Hengsheng Group Calls 14th AGM… Earnings Deterioration and Continued Capital Raising

2025 revenue CNY 550M (vs. CNY 619M in 2024, -11%), operating loss of CNY 1.45M (vs. profit of CNY 38.9M), net profit CNY 5.53M (vs. CNY 12.4M, -55%)
Total of 5 capital raisings in 2025: 3 rights issues (third-party allotment) and 2 convertible bond issuances, raising dilution concerns
Total assets CNY 2.2B, liabilities CNY 0.3B, cash CNY 1.6B; sound financial structure but deteriorating profitability
No dividends
Re-election of inside director Houi Hongyuan, approval of total director remuneration limit of CNY 2,500,000
Delegation of authority to board to issue securities up to 50% of total issued shares until next AGM