孙广信卖卖卖，“新疆首富”位置快保不住了

Core Viewpoint - The article discusses the financial struggles of Guanghui Energy, highlighting its recent asset sales and concerns over its dividend policy, which appears to be unsustainable given its declining profits and increasing debt levels [4][32][35]. Group 1: Asset Sales and Financial Maneuvering - Guanghui Energy sold its 20.74% stake in Xinjiang Alloy Investment Co., Ltd. for approximately 599 million yuan, a significant loss compared to the 750 million yuan it originally paid three years ago [5][8]. - The company has also sold a portion of its equity to Fude Life Insurance and Shenzhen Fude Jinrong Holdings for a total of 6.2 billion yuan, reducing its stake to 20.06% [22][23]. - The sale of Alloy Investment is seen as a move to alleviate financial pressure, as Guanghui Energy has accumulated a goodwill impairment of approximately 360 million yuan related to this investment [20][21]. Group 2: Dividend Concerns - Guanghui Energy's dividend payout has raised concerns, with the proposed distribution for 2024 amounting to nearly 4 billion yuan, despite a projected net profit of only 296 million yuan, resulting in a payout ratio exceeding 134% [32][35]. - The company has consistently paid high dividends, with total distributions reaching approximately 16.3 billion yuan over the past three years, but the trend shows a decline in actual payout amounts [31][32]. - Investors are questioning whether the high dividend payouts are a strategy to relieve pressure on major shareholders, potentially exacerbating the company's debt situation [32][35]. Group 3: Wealth and Market Position of the Owner - Sun Guangxin, the owner of Guanghui Energy, has seen his wealth decline significantly, with his net worth dropping from 46 billion yuan in 2018 to 29 billion yuan in early 2025, putting his status as "Xinjiang's richest" at risk [44][45]. - The decline in Guanghui Energy's market value, which has fallen from nearly 100 billion yuan in September 2022 to under 40 billion yuan, reflects broader challenges faced by the company [27][29]. - The article notes that the traditional energy sector, which includes coal and natural gas, is facing a downturn, further complicating Guanghui Energy's financial outlook [52].