来源：南财社 61岁的浙江富豪，突然被公安刑拘！ 12月25日晚，创业板上市公司天铁科技发布公告称，公司股东、实际控制人之一的许吉锭，被台州市公 安局采取刑事拘留的强制措施，正在配合公安机关调查。 据其家属表示，调查事项为个人事项，与公司日常生产经营无关。公司也表示，许吉锭目前未在上市公 司担任董事或高管职务。该事项不会对公司日常经营活动产生不利影响。 但受此消息影响，天铁科技开盘后跌幅一度逼近15%，截至中午休市，跌幅为13%，股价报6.09元。市 值蒸发近12亿。 有股民感叹，一个去年就离职的董事长，对股价的影响竟然这么大？ | 34 | อ | 大胆补? | 沉浮如梦 | | --- | --- | --- | --- | | 44 | อ | 估计是喝花酒没控制住 | 只看最本质 | | 255 | 5 | 一个去年就离职的人,对股价产生那么大影响,背后的 | 平和宁静的倾颜3 | | 26 | 0 | 还不知道什么刑事犯罪要是不可逆转的话,对公司伤害 | 股友3952 ... | | 107 | 1 | 今天放这么大的量,但和昨天比较上面筹码峰没变化多 | 存到除贾 | 对于许吉锭究竟所涉何事，目前 ...

Core Viewpoint - Tian Tie Technology's controlling shareholder Wang Meiyu plans to reduce his stake in the company, which raises concerns about the company's financial health and future prospects as the stock price reaches new highs [1][15]. Group 1: Shareholder Actions - Wang Meiyu, the largest shareholder with a 7.55% stake, intends to reduce his holdings by up to 38.948 million shares, representing 3% of the total share capital [1]. - The stock price of Tian Tie Technology reached a year-high of 7.79 yuan per share, with a market capitalization exceeding 10 billion yuan, reflecting a 56% increase year-to-date [1]. Group 2: Financial Health - As of June 19, 2025, Wang Meiyu and five other concerted actors hold a total of 273 million shares, with 162 million shares pledged, resulting in a pledge ratio of 59.34% [2]. - The company has a significant external guarantee balance of 836 million yuan, which constitutes 34.66% of the audited net assets for 2024, indicating substantial financial risk [2]. - Operating cash flow has been negative for three consecutive years, with cumulative losses of 1.13 billion yuan from 2022 to 2024 [2]. Group 3: Business Performance - Tian Tie Technology's main business, which focuses on rail engineering rubber products, has seen a decline in revenue due to reduced infrastructure investment, with revenues dropping from 1.073 billion yuan in 2021 to 300 million yuan in 2023 [3]. - The lithium materials business, acquired through significant investments, has become a financial burden, with losses reported at 60.52 million yuan in 2024 and further losses in 2025 [6][7]. Group 4: Profitability and Cash Flow - In 2024, Tian Tie Technology reported a revenue of 2.136 billion yuan, a 41.69% increase, but the net profit of 15.204 million yuan was largely due to non-recurring gains, masking ongoing core business losses [8][9]. - The company has experienced a continuous cash flow deficit, with a net cash flow from operating activities of -1.4 billion yuan in 2024, indicating deteriorating profitability quality [9][12]. Group 5: Debt and Expansion Plans - The company's debt ratio has increased from 35.95% in 2021 to 56.68% by the first quarter of 2025, nearing the 60% warning line [12]. - Despite financial struggles, the company announced a 1.45 billion yuan investment in a new project, raising concerns about its ability to manage existing debts while pursuing expansion [14][15].