Core Viewpoint - The company, Langjin Technology, has faced significant financial challenges, including three consecutive years of losses and negative cash flow, alongside regulatory scrutiny for information disclosure violations [1][5][6]. Financial Performance - Langjin Technology reported net profits of -57.99 million yuan in 2022, 3.17 million yuan in 2023, and -76.41 million yuan in 2024, indicating a continuous loss trend [5]. - The operating cash flow for the same years was -299.15 million yuan, -76.49 million yuan, and -101.73 million yuan, respectively, also showing negative cash flow for three consecutive years [5]. - In the first half of 2025, the company reported a net profit of 1.48 million yuan, but the operating cash flow remained negative at -42.44 million yuan [8]. Accounts Receivable - As of December 31, 2024, the accounts receivable balance was approximately 1.23 billion yuan, with a bad debt provision of about 140.06 million yuan [6][7]. - The aging of accounts receivable showed an increase in the balance for receivables aged within one year, while those aged over three years also increased [7]. Related Party Transactions - The company has experienced non-operating fund occupation by its controlling shareholder, Qingdao Langjin Group, totaling 228.51 million yuan in the first half of 2025, which has since been fully repaid [9][10]. - Internal control deficiencies were noted regarding the approval and disclosure of related party transactions, prompting the company to implement corrective measures [9][10]. Management Changes - The Chief Financial Officer and Board Secretary, Qiu Ruolong, resigned for personal reasons, effective from August 8, 2025 [11].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Langjin Technology and its actual controller, Li Jingmao, for suspected violations of information disclosure laws [1]. Group 1: Company Overview - Langjin Technology specializes in the research, production, sales, and after-sales maintenance of air conditioning systems for rail transit vehicles, new energy vehicles, intelligent thermal management products, air energy heat pump drying equipment, and digital energy intelligent environmental control products [1]. - The company reported a revenue of 340 million yuan in the first half of the year, representing a year-on-year decline of 10.88%, while net profit was 1.4764 million yuan, showing a year-on-year increase of 106.77% [1]. Group 2: Shareholding Structure - The controlling shareholder of Langjin Technology is Langjin Group, with actual controllers being Li Jingmao, Li Jing'en, and Ma Jun [2]. - Langjin Group directly holds 19.035 million shares, accounting for 20.72% of the total shares of the company [2]. - The three actual controllers collectively hold 100% of Langjin Group's shares and have signed a "Joint Action Agreement" in November 2016 [2].