Core Viewpoint - The second largest shareholder of Lanzhou Zhuangyuan Pastoral Co., Ltd., Ma Hongfu, has had all of his shares frozen by the court, which constitutes 16.47% of the company's total equity. This situation arises from Ma's personal arbitration matters and his previous legal issues, including bribery allegations and unmet performance commitments [1][2][4]. Company Summary - Ma Hongfu's shares, totaling 32,197,400, have been completely frozen, with a related debt and execution cost of approximately 21.27 million yuan [2]. - Ma Hongfu was previously the controlling shareholder and chairman of the company until he transferred control to Gansu Agricultural Reclamation Group in 2021 due to legal issues and performance failures [1][4]. - The company has failed to meet its performance commitments from 2021 to 2023, resulting in a cash compensation obligation of 20.31 million yuan owed by Ma Hongfu, with 13.61 million yuan still overdue as of May 2023 [3]. Industry Summary - The dairy industry is facing significant challenges, including declining raw milk prices and intense competition from major players like New Hope Dairy and Bright Dairy, which are expanding their presence in the Northwest market [1][10]. - Zhuangyuan Pastoral's revenue decreased by 8.97% to 956 million yuan in 2023, with a net loss of 81.48 million yuan, and further losses are expected in 2024 [8][9]. - The company's market share outside Gansu has been declining, with revenue from key markets like Shaanxi decreasing, indicating difficulties in expanding beyond its core region [9][10].