Core Viewpoint - *ST Yushun is making significant progress in its major asset restructuring, having completed the payment for the first phase of the transaction, indicating that the equity transfer date is approaching [1][2]. Group 1: Asset Restructuring Progress - On October 10, *ST Yushun announced that the payment for the first phase of its major asset restructuring has been completed [1][2]. - The restructuring involves the acquisition of data center assets with 8,000 cabinets for a total consideration of 3.35 billion yuan, which is to be paid in two phases [2]. - The first phase payment of 3.35 million yuan, which is 10% of the total transaction price, was made within five working days after the agreement was signed [2]. Group 2: Conditions and Timelines - The restructuring agreement's effectiveness is contingent upon three conditions: signatures from all parties, approval from the shareholders' meeting, and no objections from the China Securities Regulatory Commission and Shenzhen Stock Exchange [3]. - The shareholders' meeting on September 29 approved the restructuring transaction, allowing *ST Yushun to expedite the payment timeline, which was originally due by October 14 [3]. - The company has met all conditions for the agreement to take effect, as indicated by the early payment of the first installment [3]. Group 3: Market Reactions and Risk Considerations - On October 9, *ST Yushun issued a notice regarding unusual stock trading fluctuations, noting a cumulative decline of over 12% in stock price over three consecutive trading days [3]. - The company acknowledged potential risks related to funding arrangements in its risk warning announcement, which is a standard disclosure practice [4].

Core Points - The Shenzhen Stock Exchange has taken self-regulatory measures against 86 instances of abnormal trading behavior from September 29 to October 10, involving activities such as market manipulation and false declarations [1] - Continuous monitoring is being conducted on "*ST Yushun" due to its significant irregularities [1] - The exchange has investigated three major corporate events and reported two suspected illegal activities to the China Securities Regulatory Commission [1]

证券代码：002289 证券简称：*ST宇顺 公告编号：2025-095 深圳市宇顺电子股份有限公司 关于重大资产购买的进展公告 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。 三、风险提示 本次交易方案已经公司 2025 年第二次临时股东大会审议通过，公司与相关 方正在有序开展相关工作，本次交易存在资金筹措及偿债风险、股东收益下降的 风险，商誉减值的风险，标的公司股权的质押风险，标的公司业务经营相关等风 险，具体内容请参见公司于 2025 年 9 月 13 日披露的《深圳市宇顺电子股份有限 公司重大资产购买报告书（草案）（修订稿）》之"重大风险提示""第十一节 风险因素"。公司将根据本次交易的进展情况，严格按照相关法律法规的规定及 时履行信息披露义务，敬请广大投资者及时关注公司后续公告并注意投资风险。 特此公告。 深圳市宇顺电子股份有限公司（以下简称"公司"）以支付现金方式向交易 对方凯星有限公司（Energy Sight Limited）、正嘉有限公司（Basic Venture Limited）、 上海汇之顶管理咨询有限公司购买其分别持有的中恩云（北京） ...

Core Points - The Shenzhen Stock Exchange announced that from September 29 to October 10, it took self-regulatory measures against 86 cases of abnormal trading behavior, including market manipulation and false declarations [1] - The exchange is closely monitoring "*ST Yushun (002289)" for potential irregularities [1] - The exchange conducted investigations into three major corporate events and reported two suspected illegal activities to the China Securities Regulatory Commission [1]

证券代码：002289 证券简称：*ST宇顺 公告编号：2025-094 深圳市宇顺电子股份有限公司 股票交易异常波动暨风险提示公告 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、深圳市宇顺电子股份有限公司（以下简称"公司""本公司"）于 2025 年 4 月 30 日披露了《2024 年年度报告》，鉴于公司经审计的 2024 年度净利润、 扣除非经常性损益后的净利润均为负值且扣除后营业收入低于 3 亿元，触及了 《深圳证券交易所股票上市规则》第 9.3.1 条（一）的规定，自 2025 年 5 月 6 日起，深圳证券交易所对公司股票交易实施退市风险警示。如果公司 2025 年度 出现《深圳证券交易所股票上市规则》第 9.3.12 条规定的情形，公司股票将被终 止上市。 2、为提升公司资产质量，提高盈利能力，公司正在进行重大资产重组。本 次交易方案已经公司 2025 年第二次临时股东大会审议通过，本次交易存在资金 筹措及偿债风险、股东收益下降的风险，商誉减值的风险，标的公司股权的质押 风险，标的公司业务经营相关等风险，具体内容请参见公司于 2 ...

Core Viewpoint - *ST Yushun (002289.SZ) has announced that its stock price has experienced an abnormal fluctuation, with a cumulative decline exceeding 12% over three consecutive trading days, indicating potential delisting risks due to negative net profit projections for 2024 [1] Financial Performance - The company expects both net profit and net profit excluding non-recurring gains and losses for the year 2024 to be negative [1] - The operating revenue, after excluding non-recurring gains and losses, is projected to be below 300 million [1] Risk Factors - The company is undergoing a significant asset restructuring, which carries various risks including: - Risks related to capital raising and debt repayment [1] - Risks of declining shareholder returns [1] - Risks of goodwill impairment [1] - Risks associated with the pledged equity of the target company [1] - Risks related to the operational performance of the target company [1]

Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. has experienced significant stock price fluctuations, with a cumulative decline exceeding 12% over three consecutive trading days, indicating abnormal volatility [1] Group 1: Stock Performance - The stock of *ST Yushun (002289) has seen a cumulative closing price drop of over 12% on September 29, 30, and October 9, which is classified as abnormal volatility [1] - The company has been under delisting risk warning since May 6 due to poor performance indicators, including net profit for the fiscal year 2024 [1] Group 2: Corporate Actions - The company is undergoing a major asset restructuring, which has been approved by the shareholders' meeting [1] - There are multiple risks associated with the restructuring, including challenges in fundraising and potential goodwill impairment [1] Group 3: Investor Advisory - The company advises investors to rely on information from designated media and to invest rationally [1]

Core Insights - The China Securities Regulatory Commission (CSRC) has released opinions on deepening the reform of the M&A market for listed companies, leading to six major trends in the A-share M&A market, including increased market activity, rising popularity of combination payment methods, significant improvements in review efficiency, focus on new productivity, accelerated industrial chain integration, and continued interest in semiconductor-related M&A [1] Group 1: M&A Market Trends - The A-share M&A market has seen a notable increase in activity, with a reported transaction total of 1.2 trillion yuan in the first half of 2025, a 45% increase compared to 2024 [3] - The focus on new productivity and industrial chain integration is becoming more pronounced, with companies increasingly looking to transform traditional industries [3] - The semiconductor sector has emerged as a hot area for M&A activity, reflecting broader trends in technology and innovation [1] Group 2: *ST Yushun's Acquisition - *ST Yushun has announced the acquisition of data center assets, marking the largest cash transaction among ST companies in A-shares for 2025, with expected net profit increasing from -14.42 million yuan to 159 million yuan and revenue surpassing 1 billion yuan [1] - The acquired data center, located in Beijing, is a high-standard facility certified with LEED Gold, providing a competitive edge due to its location and high-density cabinet offerings [2] - The major shareholder of *ST Yushun has also gained control over significant intelligent computing assets, further enhancing the company's position in the data center market [3]

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]