Group 1 - Since May, several companies including *ST Zhongcheng, *ST Renle, *ST Hengli, and *ST Gongzhi have announced receipt of termination of listing advance notice, indicating a trend of companies leaving the capital market [1][3] - As of May 12, 2025, a total of 10 companies have received termination of listing advance notices from the Shanghai and Shenzhen Stock Exchanges, with additional companies like *ST Puli and *ST Xulan also facing similar fates [1][3] - The new delisting regulations have been implemented, leading to the first annual report season under these rules, resulting in multiple companies being warned of delisting risks and several directly delisted [5] Group 2 - *ST Renle reported a net asset of -387 million yuan for 2023 and -404 million yuan for 2024, triggering termination of listing due to financial report issues [3] - *ST Hengli's 2023 net profit was negative, and its revenue was below 100 million yuan, leading to a delisting risk warning [3][4] - *ST Zhongcheng's 2023 net asset was also negative, and its 2024 financial report received a qualified opinion, resulting in a proposed termination of listing [3][4] Group 3 - A total of 9 companies have completed delisting in 2025, with reasons ranging from continuous low stock prices to major violations [6][7] - The companies that have delisted include *ST Meixun, Haitong Securities, and *ST Boxin, among others, with various reasons for their delisting [7][8] - The trend indicates a significant number of companies facing financial difficulties and regulatory challenges, leading to increased scrutiny and potential delisting [10] Group 4 - The Beijing Stock Exchange may see its first delisted company, with Guandao Digital and Yun Chuang Data facing delisting risks due to audit issues [9][10] - Both companies have received audit opinions that could lead to termination of listing if they continue to meet financial delisting criteria in 2025 [10] - A total of 96 companies in the A-share market have been warned of delisting risks due to various financial issues, indicating a broader trend of financial instability among listed companies [10]

Summary of Key Points Core Viewpoint - The A-share market shows a significant number of low-priced stocks, with 63 stocks priced below 2 yuan, indicating a potential area for investment analysis and opportunities in the market [1]. Group 1: Market Overview - As of May 6, the Shanghai Composite Index closed at 3316.11 points, with an average A-share price of 11.34 yuan [1]. - The distribution of high-priced and low-priced stocks is relatively small in the overall A-share market [1]. Group 2: Low-Priced Stocks - Among the 63 stocks priced below 2 yuan, the lowest is *ST Jiayao at 0.21 yuan, followed by *ST Pengbo at 0.62 yuan and Puli Tui at 0.69 yuan [1]. - 41.27% of the low-priced stocks are ST stocks, indicating a significant presence of companies under special treatment [1]. Group 3: Performance of Low-Priced Stocks - Out of the low-priced stocks, 49 stocks experienced an increase in price, with Guangtian Group leading at a rise of 9.94%, followed by Shanzi Gaoke at 6.18% and Baogang Co. at 5.78% [1]. - Conversely, 6 stocks saw a decline, with *ST Sihuan dropping by 5.24%, *ST Jinguang by 4.81%, and *ST Xingguang by 4.79% [1].

Core Viewpoint - *ST Pengbo (Peng Doctor Telecom Media Group Co., Ltd.) faces potential delisting risks due to consecutive years of receiving "unable to express opinion" audit reports, with its stock possibly suspended from trading starting April 30, 2025 [1][2] Financial Performance - The company reported a net profit attributable to shareholders of approximately -88.47 million yuan for 2024, with total revenue around 187.67 million yuan [5] - *ST Pengbo has experienced a continuous decline in revenue for seven consecutive years from 2017 to 2023, with net profits of -1.17 billion yuan in 2021, -454 million yuan in 2022, and -93 million yuan in 2023 [5] - The company’s financial situation has deteriorated significantly, with a total loss exceeding 5 billion yuan in 2019 due to massive goodwill and fixed asset impairments [4] Operational Challenges - The company has been struggling with liquidity issues since 2019, exacerbated by price wars in the broadband industry and regulatory fee reductions [4] - *ST Pengbo has been involved in numerous lawsuits and arbitration cases, with some bank accounts frozen, indicating severe operational and financial risks [6] Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure, including failure to disclose related party transactions and significant contracts [6][7] - The CSRC has imposed a fine of 10 million yuan on *ST Pengbo and a 15 million yuan fine on its actual controller, Yang Xueping, due to serious violations [6][7] Market Position - Once recognized as the "fourth largest operator" in China, *ST Pengbo has seen its market position decline significantly after divesting key assets like Changcheng Broadband [2][4] - The company primarily operates in data centers, cloud computing, and internet access services, but its transition efforts have not yielded expected results [2][5]

Group 1 - *ST Haiyue (600387.SH) will be suspended from trading starting April 30, 2025, due to touching the delisting conditions for the 2024 annual report, with the Shanghai Stock Exchange to review the decision on delisting [1] - *ST Jiayu (300117.SZ) has been decided to be delisted by the Shenzhen Stock Exchange, with the delisting effective on April 30, 2025, and will not enter the delisting arrangement period [1] - *ST Jiu You (600462.SH) will be suspended from trading starting April 30, 2025, as both the 2024 financial accounting report and internal control report received an audit opinion of inability to express [1] - *ST Longyu (603003.SH) will also be suspended from trading on April 30, 2025, due to the 2024 financial statements and internal control audit report receiving a denial opinion and an inability to express opinion respectively [1] - *ST Pengbo (600804.SH) will be suspended from trading starting April 30, 2025, as the 2024 financial accounting report and internal control report received an audit opinion of inability to express [1] Group 2 - *ST Renle (002336.SZ) has a negative net asset value at the end of the 2024 audited period, with the financial accounting report receiving an inability to express opinion and the internal control report receiving a denial opinion, leading to potential delisting from the Shenzhen Stock Exchange and suspension starting April 30, 2025 [2] - *ST Xulan (000040.SZ) will be delisted by the Shenzhen Stock Exchange due to the stock closing price being below 1 yuan for twenty consecutive trading days, with the delisting effective on April 30, 2025, and will not enter the delisting arrangement period [2]

特此说明。 鹏博士电信传媒集团股份有限公司 监事会 2025 年 4 月 28 日 鹏博士电信传媒集团股份有限公司（以下简称"公司"）聘请中瑞诚会计师 事务所（特殊普通合伙）（以下简称"中瑞诚"）为公司 2024 年度财务报告内部 控制审计机构，中瑞诚出具了无法表示意见的内部控制审计报告。根据有关规 定的要求，公司董事会对该审计意见涉及事项进行了专项说明。 根据《上海证券交易所股票上市规则》《公开发行证券的公司信息披露编报 规则第 14 号-非标准无保留审计意见及其涉及事项的处理》及《公开发行证券 的公司信息披露内容与格式准则第 2 号-年度报告的内容与格式》等相关规定的 要求，监事会对《董事会关于会计师出具无法表示意见的内部控制审计报告的 专项说明》进行了审核，并提出如下书面审核意见： 我们同意董事会关于会计师出具无法表示意见的内部控制审计报告的专项 说明中对导致无法表示意见事项的情况描述和具体整改计划，同时特别强调改 善内部控制重要缺陷的最关键因素是加强公司内部控制执行的有效性、需要公 司董事会和管理团队将在进一步对现有的内控制度和流程进行全面梳理和整改 基础上将内控制度体系相关要求真正落实到位，对违反内 ...

鹏博士电信传媒集团股份有限公司监事会 关于《董事会关于公司财务审计报告出具无法表示意见涉及事项的 专项说明》的意见 鹏博士电信传媒集团股份有限公司（以下简称"公司"）聘请中瑞诚会计师 事务所（特殊普通合伙）（以下简称"中瑞诚"）为公司 2024 年度财务报告审计 机构，中瑞诚为公司 2024 年度财务报告出具了无法表示意见审计报告，根据有 关规定的要求，公司董事会对该审计意见涉及事项进行了专项说明。 根据《上海证券交易所股票上市规则》《公开发行证券的公司信息披露编报 规则第 14 号—非标准审计意见及其涉及事项的处理》及《公开发行证券的公司 信息披露内容与格式准则第 2 号-年度报告的内容与格式》等相关规定的要求， 监事会对《董事会关于公司财务审计报告出具无法表示意见涉及事项的专项说 明》进行了审核，并提出如下书面审核意见： 我们注意到董事会关于公司财务审计报告出具无法表示意见涉及事项的专 项说明中对涉及几个事项的情况描述和具体措施，关注到公司的相关具体措施 还不够明晰，对如何提升经营水平解决短期债务风险、增强持续经营的能力建 议公司制定更有效的具体工作计划和措施，建议公司董事会和管理团队将相关 核查、整改计 ...

中瑞诚会计师事务所（特殊普通合伙） 鹏博士电信传媒集团股份有限公司 2024 年度 内部控制审计报告 中瑞诚审字[2025]第 502789 号 中瑞诚会计师事务所（特殊普通合伙） 地址：北京市西城区金融大街 35 号 1 号楼 805# 电话：010-62267688 邮编：100000 传真：62267682 中瑞诚会计师事务所（特殊普通合伙） 目 录 2024 年度内部控制审计报告 第 1-2 页 其他附送资料 地址：北京市西城区金融大街 35 号 1 号楼 805# 电话：010-62267688 邮编：100000 传真：62267682 中瑞诚会计师事务所（特殊普通合伙） 内部控制审计报告 中瑞诚审字[2025]第 502789 号 鹏博士电信传媒集团股份有限公司全体股东： 我们接受委托，对鹏博士电信传媒集团股份有限公司（以下简称鹏博士公司） 2024年12月31日的财务报告内部控制进行审计。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是鹏博 士公司董事会的责任。 中瑞诚会计师事务所 ...

鹏博士电信传媒集团股份股份有限公司 2024 年度审计报告 鹏博士电信传媒集团股份有限公司 2024 年度 审计报告 中瑞诚审字[2025]第 502788 号 中瑞诚会计师事务所（特殊普通合伙） 地址：北京市西城区金融大街 35 号 1 号楼 805# 电话：010-62267688 传真：62267682 鹏博士电信传媒集团股份股份有限公司 2024 年度审计报告 目 录 地址：北京市西城区金融大街 35 号 1 号楼 805# 电话：010-62267688 传真：62267682 审计报告 …………………………………… 第 1-5 页 财务报表 …………………………………… 第 6-17 页 财务报表附注 ……………………………… 第 18-131 页 会计师事务所营业执照、资格证书 鹏博士电信传媒集团股份股份有限公司 2024 年度审计报告 审 计 报 告 中瑞诚审字[2025]第 502788 号 鹏博士电信传媒集团股份有限公司全体股东： 一、审计意见 我们审计了鹏博士电信传媒集团股份有限公司（以下简称鹏博士公 司）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 ...

鹏博士电信传媒集团股份有限公司 独立董事 2024 年度述职报告 （张鹏） 根据《公司法》《证券法》《上市公司治理准则》《上市公司独立董事管理 办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》和《公司章程》《独立董事工作制度》等相关规定，作 为鹏博士电信传媒集团股份有限公司（以下简称"公司"）独立董事，我们忠实、 勤勉地履行了独立董事的职责，谨慎、认真、恰当地行使了独立董事的职权，积 极出席相关会议，及时了解公司生产经营情况，对重大事项发表独立、客观的意 见，切实维护公司及全体股东的合法权益。现将本人 2024 年度担任独立董事的 履职情况报告如下： 一、独立董事的基本情况 张鹏先生：工学学士、工业管理工程第二学士、经济学硕士、管理学博士。 重庆大学教授，博士生导师。1987 年 7 月至今在重庆大学工作。先后获得"重 庆市社会科学优秀科研成果奖"、"重庆市发展研究奖"(一等奖、二等奖)等，重 庆市"十四五"规划专家咨询委员会委员，重庆市中小企业专家委员会委员，重 庆市生产力发展中心专家委员会委员。2024 年 11 月 14 日至今，任公司独立董 事。 作为 ...

鹏博士电信传媒集团股份有限公司 独立董事 2024 年度述职报告 （武惠忠） 根据《公司法》《上市公司独立董事规则》《上市公司治理准则》《上海证 券 交易所上市公司自律监管指引第 1 号——规范运作》等法律法规及《公司章 程》的有关规定，本人作为鹏博士电信传媒集团股份有限公司（以下简称"公司"） 独立董事，在任职期间积极了解公司经营管理运作情况，以维护公司整体利益和 全体股东尤其是中小股东的合法权益为宗旨，认真履行独立董事职责，按时出席 相关会议，对各项议案进行认真审议，切实履行了独立董事的职责。现将 2024 年度履职情况汇报如下： 一、独立董事的基本情况 武惠忠先生：曾先后在北京市天银律师事务所、科华律师事务所、北京市友 邦律师事务所、北京市时代九和律师事务所执业，现为北京市海润天睿律师事务 所高级合伙人，兼任山西潞安环保能源开发股份有限公司独立董事。2021 年 11 月至 2024 年 11 月，任公司独立董事，目前非公司在任独立董事。 作为公司独立董事，本人未在公司担任除独立董事以外的任何职务，与公司 及公司主要股东之间不存在任何妨碍独立董事进行独立、客观判断的关系，不存 在任何影响独立性的情况。 ...