Group 1 - The core issue for *ST Yushun is its stock hitting the limit down at 37.28 yuan, with a decline of 3.44%, resulting in a total market value of 10.619 billion yuan and a circulating market value of 10.607 billion yuan, with a total transaction amount of 429.026 million yuan [1] - The company is facing significant risks due to high financial leverage, with a debt-to-asset ratio soaring to 92.45%, and an annual interest burden increasing by approximately 150 million yuan [2] - The acquisition of assets worth 3.35 billion yuan, while strategically significant, raises concerns about the company's ability to manage risks, especially since the target company relies entirely on a single client for its revenue [2] Group 2 - The potential impact of industry and policy factors is notable, as the acquisition aligns with the "East Data West Computing" policy, but there are doubts about the company's adaptability to the competitive data center sector [2] - Despite the introduction of a new "annual strong" concept that could attract investor attention, the overall market environment and the company's inherent risks may hinder sustained interest [2] - Technical analysis indicates that the stock may be experiencing a correction after reaching a historical high on September 19, 2025, leading to increased selling pressure and subsequent limit down [2]

Core Viewpoint - The major asset restructuring of *ST Yushun (002289.SZ) has been successfully completed, marking the largest cash transaction merger among ST companies in A-shares this year, which is expected to transform the company significantly [1] Group 1: Company Restructuring - *ST Yushun held an extraordinary shareholders' meeting on September 29 to discuss the acquisition of data center assets, with all proposals approved [1] - Following the acquisition of the Zhong'en Cloud project, *ST Yushun is projected to turn a profit, with net profit increasing from -14.42 million to 159 million, and revenue surpassing 1 billion [1] - The acquisition is seen as a starting point, with potential future acquisitions by the major shareholder still under observation [1] Group 2: Strategic Developments - The major shareholder, Shanghai Fengwang Industrial Co., Ltd., has already gained control of significant intelligent computing assets, including a 52% stake in Hebei Aihua Data Technology Co., Ltd., which is involved in the UnionPay Cloud Intelligent Computing Center project [1] - The Hebei Aihua project is larger than the Zhong'en Cloud project, with plans to install approximately 12,384 cabinets, significantly exceeding the 8,000 cabinets of Zhong'en Cloud, valued at 3.35 billion [2] - The strategic intent of Shanghai Fengwang to upgrade from data centers to more advanced intelligent computing centers is becoming increasingly clear, with ambitions to position *ST Yushun as a leading player in computing power [2]

证券代码：002289 证券简称：*ST宇顺 公告编号：2025-093 深圳市宇顺电子股份有限公司 2025年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会不存在否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议时间：2025 年 9 月 29 日 14:30 开始 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 9 月 29 日 9:15—9:25、9:30—11:30 和 13:00—15:00；通过深圳证券交易 所互联网投票系统投票的时间为 2025 年 9 月 29 日 9:15—15:00 期间的任意时间。 2、会议召开地点：深圳市南山区科苑南路 2233 号深圳湾 1 号 T1 座 21 楼 会议室。 3、会议召开方式：现场表决与网络投票相结合的方式。 4、会议召集人：公司第六届董事会。 5、会议主持人：公司董事长嵇敏先生主持会议。 6、本次股东大会会议的召集、召 ...

地址：上海市长宁区仙霞路 99 号尚嘉中心 22 层、12 层 （200051） Add: 22F&12F, L'Avenue No.99 XianXia Rd, Changning District, Shanghai, PRC 电话 Tel: +86 21 23563298 传真Fax: +86 21 23563299 网址 Website：http://www.guantao.com 邮箱 Email: guantaosh@guantao.com 北京观韬（上海）律师事务所 关于深圳市宇顺电子股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：深圳市宇顺电子股份有限公司 深圳市宇顺电子股份有限公司（以下简称"公司"）2025 年第二次临时股 东大会定于 2025 年 9 月 29 日下午 14：30 在深圳市南山区科苑南路 2233 号深圳 湾 1 号 T1 座 21 楼公司会议室召开，北京观韬（上海）律师事务所（以下简称"本 所"）接受公司的委托，指派丁含春律师、卜凡耀律师（以下简称"本所律师"） 出席会议，并依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法 ...

Group 1 - The article highlights the emergence of two tenfold stocks this year, namely Shouwen New Materials and *ST Yushun, driven by themes related to intelligent robotics and advancements in artificial intelligence computing power respectively [1] - The overall performance of the ST sector has rebounded this year, with a cumulative increase of over 22%, and nine stocks have doubled in value, including *ST Yushun, *ST Yazhen, ST Huatong, ST Xintong, and *ST Yatai, primarily due to transformation expectations and strong performance [1] - ST Huatong reported a net profit of nearly 2.7 billion yuan in the first half of the year, a year-on-year increase of over 129%, and has potential for delisting from the ST category [1] Group 2 - ST Guangwang has a low price-to-book ratio of 2, and it is the only state-owned enterprise among the listed companies, focusing on cable television network operations, advertising agency, and film production [2] - The company is transitioning from a traditional cable television operator to a converged media operator, developing a comprehensive business system that includes high-definition digital television and various interactive value-added services [2] - ST Guangwang plans to apply for the removal of risk warnings according to the Shanghai Stock Exchange regulations and has strong transformation expectations, focusing on core competencies and engaging in mergers and acquisitions in related fields [3]

Core Viewpoint - *ST Yushun's stock price has surged over 1060% year-to-date, closing at 41.31 yuan per share with a market capitalization of 11.577 billion yuan as of September 26, 2025 [1][4] Company Overview - *ST Yushun's main business includes the research, production, and sales of LCD screens, touch screens, and integrated touch display modules [4] - The company has faced frequent losses in recent years, with a net profit loss of 4.4648 million yuan in the first half of 2025 [4] Acquisition Plans - In April 2025, *ST Yushun announced a cash acquisition plan for 100% equity of three companies involved in data center operations, which is seen as a strategic move to enhance asset quality and profitability [6] - The acquisition is currently in progress, but there are risks related to approvals and potential interruptions [7] Stock Performance and Market Trends - As of September 26, 2025, *ST Yushun's stock price has experienced significant volatility, with a price increase of 204.18% from March 31 to May 20, 2025 [7] - A total of 9 ST companies have seen stock price increases exceeding 100% this year, spanning various industries including computer, electronics, and machinery [3][8] Industry Insights - The remarkable stock performance of ST companies is closely linked to their strategic acquisitions and developments in emerging businesses [8] - Other notable ST companies with significant stock increases include *ST Yazhen, *ST Huadong, and *ST Xintong, with respective increases of 469.66%, 319.84%, and 274.30% [9]

Core Viewpoint - *ST Yushun's stock price has surged over 1000% year-to-date, driven by significant asset restructuring plans and a focus on the intelligent computing sector [1][2][4]. Company Overview - *ST Yushun, established in 2004 and listed in 2009, specializes in the research, production, and sales of LCD screens and modules, touch screens, and integrated touch display modules [4]. - The company reported a revenue of 13,450 million yuan for the first half of 2025, marking a year-on-year increase of 44.89%, although it recorded a net loss of approximately 446 million yuan [5]. Stock Performance - As of September 26, *ST Yushun's stock closed at 41.31 yuan per share, with a total market capitalization of 11.577 billion yuan, reflecting a year-to-date increase of 1060.39% [2][7]. - The broader ST sector has seen 9 stocks with over 100% gains this year, with *ST Yushun being the second highest performer after Weiye New Materials [6][7]. Recent Developments - The company's significant stock price increase is linked to its plans for a major asset restructuring, which involves acquiring 100% equity in several data technology firms, enhancing its capabilities in data center services [4]. - The data center, located in a core area of Beijing, has approximately 8000 operational cabinets, with nearly 80% being high-density cabinets [4].

Regulatory Actions - Shenzhen Stock Exchange issued regulatory letters for 3 violations related to information disclosure and operational compliance from September 19 to September 25 [2] - A total of 11 inquiry letters and 4 other letters were sent out during the same period [2] Market Surveillance - From September 22 to September 26, the Shenzhen Stock Exchange took self-regulatory measures against 176 instances of abnormal trading behavior, including market manipulation and false declarations [2] - Continuous monitoring is being conducted on "*ST Yushun" [2] Investigations - The exchange conducted investigations on 2 major events involving listed companies and reported 2 cases suspected of illegal activities to the China Securities Regulatory Commission [2]

Core Viewpoint - The A-share market has experienced a significant bull market since September 24, 2024, with over 1,400 stocks doubling in price, representing more than 26% of the total 5,324 stocks listed [3][8]. Industry Performance Summary - **Communication**: Increased by 124.09%, with 49 stocks doubling, including Shijia Photon and Changxin Bochuang [4]. - **Electronics**: Increased by 121.05%, with 204 stocks doubling, including *ST Yushun and Shenghong Technology [4]. - **Comprehensive**: Increased by 108.05%, with 5 stocks doubling, including Dongyangguang and Yuegui Shares [4]. - **Computers**: Increased by 82.15%, with 121 stocks doubling, including Lian Di Information and Huijin Shares [4]. - **Machinery Equipment**: Increased by 80.80%, with 231 stocks doubling, including Changsheng Bearing and Zhongjian Technology [4]. - **Media**: Increased by 80.60%, with 22 stocks doubling, including ST Huatuo and Giant Network [4]. - **Electric Power Equipment**: Increased by 71.98%, with 128 stocks doubling, including Electric Wind Power and Naconoer [4]. - **Automobile**: Increased by 59.43%, with 112 stocks doubling, including Tianpu Shares and Zhejiang Rongtai [4]. - **Other Industries**: Various other sectors such as defense, environmental protection, and construction materials also saw significant increases, with some industries like coal and oil showing minimal growth [5][8]. Insights from the Past Year - The market is unpredictable, and reversals can happen suddenly. Long-term investment discipline often yields better results than short-term market predictions [6][10]. - Contrarian thinking is crucial for investment success. Opportunities often arise during market pessimism, while caution is needed during market euphoria [11]. - Asset allocation is an effective strategy to mitigate negative emotions and avoid poor decision-making during market volatility [11].

Core Insights - Over 60% of ST stocks have underperformed the Shanghai Composite Index this year [6] - The first ST stock to achieve a tenfold increase in price this year is *ST Yushun, which has seen a year-to-date increase of 10.6 times [2] - The company is involved in smart display module manufacturing and has reported a revenue of 134 million yuan with a net loss of 4.46 million yuan in the first half of the year [2] Group 1: Performance of ST Stocks - As of September 26, 2023, nine ST stocks have doubled in value this year, with *ST Yushun leading at a 1060.39% increase [4] - Other notable performers include *ST Yazhen with a 469.66% increase and ST Huadong with a 319.84% increase [4] - Despite some ST stocks performing well, over 130 ST stocks reported net losses in the first half of the year, with more than 70% of ST stocks in a loss position [7] Group 2: Company Developments - *ST Yushun is planning to acquire 100% equity of three companies for a total transaction price of 3.35 billion yuan, which is expected to diversify its business into data center infrastructure services [2][3] - ST Huadong, previously known as "Century Huadong," has seen a significant increase in net profit, reaching 2.656 billion yuan in the first half of the year, a 129.33% increase year-on-year [5] - The company operates in three main sectors: internet gaming, AI cloud data, and automotive parts manufacturing [5] Group 3: Risks and Challenges - The ST sector is characterized by companies with internal control issues or deteriorating fundamentals, which can lead to speculative trading without fundamental improvement [6] - As of September 26, 2023, 14 ST stocks are trading below 2 yuan per share, with *ST Gaohong being the lowest at 0.38 yuan, reflecting an 87.42% decline this year [7]