Group 1 - The A-share market showed steady progress in the first half of 2025, with major indices such as the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all experiencing increases, leading to an overall rise in market capitalization and a steady growth in the number of listed companies [2][3] - Approximately 3,800 companies saw their stock prices increase, with over 1,700 companies achieving a rise of more than 20%, and 136 companies doubling their stock prices [3] - The top-performing stock was United Chemical, which experienced a remarkable increase of 437.83%, followed by Shuyou Shen with a 403.10% rise, and *ST Yushun with a 355.06% increase [3][4] Group 2 - The non-ferrous metals sector led the market with an impressive cumulative increase of 18.12%, driven by rising metal prices and strong performance in gold, which peaked at $3,500 per ounce in April [6] - Other sectors such as banking, national defense, and media also performed well, with respective increases of 13.10%, 12.99%, and 12.77%, and several banking stocks seeing gains of over 20% [7] - Notably, eight companies in the national defense sector saw their stock prices double, while three companies in the media sector also achieved similar results [7] Group 3 - Analysts predict that the capital market will continue to present opportunities in the second half of the year, with expectations for a more active market and potential for further index growth beyond 3,400 points [8][9] - The focus is expected to shift towards core assets, including traditional consumer stocks and leading technology companies, as the market transitions towards a trend-driven environment [8][9] - Institutions are optimistic about the market outlook, anticipating a bull market in both Hong Kong and A-share markets starting in the fourth quarter of 2025, with a shift from small-cap stocks to core assets [9]

Core Viewpoint - The ST sector has shown strong performance recently, with the Wind ST Index recording a "seven consecutive days of gains" and significant year-to-date increases in several ST stocks, indicating a structural market trend despite inherent risks in investing in ST stocks [1][3][10]. Group 1: Recent Performance - The Wind ST Index has achieved a cumulative increase of 4.74% since June 23, outperforming both the Shanghai Composite Index and the Shenzhen Component Index during the same period [3]. - Over 80% of the 172 constituent stocks in the ST Index have risen since June 23, with 41 stocks increasing by more than 10% [5]. - Year-to-date, some ST stocks have seen remarkable gains, with *ST Yushun and *ST Xintong rising over 370% and 280% respectively [1][9]. Group 2: Notable Stocks - Specific ST stocks have shown exceptional performance, with *ST Yushun and *ST Xintong both exceeding 400% in gains from their lowest prices this year [8]. - A list of notable ST stocks with significant year-to-date increases includes *ST Yushun (372.19%), *ST Xintong (284.36%), and ST Dihui (107.46%) [9]. Group 3: Market Dynamics - The recent strong performance of the ST sector is attributed to the overall robust trend in the A-share market and expectations of restructuring or "delisting" for some ST stocks [10]. - The adjustment of the price fluctuation limit for risk-warning stocks from 5% to 10% is expected to enhance pricing efficiency and market order [10]. Group 4: Structural Risks - Despite the recent gains, the ST sector remains structurally risky, with nearly 30 ST stocks experiencing declines in the last seven trading days, and 82 out of 172 ST stocks down year-to-date [12]. - Companies within the ST sector, even those with rising stock prices, frequently issue risk warnings, indicating ongoing concerns about potential delisting and regulatory scrutiny [12].

Core Viewpoint - *ST Yushun faces significant scrutiny regarding its 2024 annual report, particularly concerning audit compliance, going concern ability, and whether risk warnings have been eliminated, amidst ongoing market skepticism about its financial data and operational changes [1][2]. Group 1: Audit Procedures and Compliance - The audit for 2024 was conducted by Zhengyi Accounting Firm, which was appointed on April 9 and completed the audit in just 20 days, raising concerns about the quality of the audit [1]. - Zhengyi's team consisted of 16 members, including 6 certified public accountants, and claimed to cover 87.37% of revenue and 83.38% of accounts receivable, asserting that the audit procedures were sufficient [1]. - Market concerns arise from Zhengyi's significantly lower revenue of 3.6 million and only 11 certified accountants compared to the previous firm, Liananda, which had 485 million in revenue and 407 accountants, suggesting potential evasion of rigorous auditing standards [1]. Group 2: Going Concern and Financial Performance - The company reported 2024 revenue of 220 million, a year-on-year increase of 41.94%, but posted a net loss of 17.57 million, a staggering decline of 1922% [1]. - Despite the revenue growth attributed to the acquisition of Shanghai Fubang Industrial, which contributed 99.15 million in revenue and 14.51 million in net profit, doubts remain about the sustainability of this growth and the clarity of the acquired company's technological advantages [1]. - The company’s financial health is further questioned by a significant increase in accounts receivable by 196.93% and inventory by 364.72%, with accounts receivable to revenue ratio reaching 49.95%, well above the industry average of 30.29% [1]. Group 3: Risk Warnings and Regulatory Challenges - The company applied to remove risk warnings based on claims of operational improvements, but regulatory scrutiny remains due to previous audit reports highlighting significant risks such as negative cash flow and non-recurring losses [2][3]. - The 2024 revenue forecast was revised down from 312 million to 220 million due to revenue accounting adjustments, revealing internal control deficiencies and leading to regulatory penalties from the Shenzhen Securities Regulatory Bureau [4]. - Under new delisting regulations, the company faces potential delisting if its adjusted revenue falls below 300 million and net profit remains negative, with the 2024 adjusted revenue being 220 million, heavily reliant on the acquisition's contribution [5].

Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. is addressing inquiries from the Shenzhen Stock Exchange regarding its 2024 annual report, focusing on the audit process and the company's ability to continue as a going concern [1][17]. Group 1: Audit Process - The company appointed Zhengyi Accounting Firm as the auditor for the 2024 annual report, with the audit report issued on April 28, 2025, less than a month after the appointment [1][2]. - The audit team consisted of 8 professionals, with 6 certified public accountants and 2 non-certified members, divided into teams in Shanghai and Shenzhen to ensure thorough execution of the audit [2][3]. - Various audit procedures were implemented, including inquiries, inspections, confirmations, and analytical procedures, to assess the company's financial statements and internal controls [3][4]. Group 2: Financial Performance and Going Concern - In 2023, the company reported a net profit attributable to shareholders of 964,400 yuan, but a net loss of 18,478,000 yuan after excluding non-recurring gains and losses, raising concerns about its ability to continue as a going concern [8][21]. - For 2024, the company achieved an operating income of 220,282,400 yuan, a 41.94% increase from 2023, indicating improved business conditions and enhanced risk resilience [22][38]. - The first quarter of 2025 showed a significant turnaround with operating income of 45,727,400 yuan, a 93.73% increase year-on-year, and a net profit of 114,490 yuan, compared to a loss in the same period of the previous year [22][38]. Group 3: Internal Control and Compliance - The audit firm provided a standard unqualified opinion on the company's financial report and internal controls for 2024, indicating compliance with relevant auditing standards [39]. - The company has taken corrective actions in response to regulatory inquiries, including addressing issues related to its subsidiary, Shanghai Fubang Industrial Co., Ltd., which was integrated into the company in 2024 [18][39]. - The company has confirmed that it does not have any overdue debts or potential liquidity risks, and its financial ratios, such as a debt-to-asset ratio of 44.83% and a current ratio of 1.28, are within reasonable ranges [8][12].

Core Viewpoint - The audit report for Shenzhen Yushun Electronics Co., Ltd. indicates that the company has made significant improvements in its financial performance and operational stability, alleviating previous concerns regarding its ability to continue as a going concern [6][10][19]. Group 1: Audit Process and Findings - The audit firm, Zhengyi CPA, conducted a thorough audit for the 2024 annual report, ensuring compliance with auditing standards and obtaining sufficient evidence to issue a standard unqualified opinion [10][14]. - Specific audit procedures were implemented for key financial metrics, including sales revenue, cost of goods sold, accounts receivable, inventory, and goodwill, with detailed testing and evidence collection [2][11][12]. - The audit included confirmation procedures for sales and receivables, with significant amounts verified, such as 39,742.49 million yuan in sales, representing 87.37% of total annual sales [4][11]. Group 2: Financial Performance - In 2024, the company reported total revenue of 22,028.24 million yuan, a 41.94% increase from 2023, driven by new business segments in gas detection instruments and electrical equipment [17][19]. - The first quarter of 2025 showed a revenue of 4,572.74 million yuan, a 93.73% increase year-over-year, with a net profit of 114.49 million yuan, indicating a turnaround from previous losses [17][19]. - The company maintained a reasonable financial position with a debt-to-asset ratio of 44.83% and a current ratio of 1.28, suggesting good liquidity and financial health [6][8]. Group 3: Operational Stability and Future Outlook - The company has not experienced significant disruptions in production or sales, maintaining stable operations over the past three years with consistent sales volumes around 120 million units [7][19]. - Recent acquisitions, such as the 75% stake in Shanghai Fubang Industrial Co., Ltd., are expected to enhance revenue and operational synergies, further improving the company's market position [9][19]. - The management has implemented measures to improve asset quality and operational performance, which are anticipated to yield positive results in the near future [10][19].

Core Viewpoint - The company, Shenzhen Yushun Electronics Co., Ltd., has shown improvement in its financial performance and operational stability, addressing previous concerns regarding its ability to continue as a going concern. The company has reported significant revenue growth and has taken strategic actions to enhance its business structure and profitability [2][6][21]. Financial Performance - In 2023, the company reported a net profit attributable to shareholders of 964,400 RMB, while the net profit after deducting non-recurring gains and losses was -18,478,000 RMB, indicating a cumulative loss of 1,753,521,000 RMB over the years [8][12]. - The total operating revenue for 2023 was 155,191,700 RMB, with main business revenue of 150,334,100 RMB, reflecting a small scale of operations and negative cash flow from operating activities [8][12]. - For 2024, the company achieved an operating revenue of 220,282,400 RMB, a 41.94% increase compared to 2023, and reported a first-quarter revenue of 45,727,400 RMB in 2025, a 93.73% year-on-year growth [8][19]. Operational Developments - The company has successfully eliminated major uncertainties regarding its ability to continue operations, as evidenced by improved financial metrics and operational stability [19][21]. - The company has made strategic acquisitions, including a 75% stake in Shanghai Fubang Industrial Co., Ltd., which contributed an additional 99,145,700 RMB in revenue and 14,514,400 RMB in net profit to the consolidated financial statements in 2024 [11][19]. - The company has focused on enhancing its product offerings and expanding into new markets, particularly in the automotive sector, which has shown promising growth potential [10][11]. Risk Management - The company has addressed previous risk warnings related to its stock trading by demonstrating improved financial health and operational performance, leading to the removal of risk warnings associated with its stock [6][18]. - The company has maintained a reasonable financial structure, with a debt-to-asset ratio of 44.83% and a current ratio of 1.28, indicating a stable financial position [13][19]. - The management has implemented measures to ensure liquidity and operational continuity, including financial support from its controlling shareholder [15][21].

证券代码：002289 证券简称：*ST宇顺 公告编号：2025-065 深圳市宇顺电子股份有限公司 关于公司股票交易撤销其他风险警示暨 继续被实施退市风险警示的公告 二、公司股票交易被实行其他风险警示的情况 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"）股票交易被撤销其 他风险警示的起始日为 2025 年 6 月 27 日； 2、鉴于公司股票自 2025 年 5 月 6 日起被实行"退市风险警示"特别处理， 本次被撤销其他风险警示后，公司股票简称仍为"*ST 宇顺"，证券代码仍为 "002289"，股票交易的日涨跌幅限制仍为 5%。 一、股票种类、简称、证券代码以及撤销其他风险警示的起始日 1、股票种类：A 股股票； 2、股票简称：*ST 宇顺； 3、证券代码：002289； 4、撤销其他风险警示的起始日：2025 年 6 月 27 日； 5、股票交易停复牌起始日：不停牌； 6、股票仍在风险警示板交易，股票交易的日涨跌幅限制仍为 5%。 公司2020年度、2021年度、2022年度连续三个会计年 ...

证券代码：002289 证券简称：*ST宇顺 公告编号：2025-064 深圳市宇顺电子股份有限公司 关于对深圳证券交易所2024年年度报告问询函回复的公告 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。 深圳市宇顺电子股份有限公司（以下简称"公司""本公司""上市公司" 或"宇顺电子"）近期收到深圳证券交易所上市公司管理二部下发的《关于对深 圳市宇顺电子股份有限公司 2024 年年度报告的问询函》（公司部年报问询函 〔2025〕131 号）（以下简称"年报问询函"），要求公司就相关问题做出书面 说明。公司现对年报问询函所涉及的问题回复说明如下： 问题 1：2025 年 4 月 9 日，你公司披露公告称，拟聘请深圳正一会计师事务 所（特殊普通合伙）（以下简称正一所）为 2024 年年报审计机构。2025 年 4 月 30 日，你公司披露年报，年审会计师正一所出具了标准无保留的财务报告审计 报告和内部控制审计报告。你公司拟聘请正一所的时点距离审计报告出具日不 足一个月。 一、请年审会计师详细说明为公司年审项目实际投入的人力资源配置情况， 现场审计、客户及供应商访 ...

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 2024 年年报问询函相关事项的 专项核查意见 二零二五年六月 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@gua ...

关于对《深圳市宇顺电子股份有限公司问询函》 的回复意见 深圳正一会计师事务所（特殊普通合伙） 的回复意见 深圳证券交易所： 由深圳市宇顺电子股份有限公司（以下简称"宇顺电子""公司"）转来的深圳 证券交易所上市公司管理二部《关于对深圳市宇顺电子股份有限公司 2024 年年度报 告的问询函》（公司部年报问询函〔2025〕131 号）已收悉。现对问询函中需要我所 说明的事项答复如下： 1.2025 年 4 月 9 日，你公司披露公告称，拟聘请深圳正一会计师事务所（特殊普 通合伙）（以下简称正一所）为 2024 年年报审计机构。2025 年 4 月 30 日，你公司披 露年报，年审会计师正一所出具了标准无保留的财务报告审计报告和内部控制审计报 告。你公司拟聘请正一所的时点距离审计报告出具日不足一个月。 （1）请年审会计师详细说明为公司年审项目实际投入的人力资源配置情况，现 场审计、客户及供应商访谈、函证等各项重要审计工作的实际开展时间。 关于对《深圳市宇顺电子股份有限公司问询函》 会计师回复： 宇顺电子 2024 年审项目由本所承做并于 4 月 28 日出具审计报告，现就该项目承 接、过程和事务所质量控制和业务管理 ...