Core Viewpoint - Hanchuan Intelligent (688022.SH) faced regulatory scrutiny due to the failure of its controlling shareholder and actual controller to timely disclose significant equity pledges and associated risks, resulting in a warning letter from the Jiangsu Securities Regulatory Bureau [1][2]. Disclosure Issues - The actual controller, Cai Changwei, pledged 52.43% of his shares to Huaneng Guicheng Trust on July 7, 2023, and Hanchuan Investment pledged 13.1343 million shares (7.47% of total shares) to the same trust [2]. - The company reported a negative net profit in its semi-annual report on August 29, 2024, triggering acceleration clauses in the pledge contract, which could lead to instability in control or changes in the actual controller [2]. - The company delayed disclosing the pledge and associated risks until February 2025, violating the immediate disclosure requirement set by the "Management Measures for Information Disclosure of Listed Companies" [2][3]. Systemic Deficiencies in Disclosure Mechanism - Selective Disclosure: The controlling shareholder and actual controller failed to fulfill their notification obligations, with significant events like share freezes disclosed only in February 2025 [3]. - Delayed Risk Alerts: The negative net profit in the 2024 semi-annual report triggered pledge defaults but did not prompt simultaneous warnings about control risks, violating disclosure regulations [3]. - Internal Control Failures: Major issues such as divorce disputes and property litigation were not proactively disclosed, with the excuse of "personal privacy" until forced by judicial freezes [3]. Performance Decline and Management Turmoil - The company has faced severe operational risks and governance deficiencies, leading to a dramatic decline in performance [4]. - In 2024, revenue dropped to 474 million yuan, a 64.61% decrease year-on-year, only 35% of the peak revenue in 2023 (1.339 billion yuan) [4]. - The net profit attributable to the parent company for 2024 was -1.103 billion yuan, a 1205% increase in loss compared to the previous year, marking the largest loss since its listing [4]. - Asset quality is concerning, with a debt ratio of 78.46% and a current ratio of 0.89, indicating significant liquidity issues [4]. - Management instability has been evident since 2023, with frequent executive changes, including the dismissal of the financial director in November 2024 due to "insufficient capability" [4].