证券之星消息，飞马国际(002210)8月12日公开信息显示，股东新增鼎(海南)投资发展有限公司向新希望 集团有限公司、海南宝晶利科技有限公司合计质押7.96亿股，占总股本29.9%。质押详情见下表： | 出质股东 | 质权方 | | 质押数量（万股） 占持股比% 占总股本比% 质押开始日 | | | --- | --- | --- | --- | --- | | 新增鼎(海南)投 新希望集团有 资发展有限公司 限公司 | | 63405.18 | 79.69% | 23.83% 2025-08-08 | | 新增鼎(海南投 海南宝晶利科 资发展有限公司 技有限公司 | | 16162.10 | 20.31% | 6.07% 2025-08-08 | 飞马国际财务数据及主营业务： 飞马国际2025年一季报显示，公司主营收入5466.39万元，同比下降12.13%；归母净利润-76.82万元，同 比下降112.24%；扣非净利润-83.56万元，同比下降113.88%；负债率63.67%，投资收益39.62万元，财 务费用638.7万元，毛利率29.66%。 飞马国际(002210)主营业务：供应链管理服务和环 ...

Core Viewpoint - The article highlights the significant share pledge by shareholders of Feima International, indicating potential liquidity concerns while also showcasing the company's strong performance in the waste management sector and its recognition in environmental contributions [1][2]. Group 1: Shareholder Pledge - As of the last trading day on August 8, the pledge ratio of Feima International's shareholders stands at 29.9% of the total share capital, ranking 119th in the market [1]. - Shareholders have pledged a total of 796 million shares, with a total market value of 2.562 billion yuan [1]. Group 2: Company Overview - Feima International Supply Chain Co., Ltd. specializes in supply chain management services and environmental new energy, with its main product being waste-to-energy [1]. - The company has established a strong reputation in the solid waste disposal industry, particularly in northern China, and has received over 30 awards for its contributions to environmental protection [1]. Group 3: Stock Performance - Over the past year, Feima International's stock has increased by 110.46% [2].

Core Viewpoint - The company Feima International is facing significant financial challenges, with a high PE ratio compared to industry averages, indicating potential overvaluation in the context of declining revenues and profits [1][2]. Company Overview - Feima International's main business focuses on supply chain management services and environmental new energy, particularly in waste-to-energy projects [1]. - The company has established a strong reputation in the solid waste disposal sector, especially in northern China, receiving over 30 awards for its contributions to environmental protection [1]. Financial Performance - As of the first quarter of 2025, Feima International reported a revenue of 54.66 million yuan, a year-on-year decrease of 12.13% [1]. - The net profit for the same period was a loss of approximately 768,248 yuan, reflecting a significant decline of 112.24% year-on-year [1]. - The company's gross profit margin stood at 29.66% [1]. Market Position - The current PE ratio for Feima International is 368.26, which is substantially higher than the industry average of 56.27 and the median of 33.84 [2]. - The total market capitalization of Feima International is approximately 7.904 billion yuan [1][2]. - As of the latest report, three institutions hold shares in Feima International, with a total of 3.5706 million shares valued at 1 million yuan [1].

Core Viewpoint - The company, Feima International, is facing significant financial challenges, with a high PE ratio compared to industry averages, indicating potential overvaluation in the context of declining revenues and increasing losses [1][2]. Company Summary - Feima International's stock closed at 2.91 yuan, down 3.32%, with a rolling PE ratio of 360.83 times and a total market capitalization of 7.744 billion yuan [1]. - The company operates in the supply chain management and environmental new energy sectors, primarily focusing on waste-to-energy projects [1]. - As of March 31, 2025, the number of shareholders decreased to 65,433, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1]. - The latest financial report for Q1 2025 shows a revenue of 54.664 million yuan, a year-on-year decrease of 12.13%, and a net loss of approximately 768,248 yuan, representing a year-on-year decline of 112.24% [1]. Industry Summary - The average PE ratio for the environmental industry is 53.23 times, with a median of 31.20 times, positioning Feima International at the 115th rank within the sector [1][2]. - The company has received over 30 awards for its contributions to environmental protection, including recognition from the Ministry of Housing and Urban-Rural Development and the Ministry of Education [1].

Core Viewpoint - The control change of Shenzhen Feima International Supply Chain Co., Ltd. is driven by the impending deadline for a significant performance compensation payment, with the new investor being a state-owned entity from Zhangzhou [1][3][10]. Group 1: Control Change and Financial Obligations - On June 23, Feima International announced a control change agreement with a state-owned investment platform, which may lead to the exit of Liu Yonghao, the founder of New Hope Group, from the company's control [1][10]. - Liu Yonghao's New Hope Group is required to pay a performance compensation of 437 million yuan by July 25, 2024, due to unmet profit commitments [3][7]. - The company has struggled financially since Liu's takeover, with a cumulative net profit of only 133 million yuan over three years, falling short of the promised 4.37 billion yuan [6][8]. Group 2: Historical Context and Performance - Liu Yonghao became the actual controller of Feima International in late 2021 after the company underwent bankruptcy restructuring, with a commitment to achieve a minimum net profit of 5.7 billion yuan from 2022 to 2024 [4][5]. - Feima International faced severe financial distress prior to Liu's involvement, with a debt ratio of 86.75% and a drastic revenue drop from 41 billion yuan in 2019 to 314 million yuan in 2020 [5]. Group 3: Market Reaction and Future Prospects - Following the announcement of the state-owned entity's potential takeover, Feima International's stock price surged to 2.67 yuan per share, reflecting market optimism about the new investor's ability to improve the company's financial situation [1][11]. - The new investor's entry could provide resource synergies, as Feima's business aligns with local industrial development, although the company still faces significant financial challenges, including a debt ratio of 63.67% and negative cash flow [10][11].

Core Viewpoint - The controlling stake of Feima International is set to be transferred from the current major shareholder, Xintou Group, to a local state-owned investment entity, indicating a significant shift in ownership and potential strategic realignment for the company [1][2]. Group 1: Ownership and Control Changes - Xintou Group is negotiating an investment agreement to transfer control of Feima International, with two potential methods: transferring 532 million unrestricted shares (20% of total shares) or transferring all shares of its subsidiary, Xinzheng Ding, to the investor [1]. - Post-transaction, the new controlling shareholder will be the investment entity, which is primarily controlled by the Finance Bureau of the Zhangzhou High-tech Industrial Development Zone [2]. Group 2: Financial Performance and Historical Context - Feima International has struggled financially since the entry of Xinzheng Ding, with revenues from 2021 to 2024 recorded at 266 million, 354 million, 356 million, and 239 million respectively, and net profits of 4.92 million, 88.35 million, 16.39 million, and 28.50 million [3]. - The company had a debt crisis in 2021, leading to Xinzheng Ding's intervention with a total of 250 million in financial support, resulting in a 29.9% ownership stake [3]. - Xinzheng Ding had committed to a net profit of at least 570 million for the years 2022-2024, but the actual cumulative net profit was only 133 million, falling short of the commitment [4]. Group 3: Market Reaction - Following the announcement of the potential ownership change, Feima International's stock price experienced volatility, ultimately closing at 2.67 yuan per share, with a total market capitalization of 7.105 billion [3].

Core Viewpoint - The company is focusing on enhancing its business operations and financial performance through strategic initiatives and asset management, while facing challenges in stock price and market perception due to recent performance issues [1][2][3]. Group 1: Stock Performance and Market Position - As of May 23, 2025, the company's stock price is 2.48 yuan, down 2.75% from the previous week, with a total market capitalization of 6.6 billion yuan, ranking 32nd in the environmental governance sector [1]. - The stock reached a high of 2.74 yuan and a low of 2.47 yuan during the week [1]. Group 2: Asset Injection and Financial Management - The company confirmed that there are no undisclosed matters regarding asset injection as per the Shenzhen Stock Exchange regulations [4][5]. - Proceeds from previous stock auctions are being used to supplement working capital and settle debts from the subsidiary Junma Environmental Protection [7]. Group 3: Strategic Development and Performance Commitments - The company is implementing a "dual-ring" development strategy focusing on environmental and smart supply chain industries to enhance growth and profitability [2][3][8]. - The major shareholder, Xinzhu Ding, has committed to a profit guarantee of at least 570 million yuan for the years 2022, 2023, and 2024, with provisions for cash compensation if targets are not met [6][11]. Group 4: Shareholder Meeting and Resolutions - The 2024 annual shareholder meeting held on May 22, 2025, did not approve the proposal regarding the performance commitment realization [10][12]. - A total of 342 shareholders participated, representing 34.03% of the voting shares [11].

Group 1: Financial Performance and Commitments - The major shareholder, Xinzheng Ding, committed to a net profit of no less than 570 million CNY for the years 2022, 2023, and 2024 combined. If this target is not met, a cash compensation will be provided within three months after the 2024 annual audit report is published [9][11][12]. - The company reported a loss in Q1 2025, primarily due to reduced other income and increased credit impairment losses [24]. - The proceeds from the auction of shares were used to supplement working capital and settle debts from the subsidiary Junma Environmental Protection's previous restructuring [2][23]. Group 2: Business Strategy and Development Plans - In 2025, the company will focus on expanding its core businesses in environmental protection and smart supply chain services, aiming to enhance operational quality and efficiency [6][14]. - The company plans to implement a "dual-ring" strategy centered on green ecological and digital industrial chains, establishing a comprehensive service platform for resource utilization and supply chain management [13][18]. - The company will explore new business models and enhance its operational capabilities by leveraging advanced technologies such as big data and artificial intelligence [7][14]. Group 3: Market and Investor Relations - The company emphasizes the importance of rational investment and risk awareness among investors, particularly in light of the fluctuating stock prices influenced by macroeconomic factors [3][8]. - The upcoming shareholders' meeting on May 22, 2025, will address the performance commitment and other significant issues [12][17]. - The company is committed to transparent communication and will disclose all relevant information through designated media channels [1][8].

Core Viewpoint - Feima International's stock closed at 2.49 yuan, down 1.97%, with a rolling PE ratio of 308.75 times, indicating a significant premium compared to the industry average [1] Company Summary - Feima International specializes in supply chain management services and environmental new energy, with main products including comprehensive logistics services, trade execution services, and PPP project construction services [1] - The company has established strong competitive advantages in business platform and operations, enterprise qualifications, management team, and brand reputation over years of exploration and accumulation [1] - As of the first quarter of 2025, the company reported operating revenue of 54.66 million yuan, a year-on-year decrease of 12.13%, and a net loss of approximately 768,248 yuan, a year-on-year decline of 112.24%, with a gross profit margin of 29.66% [1] Industry Summary - The average PE ratio for the environmental protection industry is 48.96 times, with a median of 29.49 times, positioning Feima International at the 116th rank within the industry [2] - The total market capitalization of Feima International is 6.626 billion yuan [2] - As of the first quarter of 2025, there are 8 institutions holding shares in Feima International, with a total holding of approximately 1.006 billion shares valued at 2.405 billion yuan [1]

Core Viewpoint - Multiple companies, including *ST旭蓝, *ST嘉寓, *ST东方, and *ST富润, have received termination notices for their stock listings due to continuous trading prices below 1 yuan, leading to their stocks being delisted on April 30, 2025 [3][4][8][9]. Group 1: *ST旭蓝 - *ST旭蓝's stock will be delisted on April 30, 2025, following a decision from the Shenzhen Stock Exchange due to its stock price being below 1 yuan for 20 consecutive trading days [3][4]. - The company has appointed 长城国瑞证券有限公司 as its main broker to assist with the delisting process and related services [4][5]. - The company focuses on green industries, aiming to become a leading comprehensive service provider in environmental and renewable energy sectors [5]. Group 2: *ST嘉寓 - *ST嘉寓's stock will also be delisted on April 30, 2025, after receiving a termination notice from the Shenzhen Stock Exchange [3][8]. - The company has engaged 山西证券股份有限公司 as its main broker to facilitate the delisting and related transactions [8]. - *ST嘉寓 specializes in building energy efficiency, smart technology, and renewable energy solutions [8]. Group 3: *ST东方 and *ST富润 - *ST东方's stock will be delisted on April 30, 2025, following a decision from the Shanghai Stock Exchange due to similar reasons of price decline [9]. - The company has appointed 江海证券有限公司 as its main broker for the delisting process [9]. - *ST富润 will also face delisting on the same date, with the company yet to appoint a main broker for the process [9]. Group 4: Market Context - The recent trend shows an increase in companies facing delisting due to stock prices falling below 1 yuan, indicating a potential risk for other companies in the market [9][10].