Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges plan to adjust the price fluctuation limit for risk warning stocks from 5% to 10%, aiming to enhance pricing efficiency in the market [2][9]. Group 1: Risk Warning Stocks - Risk warning stocks include "*ST" and "ST" stocks, which are subject to trading restrictions due to financial irregularities that may lead to forced delisting [2]. - As of July 2, there are 99 "*ST" stocks and 74 "ST" stocks in the main boards of the Shanghai and Shenzhen markets [2]. - "*ST" stocks have a higher risk of delisting compared to "ST" stocks, with most stocks that were forcibly delisted this year being "*ST" stocks [2]. Group 2: Stock Performance - Stocks that received a "*ST" designation often experience significant price declines prior to delisting, with examples showing price drops between 75% and 92% in the year leading up to their delisting [2]. - For instance, after being designated as "*ST", Taihe Water's stock price fell by 20% in the month prior to the announcement and dropped 9.54% on the announcement day [3]. - Highong Co. transitioned from "ST" to "*ST" in April 2024, with its stock price declining by 48% over the year and an additional 9% from the beginning of the year to July 2 [4]. Group 3: Market Implications - The adjustment of the fluctuation limit to 10% means that if a company's fundamentals improve, its stock price can rise more quickly, and conversely, if the fundamentals worsen, the stock price can fall rapidly, potentially leading to faster delisting [9]. - Experts advise that ordinary investors should avoid "*ST" and "ST" stocks due to their inherent risks and historical performance trends [9].

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-068 大唐高鸿网络股份有限公司 关于公司暂时无法按期归还用于补充流动资金的募集资金 的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 大唐高鸿网络股份有限公司（以下简称："公司"）于 2024 年 7 月 4 日召 开的第十届董事会第六次会议、第十届监事会第四次会议，审议通过了《关于延 期归还闲置募集资金并继续用于暂时补充流动资金的议案》，延期归还公司非公 开发行股票募集资金不超过人民币 4.90 亿元并继续用于暂时补充流动资金，延 期归还期限自董事会审议通过之日起不超过 12 个月。2024 年 11 月 15 日，公司 收到中国证券监督管理委员会贵州监管局做出的《关于对大唐高鸿网络股份有限 公司采取责令改正措施的决定》（以下简称"《决定书》"），认定公司存在使 用闲置募集资金暂时补充流动资金未能按时偿还、变更部分募集资金用途未按规 定履行审议程序和信息披露义务的违规行为。要求公司针对信息披露的合规性、 募集资金的安全性、内部控制的有效性等及时开展全面排查，并提交书面整改报 告。公司 ...

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-068 大唐高鸿网络股份有限公司 关于公司暂时无法按期归还用于补充流动资金的募集资金 的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 大唐高鸿网络股份有限公司（以下简称："公司"）于 2024 年 7 月 4 日召 开的第十届董事会第六次会议、第十届监事会第四次会议，审议通过了《关于延 期归还闲置募集资金并继续用于暂时补充流动资金的议案》，延期归还公司非公 开发行股票募集资金不超过人民币 4.90 亿元并继续用于暂时补充流动资金，延 期归还期限自董事会审议通过之日起不超过 12 个月。2024 年 11 月 15 日，公司 收到中国证券监督管理委员会贵州监管局做出的《关于对大唐高鸿网络股份有限 公司采取责令改正措施的决定》（以下简称"《决定书》"），认定公司存在使 用闲置募集资金暂时补充流动资金未能按时偿还、变更部分募集资金用途未按规 定履行审议程序和信息披露义务的违规行为。要求公司针对信息披露的合规性、 募集资金的安全性、内部控制的有效性等及时开展全面排查，并提交书面整改报 告。公司 ...

[2025 Half-Year Performance Forecast](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) [Overview of Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a significant net loss of RMB 130-180 million for H1 2025, a sharp reversal from prior year's profit, alongside substantial revenue decline Comparison of H1 2025 Performance Forecast with Prior Year | Indicator | H1 2025 Forecast (Current Fiscal Year) | H1 2024 (Prior Year) | Unit | | :--- | :--- | :--- | :--- | | Total Profit | Loss 13,000 - 18,000 | Loss 128.39 | RMB 10,000 | | Net Profit Attributable to Shareholders of Listed Company | Loss 13,000 - 18,000 | Profit 457.73 | RMB 10,000 | | Net Profit After Deducting Non-Recurring Gains and Losses | Loss 13,500 - 18,500 | Loss 13,287.84 | RMB 10,000 | | Basic Earnings Per Share | Loss 0.11 - 0.16 | Profit 0.004 | RMB/share | | Operating Revenue | 34,000 - 46,500 | 77,677.21 | RMB 10,000 | | Operating Revenue After Deduction | 33,500 - 46,000 | 77,177.51 | RMB 10,000 | | Shareholders' Equity Attributable to Shareholders of Listed Company | 39,500 - 55,000 | 290,885.07 | RMB 10,000 | [Pre-Audit Status of Performance Forecast](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E9%A2%84%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) [Pre-Audit Status](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E9%A2%84%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) The financial data involved in this performance forecast has not been audited by an accounting firm - The financial data related to this performance forecast has not been audited by an accounting firm[2](index=2&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) [Main Reasons for Loss](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The net loss is primarily due to significantly increased interest expenses from overdue loans and severe business disruptions from frozen bank accounts, litigation, and debt defaults - Significant increase in interest expenses for H1 2025 due to overdue loans, including penalties and compound interest, reducing current period profit[3](index=3&type=chunk) - Key bank accounts of the company and some subsidiaries are frozen, with numerous lawsuits and debt defaults severely impacting business development and reducing revenue scale[3](index=3&type=chunk) [Risk Warning](index=1&type=section&id=%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) [Nature of Performance Forecast and Investment Risks](index=1&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This performance forecast is a preliminary estimate; final data will be in the H1 2025 report, investors are advised to note investment risks - This performance forecast is a preliminary estimate by the company's finance department; specific financial data will be based on the officially disclosed H1 2025 report[4](index=4&type=chunk)[5](index=5&type=chunk) - Investors are kindly advised to pay attention to investment risks[5](index=5&type=chunk)

Core Viewpoint - The company, 大唐高鸿网络股份有限公司, is currently involved in multiple legal disputes, primarily related to financial contracts and obligations, which may impact its financial stability and future profitability [2][12]. Summary by Sections New Litigation and Arbitration Matters - The company is facing a lawsuit from the Bank of Communications Beijing Branch regarding a factoring contract dispute, with a claim amounting to approximately RMB 58.67 million [3]. - The company is also involved in a financial loan dispute with Shanghai Pudong Development Bank Nanjing Branch, with a claimed amount of RMB 40 million, plus interest and penalties totaling RMB 1,040,081.21 as of February 13, 2025 [7][10]. - Another case involves a loan of RMB 50 million from the same bank, with similar claims for unpaid principal and interest [11]. Contractual Obligations and Terms - The factoring agreement stipulates that the financing is non-recourse, with interest paid upfront, and includes provisions for penalties in case of non-payment [4][5]. - The loan agreements specify that the interest rate is based on the LPR plus a margin, with penalties for late payments [9][10]. Financial Impact and Company Position - The company acknowledges the uncertainty regarding the financial impact of these ongoing legal matters on its current and future profits, indicating a need for careful accounting treatment based on actual developments [12]. - As of the announcement date, the company has no undisclosed significant litigation or arbitration matters [12]. Summary of Legal Proceedings - The company has been involved in numerous legal proceedings, with a total of 35 small claims against it, amounting to approximately RMB 6.69 million, and 18 claims where it is the plaintiff, totaling around RMB 1.58 million [15].

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-067 大唐高鸿网络股份有限公司 关于新增累计诉讼、仲裁情况的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 大唐高鸿网络股份有限公司（以下简称"公司"）根据《深圳证券交易所股票上 市规则》等有关规定，对公司及控股子公司连续十二个月累计涉及诉讼、仲裁事项进 行了统计，公司在《证券时报》和巨潮资讯网（www.cninfo.com.cn）于 2024 年 07 月 18 日披露了《关于累计诉讼、仲裁情况的公告》（公告编号：2024-092）、2024 年 07 月 24 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2024-094）、 2024 年 08 月 07 日披露了《关于新增累计诉讼、仲裁情况的公告》（公告编号：2024- 103）、2024 年 08 月 15 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编 号：2024-108）、2024 年 09 月 28 日披露了《关于累计诉讼、仲裁情况的进展公告》 （公告编号：2024-134）、2024 年 10 月 1 ...

大唐高鸿网络股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日披露了 《关于公司及控股子公司被纳入失信被执行人名单的公告》，公司通过中国执行信 息公开网公示信息查询，获悉公司及控股子公司江苏高鸿鼎恒信息技术有限公司已 被纳入失信被执行人名单，具体内容详见公司于 2025 年 6 月 27 日刊登在巨潮资讯 网（www.cninfo.com.cn）的《关于公司及控股子公司被纳入失信被执行人名单的公 告》。 近日，经公司查询中国执行信息公开网公示信息，公司及控股子公司江苏高鸿 鼎恒信息技术有限公司已被移出失信被执行人名单。 公司指定信息披露媒体为巨潮资讯网(http://www.cninfo.com.cn/)、《证券时 报》，公司所有信息均以在上述指定媒体刊登的信息为准，请广大投资者理性投资， 注意风险。 特此公告。 大唐高鸿网络股份有限公司 2025 年 7 月 7 日 证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-066 大唐高鸿网络股份有限公司 关于公司及控股子公司被移出失信被执行人名单的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、 误导 ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (June 29 - July 5, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 1.50%. However, the telecommunications sector experienced a slight decline of 0.10% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in the communication cables and accessories, which rose by 1.02%, while other communication equipment faced the largest decline of 2.49% [2][13]. - Notable individual stock performances included Nanling Technology with a rise of 17.08%, *ST Gaohong at 15.06%, and Yongding Co., Ltd. at 10.65% [2][15]. Summary by Sections Market Overview - The telecommunications sector's index experienced a minor decline of 0.10% during the reporting week, contrasting with the overall market's positive performance [10]. - The communication cables and accessories sub-sector led the gains with a 1.02% increase, while other communication equipment saw a decline of 2.49% [13][14]. Key Developments - Oracle's CEO announced a strong start to the 2026 fiscal year, with multi-cloud database revenue maintaining over 100% growth and a significant cloud service agreement expected to generate over $30 billion annually starting in the 2028 fiscal year [3]. - The AI technology's maturation is accelerating the growth of cloud services, which is expected to expand the demand for computing hardware and cloud infrastructure [3]. - The U.S. has lifted restrictions on chip design software exports to China, which may impact the EDA market and the competitive landscape for domestic EDA companies [21]. Company Announcements - No significant announcements were reported for the telecommunications sector during the week of June 29 - July 5, 2025 [22]. - Upcoming announcements for the week of July 6 - July 12, 2025, include no major events or unlocks for the telecommunications companies [23].

Core Viewpoint - On June 30, a total of 31 listed companies had their restricted shares unlocked, with a total market value of approximately 31.50 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks include: - Meili Ecology (000010): 239 million shares from A-share issuance to original shareholders - Xingrong Environment (000598): 4.926 million shares from equity incentive lock-up - Yueyang Xinchang (000819): 526,800 shares from equity incentive lock-up - Gaohong Co., Ltd. (000851): 4.944 million shares from equity incentive lock-up - Zhongyan Chemical (600328): 470,460 shares from equity incentive lock-up - Yangnong Chemical (600486): 115,480 shares from equity incentive lock-up - Kangyuan Pharmaceutical (600557): 2.6093 million shares from equity incentive lock-up - Keda Technology (002518): 1.3953 million shares from equity incentive lock-up - Longci Technology (300835): 562,700 shares from equity incentive lock-up - Weiming Environmental Protection (603568): 3.129 million shares from equity incentive lock-up - Dongrui Co., Ltd. (001201): 486,400 shares from A-share issuance to original shareholders - Sanwei Co., Ltd. (603033): 1.183 million shares from equity incentive lock-up - Naer Co., Ltd. (002825): 140,000 shares from equity incentive lock-up - Jinyinhe (300619): 1.6248 million shares from A-share issuance to legal persons - Tianyuan Environmental Protection (301127): 14.6 million shares with extended lock-up period - Youningwei (301166): 40.6188 million shares with extended lock-up period - Xutian Salt Industry (600929): 3.033 million shares from equity incentive lock-up - Keli Sensor (603662): 722,800 shares from equity incentive lock-up - Gongniu Group (603195): 641,200 shares from equity incentive lock-up - Fuyuan Pharmaceutical (601089): 27.5 million shares from pre-issue lock-up - Xinbang Intelligent (301112): 7.4097 million shares from pre-issue lock-up - Shanghai Port Bay (605598): 29,400 shares from equity incentive lock-up - Dingjide (603255): 507,500 shares from equity incentive lock-up - United Precision (001268): 6.154 million shares from pre-issue lock-up - Pinggao Co., Ltd. (688227): 48.9585 million shares - Chunli Medical (688236): 20.9 million shares - Zhongwulian (688297): 40.3 million shares - Lais Information (688631): 163,480 shares - Shichuang Energy (688429): 200,000 shares - Xindong Link (688582): 220,840 shares - Aike Saibo (688719): 100,000 shares [2].

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]