昔日新能源白马股被立案，董事长被留置

Core Viewpoint - ST Changyuan is facing significant governance issues and financial distress, highlighted by the chairman's legal troubles and the company's declining performance, which raises concerns about its future direction and potential recovery [6][12][14]. Group 1: Governance Issues - On December 26, 2025, ST Changyuan received a notice from the China Securities Regulatory Commission regarding an investigation into alleged information disclosure violations [1]. - The chairman, Qiao Wenjian, has been detained since November 24, 2025, due to suspected job-related violations, leading to a governance vacuum as he has missed multiple board meetings [6][8]. - Major shareholder, Zhuhai Gree Financial Investment Management Co., proposed to replace Qiao and nominated Yang Tao as a new non-independent director, indicating a push for governance restructuring [3][10]. Group 2: Financial Performance - ST Changyuan has reported a continuous decline in financial performance, with a revenue of 54.38 billion yuan in Q3 2025, down 1.34% year-on-year, and a net profit of -3.28 billion yuan, a staggering drop of 567.01% [12][13]. - The company has experienced a significant drop in net profits over the years, with figures of 6.74 billion yuan in 2022, 0.88 billion yuan in 2023, and a projected -9.78 billion yuan in 2024, marking a 1243.44% decline [13]. - The company's debt situation is concerning, with total external guarantees amounting to 62.26 billion yuan, which is 152.38% of its latest audited net assets [14]. Group 3: Market Position and Strategy - ST Changyuan's business segments, primarily in smart grid equipment and consumer electronics, face intense competition, and the company needs to enhance its market position in the energy sector through differentiated solutions [13]. - The company has been labeled as a "ST" stock due to internal control failures, leading to a significant drop in share price from a peak of 28.47 yuan to around 3.50 yuan, reflecting a nearly 90% decline in market value [14].