]. Group 2: Restructuring and Investment - Rendo Holdings underwent restructuring in March 2025, with significant investments from major firms like CITIC Capital, which helped alleviate its debt crisis [8][10]. - The company has a market value of approximately 5.7 billion, despite its financial troubles [4]. - The core subsidiary, Heli Bao, holds a payment license issued by the People's Bank of China, contributing over 90% of the company's revenue in 2024 [11][12]. Group 3: Historical Context and Management Issues - Rendo Holdings has changed its controlling shareholders three times, with each transition marked by mismanagement and financial misconduct [1][3]. - The company was previously known as Minsheng Jinke and faced severe financial issues, including a debt crisis that led to its restructuring [20][28]. - The article details the history of financial manipulation and mismanagement under different leaderships, culminating in the current restructuring efforts [6][14][28].