Vohringer Home Technology (SH:603226) IPO日报·2025-05-31 04:28Core Viewpoint - Filinger Home Technology Co., Ltd. is undergoing a potential change in control as its actual controller, Ding Furu, is planning to transfer shares, which may lead to a shift in company governance [1][10]. Group 1: Company Overview - Filinger was listed in 2017 and primarily engages in the production and after-sales service of solid wood and composite flooring, with its main brand being "Filinger" [3]. - The largest shareholder is Filinger Holdings Limited, holding 28.04% of shares, while Ding Furu and his associates collectively own 44.56% [3]. Group 2: Financial Performance - The company's financial performance has been declining, with revenues from 2020 to 2024 recorded as 602 million, 782 million, 523 million, 395 million, and 336 million yuan, respectively. Net profits during the same period were 60.88 million, 20.33 million, 9.72 million, -24.18 million, and -37.31 million yuan [4]. - The decline in performance is attributed to reduced demand in the home decoration market due to real estate adjustments, increased competition, and high fixed costs that could not be diluted [4]. Group 3: Shareholder Actions - In early May, Filinger announced that its largest shareholder plans to reduce holdings by up to 10.66 million shares, accounting for 3% of the total share capital [5]. - Other executives, including the general manager and vice presidents, also plan to reduce their shareholdings during the specified period [6]. Group 4: Regulatory Issues - Ding Furu and the company faced regulatory scrutiny from the China Securities Regulatory Commission for failing to disclose related party transactions properly, which involved significant contract amounts relative to the company's net assets [8][9].