SCPH(000488) 证券时报网·2024-12-03 02:25Core Viewpoint - Chenming Paper Industry is facing a liquidity crisis, highlighted by overdue debts and frozen bank accounts, raising concerns among investors associated with the "Lide System" [1][2]. Financial Situation - As of November 18, Chenming Paper and its subsidiaries have overdue debts totaling RMB 1.82 billion, accounting for 10.91% of the company's latest audited assets [2]. - The company has a cash balance of RMB 10.05 billion, but it faces short-term borrowings of RMB 29.99 billion, indicating a significant liquidity gap [2][3]. - The company's net profit attributable to shareholders after deducting non-recurring gains and losses has been negative since 2022, with a loss of RMB 1.075 billion in the first three quarters of this year [4]. Operational Impact - Multiple production lines at Chenming's Shouguang base have been temporarily shut down, affecting a total production capacity of 7.03 million tons, which is 71.7% of its total capacity [4]. - The company is actively seeking financing solutions and negotiating with creditors to restructure debt repayment plans [4]. Investment Products - Despite the liquidity crisis, certain receivables from Chenming Paper are still being marketed as quality assets by Lide Fund Sales Company through various private placement products, offering expected returns of 5%-7% [1][4]. - The products related to Chenming's receivables have a registered scale of RMB 300 million each and a duration of five years [4]. Management and Control - Li Xingchun, the current vice chairman of Chenming Paper, has significant control over multiple asset management companies under the "Lide System," indicating a complex web of financial relationships [1][12]. - Li Xingchun has been involved with Chenming Paper since 2019 and has received substantial compensation during his tenure [15][16].