Core Viewpoint - Sihan Navigation (688592.SH) is currently facing regulatory scrutiny due to significant discrepancies in its financial disclosures, leading to a decline in its stock price and a breach of compliance with the China Securities Regulatory Commission (CSRC) [1][2]. Financial Performance - For the fiscal year 2024, Sihan Navigation reported revenue of 413 million yuan, a year-on-year increase of 0.28% [2][3]. - The company recorded a net loss attributable to shareholders of 33.05 million yuan, compared to a profit of 41.82 million yuan in the previous year, marking a decline of 179.03% [4]. - The net profit after excluding non-recurring items was a loss of 50.10 million yuan, a significant drop from a profit of 25.80 million yuan in the prior year, reflecting a decrease of 294.21% [4]. - The net cash flow from operating activities was 11.18 million yuan, a substantial improvement from a negative cash flow of 33.74 million yuan in the previous year, indicating a 431.40% increase [4]. Regulatory Issues - The company received an administrative regulatory measure from the Shanghai Securities Regulatory Bureau due to three main issues in its 2024 annual report, including improper disclosure of significant changes in asset and liability accounts, incorrect data regarding raised funds, and errors in reporting investment gains [1][2]. Stock Performance - As of June 9, the stock price of Sihan Navigation closed at 46.46 yuan, reflecting a decline of 2.48% and indicating that the stock is currently in a state of decline [1]. Future Plans - The profit distribution plan for 2024 includes a cash dividend of 1.20 yuan per 10 shares and a capital reserve conversion of 3 shares for every 10 shares held, without issuing additional shares [4].

Group 1 - Baiyunshan received drug registration certificate for Tadalafil tablets (2.5mg, 5mg) from the National Medical Products Administration, indicating its entry into the erectile dysfunction treatment market [1] - Huayin Power plans to invest approximately 1.398 billion yuan in three renewable energy projects with a total installed capacity of 230 MW [2] - GAC Group reported a 24.8% year-on-year decline in May automobile sales, with total sales of 117,700 units [3] Group 2 - Honghui Fruits and Vegetables announced a potential change in control due to share transfer negotiations, leading to a temporary suspension of its stock and convertible bonds [4] - Fuyuan Pharmaceutical's subsidiary received a drug registration certificate for Bromhexine Hydrochloride oral solution, aimed at treating respiratory diseases [5][6] - Jianghan New Materials plans to repurchase shares worth 200 million to 400 million yuan, with a maximum price of 30 yuan per share [7][8] Group 3 - Sinan Navigation received an administrative regulatory decision from the Shanghai Securities Regulatory Bureau due to multiple issues in its 2024 annual report [9][10] - Hesheng Co. received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [11] - Daqin Railway reported a 1.85% year-on-year decrease in cargo transportation volume in May, totaling 32.96 million tons [13] Group 4 - Ningbo Construction's subsidiary won a design and construction project with a bid of 787 million yuan [14] - Yuehongyuan A announced the termination of a major asset restructuring plan due to failure to reach an agreement on key terms [15][16] - Mingyang Smart Energy reached a 190 million yuan repurchase agreement with Haiji New Energy [18] Group 5 - CNE Group's subsidiary plans to reduce registered capital from 430 million yuan to 330 million yuan [19] - ST Baili received an administrative penalty for failing to disclose non-operating fund occupation matters, resulting in a fine of 4 million yuan [21] - Baichuan Co. completed the repurchase of a 7.14% stake in its subsidiary for 50 million yuan [22] Group 6 - Dongrui Co. reported May sales of 155,400 pigs, generating revenue of 203 million yuan, a decrease of 8.77% month-on-month [25][26] - Pengding Holdings reported a 22.43% year-on-year increase in May consolidated revenue, totaling 2.598 billion yuan [27] - Dabeinong reported May sales of 727,600 pigs, with total revenue of 1.248 billion yuan [28] Group 7 - Lihua Co. reported a 4.77% year-on-year decrease in May chicken sales revenue, totaling 1.118 billion yuan [29][30] - Jindan Technology plans to use up to 300 million yuan of idle funds for entrusted wealth management [31] - Youxunda won a project from the State Grid worth approximately 176 million yuan [33][34] Group 8 - Shenglan Co. received approval for its convertible bond issuance from the Shenzhen Stock Exchange [35][36] - Jingfang Technology's shareholder plans to reduce holdings by up to 2% of the company's shares [37] - Shiji Information's subsidiary signed a significant contract with Marriott for cloud services [39] Group 9 - Northeast Securities' subsidiary plans to terminate its listing on the New Third Board [40] - Yaji International's supervisor is under investigation for insider trading [42][43] - Yian Technology signed a strategic cooperation framework agreement with Shenzhen Hive Interconnect Technology [44] Group 10 - Jinyu Group's subsidiary acquired a real estate project for 3.364 billion yuan [46][47] - Kaiweite's major shareholder plans to reduce holdings by up to 3% of the company's shares [48] - Ningbo Energy's subsidiary plans to publicly transfer fixed assets valued at approximately 17.4372 million yuan [49]

Core Points - Shanghai Sinan Navigation Technology Co., Ltd. received an administrative regulatory measure decision from the Shanghai Securities Regulatory Bureau due to significant discrepancies in its 2024 annual report disclosures [1][2] - The company failed to provide explanations for major changes in multiple asset and liability items, incorrectly reported the use of raised funds, and made errors in the disclosure of other equity instrument investments [1][2] - The company is required to submit a written rectification report within 30 days and is expected to enhance its internal controls and compliance with regulations [2] Summary by Sections Regulatory Decision - The Shanghai Securities Regulatory Bureau issued a decision citing violations in the company's annual report, including failure to explain significant changes in asset and liability items [1] - Errors were found in the reporting of over-raised funds and in the disclosure of investments in other equity instruments [2] Company Response - The company acknowledges the decision and emphasizes its commitment to improving compliance and internal governance [2] - It assures that the regulatory measures will not significantly impact its operational management activities [3]

证券代码：688592 证券简称：司南导航 公告编号：2025-034 上海司南导航技术股份有限公司 关于收到中国证券监督管理委员会上海监管局《行政 监管措施决定书》的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海司南导航技术股份有限公司（以下简称"公司"）于近日收到中国证券 监督管理委员会上海监管局（以下简称"上海证监局"）出具的《关于对上海司 南导航技术股份有限公司采取责令改正措施的决定》（沪证监决〔2025〕115 号， 以下简称"《决定书》"），现就有关情况公告如下： 一、《决定书》的内容 "上海司南导航技术股份有限公司： 经 查 ， 上 海 司 南 导 航 技 术 股 份 有 限 公 司 ( 统 一 社 会 信 用 代 码:91310000590448621H，以下称"司南导航"或"公司")在《2024 年年度报 告》等的披露中，存在以下事实: 一是多项资产、负债科目同比发生重大变动，但年报第 45 页"资产、负债 情况分析"勾选"不适用"，未按照《公开发行证券的公司信息披露内容与格式 准则第 2 号- ...

Core Viewpoint - The company has received a corrective action order from the Shanghai Securities Regulatory Commission due to multiple disclosure issues in its upcoming annual report [1] Summary by Relevant Categories Disclosure Issues - The company failed to explain significant changes in assets and liabilities year-on-year in its annual report [1] - There were inaccuracies in the data regarding the permanent replenishment of over-raised funds [1] - The company did not disclose the payment of issuance costs related to over-raised funds [1] - There were errors in the disclosure of other equity instrument investments [1] Required Actions - The company is required to conduct a thorough self-examination and submit a written rectification report [1]

Core Viewpoint - The company, SiNan Navigation, reported a significant decline in profitability in its second annual report post-IPO, with a revenue of 412.86 million yuan in 2024, a slight increase of 0.28% year-on-year, but a net loss of 33.05 million yuan, representing a dramatic decline of 179.03% compared to the previous year [1]. Group 1: Revenue and Profitability - The company experienced a decline in gross profit margin, dropping nearly 4 percentage points to the lowest level in five years [3]. - The decrease in terminal prices, particularly for high-precision GNSS boards/modules and data application solutions, led to a significant drop in revenue from these segments, down 12.20 percentage points [5]. - The price of high-precision GNSS boards/modules fell from 374 yuan in 2023 to 303 yuan in 2024, a nearly 20% decrease, while the cost per unit slightly increased, resulting in a gross profit reduction of 93 yuan, or 39% [8]. - The total period expenses increased by 27.95% for sales expenses, 28.20% for management expenses, and 119.44% for financial expenses, contributing to the overall loss [9][10]. Group 2: Accounts Receivable and Financial Health - By the end of 2024, accounts receivable accounted for over 90% of the company's revenue, raising concerns about the authenticity of previous years' revenue [11]. - The accounts receivable balance increased by 1.62 times over five years, with the proportion of accounts receivable to revenue rising significantly, indicating a growing reliance on credit sales [11]. - The company recorded a substantial increase in bad debt provisions, totaling 31.60 million yuan, a 428.29% increase year-on-year, further impacting profitability [15]. Group 3: Government Subsidies - The company's profits have been heavily reliant on government subsidies, which accounted for 97.92% of total profits over the past five years, totaling 97.36 million yuan [16]. - The company has received significant government subsidies, with deferred income from these subsidies expected to contribute to future profits [20]. Group 4: Project Delays and Management Changes - All fundraising projects from the IPO have faced delays, with the completion dates pushed back significantly, indicating potential operational challenges [23][26]. - The company experienced a high turnover in financial management, with the newly appointed financial director resigning after only six months [29]. Group 5: Continued Losses in 2025 - In the first quarter of 2025, the company reported a revenue of 43.83 million yuan, a year-on-year increase of 13.32%, but continued to incur a net loss of 10.38 million yuan, a 46.24% increase in losses compared to the previous year [30].

上海司南导航技术股份有限公司 营业收入扣除情况表的鉴证报告 2024 年度 关于上海司南导航技术股份有限公司2024年度 营业收入扣除情况表的鉴证报告 信会师报字[2025]第ZA90506号 上海司南导航技术股份有限公司全体股东: 我们审计了上海司南导航技术股份有限公司(以下简称"司南导 航")2024年度的财务报表,包括 2024年 12 月 31 日的合并及母公司 资产负债表、2024年度合并及母公司利润表、合并及母公司现金流量 表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 28 日出具了报告号为信会师报字[2025]第 ZA90502 号的无保 留意见审计报告。 在对上述财务报表执行审计的基础上,我们接受委托,对后附的 司南导航2024年度营业收入扣除情况表(以下简称"营业收入扣除情况 表")执行了合理保证的鉴证业务。 一、管理层的责任 司南导航管理层的责任是按照《上海证券交易所科创板股票上市 规则》和上海证券交易所《科创板上市公司自律监管指南第9号-财务 类退市指标:营业收入扣除》附件第七号《财务类退市指标:营业收入 扣除》的相关规定编制营业收入扣除情况表,确保营业 ...

证券代码：688592 证券简称：司南导航 公告编号：2025-033 上海司南导航技术股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 本次会议是否有被否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 41 | | --- | --- | | 普通股股东人数 | 41 | | 2、出席会议的股东所持有的表决权数量 | 33,138,582 | | 普通股股东所持有表决权数量 | 33,138,582 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 53.3117 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 53.3117 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 （一） 股东大会召开的时间：2025 年 5 月 19 日 （二） 股东大会召开的地点：上海市嘉定区澄浏中路 618 号 2 号楼公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 本次股东大会由董事长 ...

上海市锦天城律师事务所 关于上海司南导航技术股份有限公司 法律意见书 地址：上海市浦东新区银城中路501号上海中心大厦11、12层 电话：021-2051 1000 传真：021-2051 1999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海司南导航技术股份有限公司 法律意见书 致：上海司南导航技术股份有限公司 上海司南导航技术股份有限公司（以下简称"公司"）2024 年年度股东大 会（以下简称"本次股东大会"或"会议"）于 2025 年 5 月 19 日在上海市嘉定 区马陆镇澄浏中路 618 号 2 号楼会议室召开。上海市锦天城律师事务所接受公司 委托，委派经办律师出席会议，根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上海 司南导航技术股份有限公司章程》（以下简称"《公司章程》"）的规定，就本 次股东大会的召集和召开程序、出席会议人员资格、召集人的资格、会议的表决 程序、表决结果等发表法律意见。 律师声明： 上海市锦天城律师事务所 法律意见书 供的文件资料，按照国家现行法律、法规的要求发表的法律 ...

上海市锦天城律师事务所 关于上海司南导航技术股份有限公司 2024年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路501号上海中心大厦11、12层 电话：021-2051 1000 传真：021-2051 1999 邮编：200120 上海市锦天城律师事务所 法律意见书 律师声明： 1. 本法律意见书是经办律师根据出席本次股东大会所掌握的事实和公司提 1 上海市锦天城律师事务所 关于上海司南导航技术股份有限公司 2024 年年度股东大会的 法律意见书 致：上海司南导航技术股份有限公司 上海司南导航技术股份有限公司（以下简称"公司"）2024 年年度股东大 会（以下简称"本次股东大会"或"会议"）于 2025 年 5 月 19 日在上海市嘉定 区马陆镇澄浏中路 618 号 2 号楼会议室召开。上海市锦天城律师事务所接受公司 委托，委派经办律师出席会议，根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上海 司南导航技术股份有限公司章程》（以下简称"《公司章程》"）的规定，就本 次股东大会的召集和召开程序、出席会议人员资格、召集人的资格、会议 ...