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functional new materials display (part). screenshot from yangzi new materials official website

our reporter yu lili and li beibei reported from beijing

the revenue of yangzi new materials (002652.sz) has been falling for five consecutive years. last year's revenue was 435 million yuan, less than 20% of that in 2018. in the first half of this year, although the revenue fell by 17.83% year-on-year, the net profit attributable to the parent company increased by 221.85% year-on-year.

yangzi new materials stated, "the net profit attributable to shareholders of the listed company was 15.8884 million yuan, turning losses into profits compared with the same period last year. the main reason was that the company recovered the funds occupied by hu weilin and offset the corresponding bad debt provisions." liu zhigeng, a well-known financial and tax auditing expert and senior certified public accountant, analyzed to the reporter of "huaxia times" that although this type of income is included in the total profit, it is non-operating income and is not sustainable.

yangzi new materials was founded in 2002 and was initially jointly funded by two natural persons named lu. less than a year after the company was founded, hu weilin joined the company and later became the legal representative and actual controller.

from 2018 to 2020, the then general manager hu weilin used several companies to occupy the funds of yangzi new materials and its holding subsidiaries in the form of "overpayment of advance payments" and other forms to engage in related transactions, but did not disclose it in the annual report. the balance of the occupied funds at the end of 2018 was about 198 million yuan, and the balance of the occupied funds at the end of 2019 was about 363 million yuan.