Core Viewpoint - Shenzhen Tongzhou Electronics Co., Ltd. has attracted attention in the capital market due to a series of investor lawsuits and the risk warning of stock delisting, following a court's acceptance of multiple lawsuits related to false statements made by the company [1][3]. Group 1: Legal Issues - The company has received multiple "Notice of Response" documents from the Shenzhen Intermediate People's Court, indicating that 340 investors have filed lawsuits against it for securities false statement liability, with a total claim amount of 23.57 million yuan [1]. - The lawsuits stem from an administrative penalty issued by the China Securities Regulatory Commission in July 2021, which led to a wave of investor claims [1]. - As of June 10, 2025, the company has paid a total of 15.65 million yuan in compensation to investors, with the number of cases settled increasing [2]. Group 2: Stock Performance and Risk Warnings - The company faced delisting risk warnings due to negative net profit and revenue below 100 million yuan, but improved financial conditions in 2024 allowed it to apply for the removal of risk warnings, which was approved on April 21, 2025 [3]. - Following the removal of risk warnings, the company's stock was reinstated on June 17, 2025, with the stock name changing from "*ST Tongzhou" to "Tongzhou Electronics" and a price fluctuation limit of 10% [2][3]. Group 3: Company Background and Market Position - Established in February 1994, the company primarily produces and sells set-top boxes and was once hailed as the "first stock of digital television" after its listing in June 2006 [3]. - The company's market value peaked at 21.97 yuan per share in June 2015 but fell to 0.8 yuan per share before recovering to 11.33 yuan per share in June 2024, with a market capitalization of 8.45 billion yuan, approximately half of its peak value [3]. - The founder, Yuan Ming, was once referred to as the "Eastern Jobs," but the company confirmed his disappearance in 2020 [3].

股票代码：002052 股票简称：同洲电子 公告编号：2025-066 深圳市同洲电子股份有限公司 关于投资者诉讼事项的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 深圳市同洲电子股份有限公司（以下简称"公司"、"同洲电子"）近日收到广 东省深圳市中级人民法院送达的《应诉通知书》【(2024)粤 03 民初 5123、5133、 5434、6412、6429、6454、6455、6473、6475、6476、6782、6783 号、(2025) 粤 03 民初 1582、2406、2433、2441、2455、2461、2465-2469、2470-2475、2495、 2504、2507-2510、2514-2534、3958-3960、3964、3965、3984 号】及相关材料。 根据上述材料显示，广东省深圳市中级人民法院已受理张俊等共 340 名投资者诉 公司证券虚假陈述责任纠纷系列案。现将涉及上述诉讼事项相关情况公告如下： 一、 本次诉讼的基本情况 1、诉讼当事人 原告：张俊等共 340 名投资者，诉讼涉及金额 23,569,181.72 元 ...

Core Viewpoint - *ST Tongzhou has successfully removed the delisting risk warning and other risk warnings, changing its stock name from "*ST Tongzhou" to "Tongzhou Electronics," marking a significant turnaround after nearly five years of struggles [1] Company Summary - Tongzhou Electronics has experienced a continuous decline in stock price for 17 years, with a peak price of 54 yuan shortly after its listing in 2006, dropping to a low of 0.8 yuan by June 2024 [2] - The company reported a negative net profit for ten consecutive years from 2014 to 2023, leading to a delisting risk warning in April 2024 due to negative audited net profit and revenue below 100 million yuan [2] - In 2022, the company faced additional risk warnings due to a property service contract dispute with Dazhu Holdings, resulting in frozen bank accounts [2] - The company announced a significant turnaround in its financial performance for the 2024 fiscal year, with a net profit of 69.61 million yuan, a 193.13% increase year-on-year, and a revenue of 599 million yuan, up 155.52% [3] Industry Summary - The Chinese power supply industry reached a market value of 542.1 billion yuan in 2023, with a compound annual growth rate (CAGR) of approximately 13.6% from 2015 to 2023, projected to reach 738.9 billion yuan by 2025 [5] - The switch power supply sector, a major component of the power supply industry, grew from 115 billion yuan in 2015 to 394.7 billion yuan in 2023, with a CAGR of about 16.7%, and the highest growth rate of 29.2% from 2020 to 2023 [6] - The demand for high-power switch power supplies is driven by sectors such as computing servers, new energy vehicles, and renewable energy systems, with significant growth opportunities arising from the demand for high-performance computing servers for generative AI [7]

Core Viewpoint - Shenzhen Tongzhou Electronics Co., Ltd. has successfully turned around its financial performance in 2024, primarily driven by its high-power power supply business, which significantly boosted revenue and net profit, leading to the removal of delisting risk warnings and a change in stock name [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 599 million yuan, a year-on-year increase of 155.52%, with a non-recurring net profit of 88.96 million yuan, resulting in a positive net asset position [1][2]. - The high-power power supply business contributed 474 million yuan to total revenue, accounting for 79.15% of the total, with a gross margin of 39% [2]. Group 2: Business Strategy - The success of the high-power power supply business is attributed to two main factors: technological synergy from the existing digital set-top box R&D team and the introduction of new shareholders who provided access to Southeast Asian server manufacturers [2]. - The company has established an independent division to create a closed-loop system for R&D, production, and sales, ensuring business sustainability [2]. Group 3: Compliance and Risk Management - The company has met the delisting removal conditions, with a non-recurring net profit of 88.96 million yuan and a positive net asset of 87 million yuan, supported by an unqualified audit opinion [3]. - The company has significantly reduced its risk exposure related to past legal issues and resolved previous bank account freezes, ensuring smooth daily operations [3].

Core Viewpoint - *ST Tongzhou has announced the removal of delisting risk warning and other risk warnings, changing its stock name from "*ST Tongzhou" to "Tongzhou Electronics" effective June 17, 2023 [2][4]. Group 1: Company Overview - *ST Tongzhou was established in 1994 and listed on the Shenzhen Stock Exchange in June 2006. The company's main business includes energy sector operations and set-top box services [6]. - The energy sector operations primarily involve 18650 lithium batteries, various types of polymer soft-pack batteries, and high-power power supply products, with a total production capacity of 3 GWh across three production lines [6]. Group 2: Financial Performance - The company was subject to delisting risk warning due to a negative net profit and operating revenue below 100 million yuan for the fiscal year 2023 [6]. - In 2022, the company faced property preservation measures due to a contract dispute with Dazhu Holdings, resulting in the freezing of major bank accounts [6]. - The financial report for 2024 indicates that the lower of net profit before and after deducting non-recurring gains and losses is positive, eliminating uncertainties regarding the company's ability to continue operations [6]. - The company no longer has any major bank accounts frozen, meeting the conditions for applying to remove delisting risk warnings and other risk warnings [6].

Core Viewpoint - *ST Tongzhou reported significant growth in revenue and net profit for 2024, driven by its high-power power supply business, leading to the removal of its delisting risk warning and a name change to Tongzhou Electronics [1][5]. Financial Performance - In 2024, *ST Tongzhou achieved a revenue of 599 million yuan, representing a year-on-year increase of 155.52% [1][5]. - The net profit attributable to shareholders was 70 million yuan, with a net asset value of 87 million yuan at the end of the reporting period [5][6]. - The high-power power supply business generated 474 million yuan in revenue, accounting for 79.15% of total revenue, with a gross margin of 39% [5]. Business Development - The company attributed its growth to the efforts of its former chairman and new shareholders, who leveraged their industry experience to identify and develop the high-power power supply business [5]. - The company utilized its existing set-top box R&D team's technology and experience to successfully develop and launch high-power power supply products, which began stable supply in July 2024 [5]. Compliance and Risk Management - *ST Tongzhou confirmed that it met the criteria for the removal of the delisting risk warning, with all financial indicators audited and reported accurately [6][7]. - The company has also addressed investor compensation matters, with a total of 32.96 million yuan paid to investors, including 15.65 million yuan for recently settled cases [7].

公司股票自6月17日开市起撤销退市风险警示及其他风险警示，股票简称将变更为"同洲电子"，股 票代码仍为"002052"，股票交易价格日涨跌幅限制将变更为10%。 *ST同洲（002052）即将"摘星脱帽"。 6月15日晚间，*ST同洲公告，公司股票将于6月16日开市起停牌一天，于6月17日开市起复牌。 *ST同洲2024年度财务报告显示，公司扣除非经常性损益前后的净利润孰低者为正值，持续经营能 力不确定性已消除。公司不存在主要银行账户被冻结的情况，符合申请撤销退市风险警示及其他风险 警示的条件。 ...

Core Viewpoint - The company *ST Tongzhou is set to remove its delisting risk warning and change its stock name to Tongzhou Electronics, indicating a significant recovery in its financial status and stock performance [1][2]. Financial Performance - For the fiscal year 2024, the company reported an operating income of 599 million yuan, representing a year-on-year growth of 155.52% [1]. - The net profit attributable to shareholders reached 70 million yuan, marking a 193.13% increase compared to the previous year [1]. - The net assets attributable to shareholders stood at 87 million yuan, showing a remarkable growth of 930.83% year-on-year [1]. Stock Market Activity - The company's stock price has surged over 160% since early March 2023, reflecting strong market performance [1]. - The stock will have a daily price fluctuation limit of 10% after the removal of the delisting risk warning [1]. Business Segments - The company operates in two main business segments: the energy sector, which includes lithium batteries and energy storage solutions, and the set-top box sector, which encompasses satellite reception equipment and smart home solutions [2][3]. - The company is actively investing in the energy market, focusing on technology research and development, production, and sales to explore new growth opportunities [3].

Core Viewpoint - The legal opinion letter indicates that Shenzhen Tongzhou Electronics Co., Ltd. has resolved the conditions that led to the implementation of delisting risk warnings and other risk warnings, allowing the company to apply for the removal of these warnings from its stock trading status [3][10][17]. Group 1: Company Financial Performance - The audited net profit for the year 2023 was negative, and the operating revenue was below 100 million yuan, triggering delisting risk warnings [3][5]. - For the year 2024, the company reported a net profit of 69,609,438.04 yuan and an operating revenue of 599,444,121.84 yuan, indicating a significant recovery [6][15]. - The company’s net assets as of December 31, 2024, were reported at 87,079,501.17 yuan, showing improvement in financial stability [6][7]. Group 2: Risk Warnings and Resolutions - The company faced delisting risk warnings due to negative net profits over three consecutive years and uncertainty in its ability to continue operations [3][10]. - The company has resolved the issues leading to the delisting risk warnings and has submitted an application to the Shenzhen Stock Exchange for their removal [10][11]. - Other risk warnings were also addressed, with the company confirming that frozen funds amounted to only 710,100.23 yuan, which is negligible compared to its total net assets [6][11]. Group 3: Compliance with Regulations - The company has complied with the Shenzhen Stock Exchange's regulations, demonstrating that it does not meet any of the conditions for continued delisting risk warnings [10][17]. - The legal opinion confirms that the company has maintained effective internal controls and has not faced any significant financial reporting issues [9][13]. - The company has fulfilled its disclosure obligations and has not received any administrative penalties related to its financial reporting [16][17].

Core Viewpoint - Shenzhen Tongzhou Electronics Co., Ltd. reported significant growth in its high-power power supply business, with a net profit of 0.70 billion yuan, a year-on-year increase of 193.13%, and a net cash flow from operating activities of 3.37 billion yuan, up 1,828.48% [1][2]. Business Model and Market Analysis - The high-power power supply products are mainly used in computing servers, categorized into four types: server power supplies, energy storage and new energy power supplies, industrial and special power supplies, and automotive and communication power supplies [2][3]. - The company’s high-power power supply products utilize advanced technologies such as high-efficiency circuit topology design and digital control, achieving a power density of 104.1W/inch³ and an efficiency of up to 96.8% [3][4]. - The company has invested approximately 1.31 billion yuan in the high-power power supply business, focusing on production costs, including raw material purchases and processing fees [5][6]. Customer and Supplier Relationships - The top five customers are not related parties, and the company has established a direct sales model where customers place orders through email or their supplier management systems [7][8]. - The main suppliers include Shenzhen Huayouxintai Technology Co., Ltd., which has a close relationship with the company’s shareholders, and other suppliers providing essential components like chips and transformers [6][8]. Financial Performance - The high-power power supply business generated revenue of 4.74 billion yuan, accounting for 79.15% of total revenue, with a gross margin of 39% [1][15]. - The company’s gross margin is competitive compared to peers, with a gross margin of 39%, which is comparable to Newray and higher than Magtech and Oulu [15][16]. Market Growth and Trends - The power supply industry in China is experiencing rapid growth, with the market size expected to reach 542.1 billion yuan by 2025, driven by developments in data centers, medical devices, high-end equipment manufacturing, and new energy applications [8][9]. - The demand for high-power power supplies is primarily driven by computing servers, new energy vehicles, and renewable energy systems, with AI server shipments expected to grow significantly [9][10]. Operational Stability and Sustainability - The company has established a stable business model for its high-power power supply segment, with a complete production process and the ability to independently calculate costs and revenues [16][18]. - The company has developed a robust supply chain and customer base, ensuring that it does not rely heavily on any single customer or supplier, thus enhancing the sustainability of its operations [19][20].