一边是实控人明目张胆地"掏"，一边是国资股东头也不回地"逃"。夹在中间的朗进科技（维权），核心业务早已失血，正陷入一场令人窒息的死亡螺旋 中。 01 隐秘"抽血"全面暴露 2025年12月16日，朗进科技收到山东证监局下发的《行政处罚事先告知书》。至此，持续18个月且涉及多家子公司的违规行为迎来了最终判决。 公告资料显示，2024年2月至2025年7月，朗进科技及其6家子公司（成都朗进交通、青岛朗进新能源等）通过直接或第三方中转方式，向控股股东朗进集 团及其子公司（莱芜朗进电气、济南瑞青科技）提供非经营性资金，累计发生额达4.15亿元，具体分为两个阶段。 其中，2024年2月至6月关联方非经营性资金占用发生额为8,648.70万元，截至2024年6月30日，关联方非经营性资金占用余额为248.70万元，占2024年半年 度报告披露净资产的0.28%，朗进科技未及时披露也未在2024年半年度报告披露上述关联方非经营性资金占用，2024年半年度报告存在重大遗漏；2024年 7月至2025年7月关联方非经营性资金占用发生额为32,871.93万元，朗进科技未及时披露上述关联方非经营性资金占用。 2025年8月27日 ...

Core Viewpoint - The company received a regulatory concern letter from the Dalian Regulatory Bureau of the China Securities Regulatory Commission, highlighting issues related to insufficient impairment provisions for the Jinzhai Jiayue Phase I project and internal control deficiencies [1] Group 1: Impairment Issues - The company inadequately recognized impairment for the Jinzhai Jiayue Phase I project, with a reported impairment of 218 million yuan primarily concerning P-type equipment, while general equipment was not included in the impairment assessment [1] - The economic depreciation data in the assessment report was found to be significantly inconsistent with actual conditions [1] Group 2: Internal Control Deficiencies - The company’s internal control systems were not properly executed, as evidenced by the lack of approval for certain procurement, loan contracts, and external guarantees [1] - There were instances of labor dispatch employees receiving wages on behalf of others or for severance payments, indicating potential misuse of payroll processes [1] Group 3: Corporate Governance - During the sixth board meeting held on May 3, 2023, the company approved a private placement proposal and an investment agreement for a high-efficiency photovoltaic cell project with the Tongling Lion Mountain High-tech Zone Management Committee, without proper insider information registration [1]

Core Viewpoint - Tianye Co., Ltd. is facing significant challenges due to internal control issues, declining performance, and increased external competition, which have raised concerns about its governance structure and market position [3][7][6]. Group 1: Internal Control Issues - Tianye Co., Ltd.'s general manager, Shan Dan, is under investigation for suspected short-term trading, which has led to a warning and a fine of 100,000 yuan from the Guangxi Securities Regulatory Bureau [1]. - The company received a negative audit opinion on its 2024 financial report due to a lack of evidence regarding sales revenue and the recoverability of funds, which could lead to a delisting risk if it continues for two consecutive years [3][4]. - The company has acknowledged internal control deficiencies, which are seen as a significant factor contributing to its current difficulties [7]. Group 2: Financial Performance - In 2023, Tianye Co., Ltd. reported a revenue of 460 million yuan, a year-on-year decline of 2.33%, and a net profit of 33.38 million yuan, down 37.69% [5]. - For 2024, the company expects a revenue of 494 million yuan, a growth of 7.34%, but a significant drop in net profit to 9.65 million yuan, down 71.07% [5]. - The company’s net profit for 2024 was revised down to 9.65 million yuan, a decrease of 66.22% compared to previous estimates [4]. Group 3: Market Competition - The new tea beverage industry, where Tianye Co., Ltd. operates, is experiencing intense competition, with a significant increase in the number of new tea shops, reaching approximately 486,000 in 2022, a year-on-year growth of about 28% [4]. - The company has seen a shift in its top five customers, with the sales proportion from these clients dropping from 75.53% in 2022 to 51.02% in 2024, indicating a loss of market share [6]. - Major competitors in the raw juice supply market include Guotou Zhonglu, Andeli, and Haiseng Juice, which pose significant challenges to Tianye Co., Ltd.'s market position [6].