Core Viewpoint - Sichuan Jinshi Technology Co., Ltd. has successfully reversed its financial difficulties and removed the delisting risk warning, indicating a positive transformation through strategic adjustments and operational improvements [1][3]. Company Overview - The company announced the removal of the delisting risk warning effective May 23, 2025, with its stock name changing from "*ST Jinshi" to "Jinshi Technology" [1]. - The stock trading price limit has increased from 5% to 10% following the removal of the risk warning [1]. Financial Performance - In the 2024 fiscal year, the company reported a total revenue of 376 million yuan, a year-on-year increase of 1008.39%, while the net profit attributable to shareholders was -4 million yuan, a reduction in losses by 90.13% [4]. - The company’s revenue from the energy storage system business reached approximately 358 million yuan in 2024, contributing nearly 70% of the total revenue [4]. - In the first quarter of 2025, the company achieved a revenue of 39.5 million yuan, a year-on-year increase of 560.65%, with a net profit of -25.3 million yuan [4]. Strategic Actions - The company has taken significant steps to enhance its operational capabilities, including the divestiture of its subsidiary, Jinshi Printing, for 300 million yuan, and the establishment of multiple production lines for energy storage systems [3]. - The strategic focus on energy storage and related products has been pivotal in mitigating revenue declines from traditional business segments [4]. Market Position - As of May 21, 2025, the stock price was reported at 8.81 yuan per share, with a total market capitalization of 3.568 billion yuan [5].

Core Viewpoint - *ST Jinshi is set to have its delisting risk warning and other risk warnings removed starting May 23, 2025, with its stock name changing from "*ST Jinshi" to "Jinshi Technology" [1] Group 1: Financial Performance - In 2024, *ST Jinshi reported a total profit of 3.4933 million yuan, a net loss of 16.2248 million yuan, and a net profit attributable to shareholders of -4.397 million yuan, with a revenue of 370 million yuan [3] - The company plans to sell its 100% stake in Jinshi Printing to an affiliate for 300 million yuan, completing the divestiture by December 31, 2024 [3] - As of December 31, 2024, *ST Jinshi achieved revenue of 258 million yuan from its energy storage systems and 12 million yuan from energy storage safety systems [3] Group 2: Business Transformation - Following a strategic transformation, *ST Jinshi has established multiple production lines for supercapacitors and energy storage systems, indicating a recovery in operational capacity [3] - The company has approximately 332 million yuan in orders for energy storage systems and 27.27 million yuan in orders for energy storage safety systems [4] - The increase in revenue without profit in 2024 and Q1 2025 is attributed to the early-stage nature of the energy storage business, lower gross margins compared to peers, and increased expenses for market penetration and brand establishment [4] Group 3: Industry Context - The energy storage business of *ST Jinshi aligns with industry trends, and the company asserts that its revenue recognition practices are commercially reasonable and consistent with industry norms [4] - Other companies, such as *ST Nongshang, are also experiencing similar conditions, with their revenue and net asset figures meeting the criteria for the removal of delisting risk warnings [4][6]

Market Overview - The U.S. stock market experienced a significant decline, with all three major indices posting their largest drop in a month. The Dow Jones fell by 1.91%, the Nasdaq decreased by 1.41%, and the S&P 500 dropped by 1.61% [3] - Major technology stocks also saw declines, with Tesla and Apple each dropping over 2%, while Microsoft, Amazon, and Nvidia fell more than 1%. In contrast, Google saw an increase of nearly 3% [3] Economic Indicators - The yield on the 30-year Treasury bond rose to 5.09%, while the yield on the benchmark 10-year Treasury increased by 11.5 basis points to 4.59%. The 2-year Treasury yield also rose by 4.7 basis points to 4.01%, indicating a close relationship with interest rate expectations [3] Policy Measures - A joint announcement from several Chinese financial regulatory bodies outlined 23 measures to support financing for small and micro enterprises, focusing on increasing financing supply, reducing costs, and improving efficiency [4] - The Shanghai government released a special action plan to boost consumption, emphasizing the integration of advanced technologies like AI and big data into consumer sectors [5] Corporate Actions - Guokai Micro announced plans to acquire assets through a combination of stock issuance and cash payment, focusing on semiconductor wafer foundry and customized chip manufacturing, which is expected to constitute a major asset restructuring [7] - Vanke A signed a borrowing agreement with Shenzhen Metro Group for up to 4.2 billion yuan, using up to 6 billion yuan worth of stock as collateral [8] - Myp Medical is planning to acquire at least 51% of Easy Medical, which is expected to constitute a major asset restructuring [10] - Hongming Co. is planning to purchase 83% of Shenzhen Chisu Automation Equipment for an estimated 151 million yuan, which will also constitute a major asset restructuring [12]

Group 1 - The State Financial Supervision Administration and seven other departments issued measures to support financing for small and micro enterprises, emphasizing the establishment of a coordination mechanism for financing support [1] - The measures include conducting extensive visits to small and micro enterprises to assess their operational status and financing needs, facilitating direct access to bank credit [1] - There is a focus on addressing the operational difficulties faced by small and micro enterprises and encouraging support for key sectors such as foreign trade, private enterprises, technology, and consumption [1] Group 2 - In May 2025, a total of 130 domestic online games were approved by the National Press and Publication Administration [2] Group 3 - The State Council announced the removal of Wang Jianjun from the position of Vice Chairman of the China Securities Regulatory Commission [3] Group 4 - The Shanghai Municipal Government issued a plan to boost consumption, which includes measures to promote reasonable income growth and improve wage distribution mechanisms [4] - The plan aims to enhance the minimum wage adjustment mechanism and support the development of the rural economy and new business models [4] Group 5 - Shanghai is accelerating the introduction of childcare subsidies and maternity social security subsidies as part of its efforts to build a family-friendly society [5] - The city plans to explore increasing parental leave and spouse's paternity leave while enhancing the quality of public kindergartens [5] Group 6 - The Ministry of Foreign Affairs stated that China has the capability and confidence to handle external risks, including tariff wars, as evidenced by a 2.4% year-on-year increase in total goods import and export in the first four months of the year [6] - Exports grew by 7.5%, indicating strong international competitiveness despite high tariff barriers [6] Group 7 - The Ministry of Foreign Affairs expressed strong opposition to the EU's unilateral sanctions against Chinese companies, emphasizing the need for fair trade practices [8] - The ministry highlighted that normal business interactions between Chinese and Russian companies should not be disrupted by these sanctions [8] Group 8 - The Dalian Commodity Exchange announced trading arrangements for the Dragon Boat Festival period, with a market closure from May 31 to June 2, 2025, and a return to normal trading on June 3 [9] Group 9 - Heng Rui Pharmaceutical set the issuance price for its H-shares at HKD 44.05 per share [11] - Xinyuan Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [11] - The company Guokai Microelectronics is planning a major asset restructuring, leading to a suspension of its stock from May 22 [11]

Core Viewpoint - Three A-shares are set to remove their delisting risk warnings, indicating improvements in their fundamentals through various strategies such as focusing on core businesses and restructuring efforts [1][10][11] Group 1: Company Announcements - *ST Nongshang announced that its stock will remove the delisting risk warning and change its name to "Nongshang Environment," with trading resuming on May 23, 2025 [1][7] - *ST Jinshi will also remove its delisting risk warning and change its name to "Jinshi Technology," with trading resuming on May 23, 2025 [1][10] - ST Shilong will remove other risk warnings and change its name to "Shilong Industry," with trading resuming on May 22, 2025 [1][3] Group 2: Financial Performance and Compliance - ST Shilong faced penalties for false trade activities that inflated revenue and profits in 2019 and 2020, leading to a risk warning in 2024 [3][4] - ST Nongshang reported a 2024 revenue of 218 million yuan and a net asset of 524 million yuan, with a standard unqualified audit report [7][8] - *ST Jinshi reported a 2024 net profit of -1622.48 million yuan and a revenue of 370 million yuan, while also divesting its subsidiary to improve its financial position [11][12] Group 3: Strategic Actions - Companies are adopting various strategies such as asset optimization and business transformation to enhance their operational capabilities and remove risk warnings [1][11][12] - ST Nongshang has focused on developing its computing power service business, which generated 108 million yuan in revenue, accounting for 46.66% of total revenue [8] - *ST Jinshi has implemented a strategic transformation by investing in new production lines for energy storage systems and has reported significant revenue from these new ventures [12]

Core Viewpoint - Several A-share companies are set to remove their delisting risk warnings, indicating improvements in their financial health and operational focus [2][8][11]. Group 1: Company Announcements - *ST农尚 will have its delisting risk warning removed and will change its name to "农尚环境" effective May 23, 2025, after a one-day suspension on May 22 [2][8]. - *ST金时 will also remove its delisting risk warning and change its name to "金时科技" effective May 23, 2025, following a one-day suspension on May 22 [10][11]. - ST世龙 will remove its other risk warning and change its name to "世龙实业" effective May 22, 2025, after a one-day suspension on May 21 [4][6]. Group 2: Financial Performance and Compliance - ST世龙 reported that its financial statements for 2019 and 2020 contained false records, leading to administrative penalties, but has since corrected these errors and received a standard unqualified audit report for 2024 [5][6]. - *ST农尚's 2024 revenue was reported at 2.18 billion, with a net asset value of 5.24 billion, allowing it to meet the conditions for removing the delisting risk warning [9]. - *ST金时's 2024 financials showed a total profit of 349.33 million, but a net loss of 1.62 billion, with a revenue of 370 million, prompting strategic asset restructuring to enhance operational capacity [12][13].

Core Viewpoint - The company has experienced significant revenue growth in its energy storage business but has not achieved corresponding profit increases, leading to larger losses in 2024 and Q1 2025 [1][2][9]. Group 1: Revenue and Profit Analysis - In 2024, the company generated revenue of 376 million yuan from its energy storage business, a year-on-year increase of 1,008.39%, while the net profit attributable to shareholders was -63 million yuan, indicating a further loss compared to the previous year [1][3]. - The first quarter of 2025 saw revenue drop to 40 million yuan, with a net profit of -13 million yuan, reflecting a significant decline from the previous quarter [1][2]. - The company attributes the lack of profit growth despite increased revenue to several factors, including the early-stage nature of its energy storage business, high operational costs, and the need for substantial investment in market development and technology [8][9]. Group 2: Seasonal Revenue Patterns - The majority of the company's revenue in 2024 was concentrated in the fourth quarter due to the timing of contract signings and project deliveries, which were delayed until the end of the year [10][12]. - The first quarter of 2025 experienced a significant revenue decline, which is consistent with seasonal trends in the energy storage industry, where Q1 is typically a slow period [10][12]. - The company confirmed that there were no instances of revenue being recognized across periods, adhering to accounting standards and industry practices [10][15]. Group 3: Business Model Stability - The company has established a stable business model in its energy storage operations, with diverse applications and a solid order backlog of approximately 332.3 million yuan, along with an additional 308 million yuan in potential orders [16][19]. - The production capacity has been enhanced with the establishment of multiple production lines, enabling the company to meet growing demand in the energy storage sector [16][19]. - The company has developed a robust supply chain and strategic partnerships with leading industry players, which helps in cost control and enhances bargaining power [16][19]. Group 4: Future Outlook - The energy storage business is expected to continue growing, supported by a strong order pipeline and increasing market demand for energy solutions [22]. - The company is focused on ongoing research and development to keep pace with technological advancements, which may create new revenue opportunities through product upgrades and new customer acquisitions [22]. - The combination of a solid customer base and a diverse order structure is anticipated to provide stable cash flow and mitigate market risks [22].

Core Viewpoint - The company has experienced significant revenue growth in its energy storage business, achieving 376 million yuan in revenue for 2024, a year-on-year increase of 1,008.39%, but has faced increased losses, indicating challenges in profitability despite revenue growth [1][2][3]. Group 1: Revenue and Profitability - The company's revenue for 2024 was primarily concentrated in the fourth quarter, with a notable decline in the first quarter of 2025, raising questions about revenue recognition practices and seasonal fluctuations in the energy storage industry [2][3][4]. - The company reported a net loss of 63 million yuan for 2024, which has widened compared to the previous year's losses, and a further loss of 13 million yuan in the first quarter of 2025 [1][2][3]. - The energy storage system business generated sales revenue of 258 million yuan in 2024, with a gross profit margin of 9.37%, while the first quarter of 2025 saw revenue of 25 million yuan and a gross profit margin of 6.54% [4][5]. Group 2: Business Model and Market Position - The company has transitioned from a traditional printing business to focus on energy storage systems and safety solutions, establishing a stable business model with a diverse customer base including major contractors and energy management firms [3][4][21]. - The company has secured approximately 332 million yuan in orders and an additional 308 million yuan in intended orders, indicating a robust pipeline for future revenue [4][21][22]. - The energy storage business has been structured to ensure sustainable revenue generation through a combination of product sales and ongoing service support, which is expected to enhance cash flow stability [28][30][31]. Group 3: Cost Structure and Financial Health - The company has faced increased costs due to the establishment of a professional team for energy storage, market expansion, and technology development, leading to a significant rise in sales and R&D expenses [10][11][21]. - The company reported a credit impairment loss reduction of 16.78 million yuan, attributed to increased sales and a rise in accounts receivable [10][11]. - The company has invested in production capacity, with a planned annual output of 2.4 GWh for energy storage systems, which is expected to lower production costs and improve operational efficiency [31][32].

Group 1 - The company has undergone a name change from "*ST金时" to "金时科技" and will resume trading on May 23, 2025, after a one-day suspension [1][6] - The daily price fluctuation limit for the company's stock has been increased from 5% to 10% [1][6] - The company was previously under delisting risk warnings due to negative net profit and revenue below 100 million yuan for the fiscal year 2023 [2][3] Group 2 - The company has taken measures to improve its operational capabilities, including divesting inefficient assets and focusing on energy storage systems [2][4] - The company completed the divestiture of its subsidiary, 四川金时印务有限公司, for 30 million yuan, which was approved in board meetings held in March and April 2024 [4] - The company reported a revenue of 25,817.73 million yuan from energy storage systems and 11,957.22 million yuan from energy storage safety systems by December 31, 2024 [4] Group 3 - The company has applied to revoke the delisting risk warning and other risk warnings, which was approved by the Shenzhen Stock Exchange [5][6] - The company submitted its application for revocation on April 25, 2025, and the approval was granted shortly thereafter [5][6] - The company has confirmed that it meets the conditions for the revocation of the delisting risk warning according to the relevant stock exchange rules [5]

国浩律师(成都)事务所 关于 四川金时科技股份有限公司 2024 年年报问询函相关问题 之 专项核查意见 國浩律師(成都)事務所 RANDALL LAW FIRM (CHENGDU) 成都市高新区天府二街 269 号无国界 26 号楼 9 层邮编: 610000 Floor9,Building26,Boundary-FreeLandCenter,269Tianfu2Street,Hi-TechZone,Chengdu,China 电话/Tel:+862886119970 传真/Fax:+862886119827 网址/Website:http://www.grandall.com.cn 国浩律师(成都)事务所 专项核查意见 国浩律师(成都)事务所 关于四川金时科技股份有限公司 2024 年年报问询函相关问题 之专项核查意见 致:四川金时科技股份有限公司 国浩律师(成都)事务所(以下简称"本所")接受四川金时科技股份有限公 司(以下简称"公司"或"*ST 金时")的委托,就深圳证券交易所公司部出具的 《关于对四川金时科技股份有限公司 2024 年年报的问询函》(公司部年报问询函 〔2025〕第 81 号)(以下 ...