Zoneco Group (002069.SZ), once a stock championed for its "marine ranch" concept, has been thrust back into the spotlight at the beginning of 2026. The company, along with its Chairman Liu Dewei and Board Secretary Yan Zhongji, has been issued warning letters by the Dalian Securities Regulatory Bureau and the Shenzhen Stock Exchange. This action stems from their failure to promptly disclose the overdue repayment of a 14.5 million yuan financial assistance provided to an affiliated company, with regulators clearly identifying the two executives as bearing primary responsibility for the violation.
This incident, which might appear as a mere "financial disclosure flaw," in reality exposes the deep-seated funding difficulties and governance disorder that have long plagued Zoneco. Over recent years, the company has been mired under the heavy pressure of consecutive losses, high debt levels, and shareholder减持. The addition of "irregular information disclosure" is akin to adding insult to injury.
On January 20, Zoneco announced that it had received a "Decision on Administrative Regulatory Measures" from the Dalian Securities Regulatory Bureau. The regulatory investigation found that a loan of 14.5087 million yuan provided by Zoneco to its affiliate—Dalian Puleng Zoneco Cold Chain Logistics Co., Ltd.—matured on December 10, 2025, but was not recovered. The company delayed disclosing this situation until January 15, 2026, a clear violation of listed company information disclosure regulations.
Liu Dewei and Yan Zhongji, as the primary persons responsible for the company's information disclosure, were deemed "to bear primary responsibility." Both the company and the two individuals were issued warning letters. Simultaneously, the Shenzhen Stock Exchange issued a parallel supervision letter, demanding that Zoneco strengthen its internal compliance management to prevent the recurrence of similar issues.
According to prior announcements, this financial assistance originated from the remaining payment for the transfer of shares in Puleng Zoneco in 2024. It was provided in the form of a "shareholder loan" with an annual interest rate of 6.08% and a one-year term, stipulating a lump-sum repayment of principal and interest at maturity. However, as of now, Puleng Zoneco has defaulted on repaying the principal and penalty interest. The company has only issued a demand letter and has not yet recovered the funds.
It is noteworthy that Puleng Zoneco's own financial condition is precarious. Public data shows a net loss of 17.1783 million yuan in 2024, with a debt-to-asset ratio as high as 67.57%. In the first half of 2025, it continued to lose 6.9193 million yuan, and its debt-to-asset ratio climbed to 70.70%. This implies that the "loan" more closely resembles a capital infusion into an insolvent company, with risks having been inherent from the start.
The issues at Zoneco are not isolated incidents but rather the result of systemic bleeding. Since 2014, the company has reported losses in six years, with net profit attributable to shareholders remaining below 10 million yuan for four consecutive years from 2021 to 2024. In 2024, the company lost 21.91 million yuan, and losses widened to 32.37 million yuan in the first three quarters of 2025, a year-on-year decrease of 30.79%.
Net profit after deducting non-recurring gains and losses has been negative for an extended period. Data indicates that between 2014 and 2024, Zoneco managed a meager profit in only two years, remaining in a loss-making state for the rest of the time.
Concurrently, the debt ratio has remained persistently high. Since 2019, the company's asset-liability ratio has consistently exceeded 90%, reaching 95.76% in 2024 and climbing further to 97.56% by the end of the first three quarters of 2025. As of the end of Q3 2025, the company held short-term loans of 1.687 billion yuan and long-term loans of 218 million yuan, indicating immense debt repayment pressure.
Zoneco's predicament is not merely reflected in the numbers. In recent years, the company has frequently been entangled in litigation and arbitration disputes, with involved amounts exceeding 10 million yuan in 2025 alone. The causes span multiple areas including contracts, labor, and intellectual property, further exacerbating financial and management burdens.
Following the takeover by Dalian state-owned assets in 2022, Zoneco attempted to divest non-core assets and streamline its main business. However, the results show that this "slimming down" strategy has not rapidly improved its financial health.
In December 2025, the company transferred its shipbuilding subsidiary for 8.12 million yuan and sold a package of idle land and factory buildings to Dalian Haifa Cultural Tourism Industry Development Co., Ltd. Yet, overall operations have shown no signs of recovery.
Meanwhile, confidence in the capital market has further declined. In December 2025, the "Hedao No. 1 Fund," managed by Beijing Jirong Yuantong Asset Management Co., Ltd., announced another减持 plan, intending to reduce its holdings by no more than 1% in the first quarter of 2026. This fund had previously sold 7.08 million shares between August and September 2025, cashing out approximately 30 million yuan. Following this减持, the "Hedao No. 1 Fund" has dropped from being the second-largest shareholder to the third.
The frequent减持 reflects institutional concerns about Zoneco's future profitability and governance structure.
As one of the most controversial fishery companies in China's A-share market, Zoneco's history is almost a chronicle of "eroded trust." From the 2014 "scallop migration" incident to the confirmed financial fraud in 2020, the company's credibility has been repeatedly damaged. Now, even under state-owned background, information disclosure violations persist, indicating that internal control mechanisms have not been fully repaired.
Industry analysts point out: "The crux of Zoneco's problem is no longer just losses, but rigid governance systems and weak risk awareness. For a listed company, failing to promptly disclose a 14.5 million yuan fund transaction suggests systemic vulnerabilities in internal management and risk compliance."
Today, against a backdrop of consecutive annual losses, asset depletion, and funding constraints, Zoneco is still attempting to alleviate its liquidity crisis through asset transfers and non-core divestitures. However, without fundamental changes to its governance and profit model, no amount of capital infusion is likely to be sustainable.
From a concept stock centered on "marine ranching" to a beleaguered traditional fishery enterprise, Zoneco's story continues. Faced with regulatory warnings, eroding investor trust, and poor performance, whether the company can truly escape its predicament will depend on its ability to establish a transparent, stable, and compliant operating system.
Although the regulatory "warning letter" constitutes only a minor penalty, its signal is unequivocal: Zoneco has no room for error.
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