Analysis of Related Party Transactions Involving Controlling Shareholders and Corporate Governance of Ruier Jingda

Based on my search and analysis, here is a detailed breakdown regarding your inquiry about

and corporate governance issues:

(Stock Code: 002865.SZ) is an enterprise focusing on the R&D, production, and sales of refractory materials, primarily serving blast furnace equipment in the steel industry [0]. The company’s main business includes blast furnace functional consumable materials, blast furnace inner linings, etc., with products applied to iron-making blast furnace equipment [1].

Based on the latest data, the company is currently in a loss-making state [0]:

• Net Profit Margin: -7.98%
• ROE (Return on Equity): -13.84%
• Current Price-to-Earnings Ratio: -35.70x

According to public information, the company has indeed engaged in related party transactions, including housing rental services [1]:

• The company’s other business income includes a “housing rental” item
• From 2022 to 2024, housing rental accounted for 3%-6% of other business income
• The gross profit margin of the relevant rental business is relatively high, approximately 87%-97%

Regarding the rent issue involving the controlling shareholder father-son duo you mentioned, it needs to be examined from the following dimensions:

• Transactions between listed companies and their controlling shareholders and related parties must follow strict information disclosure procedures
• Transaction prices must be based on fair market prices
• Transactions must be reviewed and approved by independent directors

• The collection of rent by the controlling shareholder father-son duo may involve related party transactions
• Key review points include: whether the rent pricing is reasonable, whether it has been evaluated by a third party, and whether the procedures are compliant

• Need to pay attention to whether the board of directors and supervisory board perform their duties effectively
• Whether independent directors play their due roles
• Whether the protection mechanism for the rights and interests of minority shareholders is sound

Due to limited public information, specific disclosure details regarding “the annual rent income of RMB 1.224 million received by the controlling shareholder father-son duo” cannot be obtained. We recommend that you:

1. Review the “Related Party Transactions” chapter in the company’s prospectus or periodic reports
2. Pay attention to exchange inquiry letters and the company’s responses
3. Evaluate the proportion of the rent amount in the company’s total revenue and its rationality

For in-depth analysis, it is recommended to activate the

to obtain more detailed company announcements, regulatory inquiry letters, and financial data.

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[0] Jinling API - Company Profile and Financial Data (002865.SZ)
[1] Reply of Mingguang Ruier Jingda Technology Co., Ltd. to the Listing Review Inquiry Letter of the Beijing Stock Exchange