Core Viewpoint - The article discusses the rapid transfer of control and significant share sell-off by the actual controllers of Guanzhong Ecological, raising questions about the purpose of listing and financing, suggesting that the company's peak performance may have occurred immediately after its IPO [1] Group 1: Company Background - Guanzhong Ecological was initially listed on the New Third Board in November 2015, focusing on ecological restoration and environmental management [3] - The company transitioned to the A-share market, successfully listing on the ChiNext board in February 2021, becoming the first listed company in Qingdao in the Year of the Ox [4] Group 2: Shareholder Actions - The actual controllers, Li Chunlin and Xu Jianping, had their shares locked for three years post-IPO, with 70.35 million shares (50.24% of total shares) set to be unlocked on February 26, 2024 [5] - Just three months after the lock-up period, the controllers initiated a significant share reduction, transferring 8.40 million shares (6.07% of total shares) to Yang Enguang at a price of 8.5 yuan per share, totaling approximately 71.41 million yuan [5][6] Group 3: Financial Performance - The company's revenue grew from 151 million yuan in 2016 to 402 million yuan in 2021, with net profits increasing tenfold during the same period [8] - However, post-IPO performance has been disappointing, with a 28% decline in net profit in 2022 and a 36.55% decline in 2023, leading to a loss of 78.18 million yuan in 2024 [8] - As of mid-2025, the company reported a net loss of 5.89 million yuan and revenue of just over 50 million yuan, with accounts receivable exceeding 500 million yuan [8] Group 4: Stock Performance - The stock price peaked at 47.58 yuan shortly after the IPO but has since declined significantly, reaching a low of 7.02 yuan, with the latest price at 11.20 yuan, representing a drop of over 75% from its peak [8] - Despite the poor performance, the company raised over 700 million yuan through various financing activities, including an IPO and a convertible bond issuance in July 2023 [9]