跨界做宠物店的大千生态，预计年度业绩由盈转亏

Core Viewpoint - The company, Daqian Ecological Environment Group Co., Ltd. (603955.SH), is facing significant challenges, including a reduction in planned fundraising, the resignation of its chairman, and a record annual loss, marking a critical juncture in its cross-industry transformation [2]. Group 1: Fundraising Reduction - In November 2025, Daqian Ecological revised its fundraising plan, reducing the total amount from a maximum of 8.5 billion to 7.17 billion, a decrease of 15.6% [4]. - The funds are intended for traditional ecological engineering and the emerging pet economy, aiming to boost market confidence through a dual-driven narrative of "traditional + emerging" [4]. - The reduction in fundraising reflects the intensified competition in the environmental engineering sector and the pressure on local fiscal capabilities, with new business investments not yet yielding returns [4]. Group 2: Management Turmoil - On November 30, 2025, the company announced the resignation of Chairman Zhang Yuan due to "personal reasons," raising concerns about governance stability [8]. - Zhang Yuan, who controlled 18.09% of the company's shares, had only recently been elected as chairman and led significant changes in the board and management [8]. - Despite the rapid appointment of a new chairman, the market remains apprehensive about the potential challenges in integrating the new controlling shareholder with the existing company structure [8]. Group 3: Performance Loss and Transformation Challenges - On January 15, 2026, Daqian Ecological announced a projected net loss of 1 billion to 1.2 billion for 2025, a stark contrast to a net profit of 29.13 million the previous year, marking the largest loss in the company's history [10]. - The company attributed the loss to significant upfront investments in new business ventures and a decline in receivables from engineering projects due to local fiscal constraints, leading to increased bad debt provisions [10]. - The dual challenges of stagnant growth in traditional business and the underperformance of the new pet economy initiative have compounded the company's difficulties [10].