证券代码：300338 证券简称：ST 开元 公告编号：2025-050 开元教育科技集团股份有限公司 关于公司被债权人申请重整及预重整的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 况。公司重整及预重整事项相关进展情况如下： 一、公司被申请重整及预重整事项的进展情况 特别风险提示： 1、湖南省长沙市中级人民法院（以下简称"长沙中院"）准许债权人对开 元教育科技集团股份有限公司（以下简称"公司"）的预重整申请，不代表公司 正式进入重整程序，后续公司是否能进入重整程序尚存在重大不确定性。截至本 公告披露日，公司尚未收到关于公司进入重整程序的相关法律文书。 2、公司 2022-2024 年度扣除非经常性损益前后净利润孰低者为负值，且中 审亚太会计师事务所（特殊普通合伙）对公司 2024 年度财务报表出具了带持续 经营重大不确定性段落的无保留意见审计报告。根据《深圳证券交易所创业板股 票上市规则》（以下简称"股票上市规则"）第 9.4 条第一款第六项的规定，公 司股票交易在 2024 年年度报告披露后将被继续实施其他风险警示。 3、根据《股票上市规则》第 1 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开情况 证券代码：300338 证券简称：ST 开元 公告编号：2025-048 开元教育科技集团股份有限公司 第五届董事会第八次会议决议公告 具体内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）披露的相关公 告。 三、备查文件 1、第五届董事会第八次会议决议。 特此公告。 开元教育科技集团股份有限公司（以下简称或"公司"）第五届董事会第八 次会议于2025年7月27日以电子邮件与微信的方式发出会议通知，经全体董事豁 免提前通知期限的要求，会议于2025年7月28日下午14：00以线上通讯表决的方 式召开。会议应出席董事7名，实际出席董事7人，公司监事、高管列席会议，本 次会议由董事长赵君先生主持。会议的召开符合《中华人民共和国公司法》和《公 司章程》的有关规定。 二、会议审议情况 与会董事经过讨论，以记名投票表决方式审议通过了以下议案： 1、 审议通过《关于聘任公司董事会秘书的议案》 经公司董事长赵君先生提名，提名与薪酬考核委员会审核，公司董事会同意 聘任刘志文先生为公司董事会秘书，任 ...

ST开元（300338）公告，湖南省长沙市中级人民法院准许债权人长沙开元仪器有限公司对公司进行预 重整，但公司尚未正式进入重整程序。公司2022-2024年度扣除非经常性损益前后净利润孰低者为负 值，且审计机构出具了带持续经营重大不确定性段落的无保留意见审计报告。公司股票交易将继续实施 其他风险警示。 ...

4、如果法院正式受理申请人对公司的重整申请且重整顺利实施完毕，将有 利于改善公司的资产负债结构，推动公司健康发展；但即使法院正式受理重整申 请，后续仍然存在因重整失败而被宣告破产并被实施破产清算的风险。若重整失 败，公司将存在被宣告破产的风险。如果公司被宣告破产，根据《股票上市规则》 的相关规定，公司股票将面临被终止上市的风险，上市公司出现两项以上退市风 险警示、终止上市情形的，股票按照先触及先适用的原则实施退市风险警示、终 止上市。 2024 年 9 月 25 日，公司披露《关于法院准许预重整申请并指定临时管理人 的公告》（公告编号：2024-072），公司收到长沙中院下发的《通知书》（（2024） 湘 01 破申 120 号之一）及《决定书》（（2024）湘 01 破申 120 号），长沙中院 准许申请人对公司的预重整申请，同时依法指定上海市方达律师事务所担任公司 预重整期间的临时管理人。近日，公司收到长沙中院下发的《通知书》（（2024） 湘 01 破申 120 号之五），长沙中院同意继续延长公司预重整期间，现将相关情 况公告如下： 证券代码：300338 证券简称：ST 开元 公告编号：2025-04 ...

4、如果法院正式受理申请人对公司的重整申请且重整顺利实施完毕，将有 利于改善公司的资产负债结构，推动公司健康发展；但即使法院正式受理重整申 请，后续仍然存在因重整失败而被宣告破产并被实施破产清算的风险。若重整失 败，公司将存在被宣告破产的风险。如果公司被宣告破产，根据《股票上市规则》 的相关规定，公司股票将面临被终止上市的风险，上市公司出现两项以上退市风 险警示、终止上市情形的，股票按照先触及先适用的原则实施退市风险警示、终 止上市。 根据《股票上市规则》《深圳证券交易所上市公司自律监管指引第14号—— 破产重整等事项》的相关规定，公司将每月披露一次重整及预重整事项的进展情 证券代码：300338 证券简称：ST 开元 公告编号：2025-046 开元教育科技集团股份有限公司 关于公司被债权人申请重整及预重整的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别风险提示： 1、湖南省长沙市中级人民法院（以下简称"长沙中院"）准许债权人对开 元教育科技集团股份有限公司（以下简称"公司"）的预重整申请，不代表公司 正式进入重整程序，后续公司是否能进入重整程序 ...

Core Viewpoint - The company is facing significant financial challenges, including a substantial decline in revenue and net profit, while also undergoing potential restructuring due to creditor applications for reorganization [2][3][4]. Financial Performance - The company's total revenue for 2024 is reported at RMB 170.78 million, a decrease of 49.98% compared to the previous year [8][19]. - The net profit attributable to shareholders is reported at RMB -141.32 million, reflecting a 48.60% reduction in losses compared to the previous year [19]. - The company has recorded a cash flow deficit from operating activities of RMB -3.64 million, although this represents a 97.24% improvement year-on-year [19]. - As of December 31, 2024, the company's total assets amount to RMB 605.22 million, an increase of 15.48% from the previous year [20]. Business Operations - The primary business focus remains on vocational education, targeting a wide range of learners including employed individuals, job seekers, and students [10][11]. - The company has implemented a strategy to enhance its online and offline integration, leveraging technology to improve educational delivery and efficiency [12][15]. - The company is actively expanding its product offerings in vocational training, including practical training and certification preparation, to meet the growing demand for skilled labor [11][14]. Market Environment - The vocational education market in China is projected to reach RMB 1 trillion by 2024, with significant growth expected in non-degree vocational training [11][12]. - The industry is characterized by low concentration and high competition, with many small players, which presents opportunities for larger institutions to capture market share [11][12]. - Recent government policies emphasize the importance of vocational education in enhancing workforce skills and supporting economic development, which is expected to drive demand for the company's services [11][12]. Strategic Initiatives - The company is focusing on improving its core competencies in content development, internet platform integration, and customer acquisition strategies [13][15]. - Efforts are being made to enhance the quality of educational offerings through innovative teaching methods and technology integration, including AI and live streaming [12][16]. - The company is also exploring capital operations and industry resource integration to prepare for future growth [18].

Core Viewpoint - The announcement addresses corrections made to the 2024 Annual Report of Kaiyuan Education Technology Group Co., Ltd, highlighting inaccuracies in financial data and related party disclosures [1][5]. Financial Report Corrections - The reported balance for "Pending Litigation" was corrected from CNY 1,034,949.99 to CNY 65,363.56 for both the beginning and ending periods [2][3]. - The corrections in the financial report do not impact the company's overall financial status or operational performance [5]. Related Party Transactions - The report includes details on related party guarantees, with specific amounts and dates for guarantees provided by individuals associated with the company [3][4]. - The relationship of other related parties has been clarified, including the status of individuals previously in control and their current relationships with the company [4]. Additional Notes - The company has committed to improving the quality of information disclosure and the review process for future announcements to prevent similar issues [5].

证券代码：300338 证券简称：ST 开元 公告编号：2025-044 开元教育科技集团股份有限公司 关于《2024 年年度报告》的更正公告 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。 开元教育科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日 在巨潮资讯网（http：//www.cninfo.com.cn)上披露了《2024 年年度报告》全文， 因年度报告工作期间工作量大，且公司编制年度报告相关文件的时间紧迫，公司 《2024 年年度报告》存在三处内容录入不准确，现就相关内容更正如下： 一、"第十节财务报告"之"七、合并财务报表项目注释之49、预计负债"中： 更正前： 单位：元 | 项目 | 期末余额 | 期初余额 | 形成原因 | | --- | --- | --- | --- | | 未决诉讼 | 65,363.56 | 1,034,949.99 | 著作权纠纷等 | | 合计 | 65,363.56 | 1,034,949.99 | | 更正后： 更正前： 本公司作为被担保方 | | | | | 单位：元 | | --- ...

关于《2024 年半年度报告》的更正公告 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。 开元教育科技集团股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日 在巨潮资讯网（http：//www.cninfo.com.cn)上披露了《2024 年半年度报告》全文， 因半年度报告工作期间工作量大，且公司编制半年度报告相关文件的时间紧迫， 公司《2024 年半年度报告》存在两处内容录入不准确，现就相关内容更正如下： 一、"第十节财务报告"之"十四、关联方及关联交易之5、关联交易情况之（4） 关联担保情况"中： 证券代码：300338 证券简称：ST 开元 公告编号：2025-045 开元教育科技集团股份有限公司 更正前： 本公司作为被担保方 单位：元 | 担保方 | 担保金额 | 担保起始日 | 担保到期日 | 担保是否已 经履行完毕 | | --- | --- | --- | --- | --- | | 江勇、杨柳、赵君、王琳琳 | 32,894,334.07 | 2021 年 09 月 23 日 | 2027 年 12 月 31 日 | 否 | ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The board ensures report accuracy, while auditors note going concern uncertainties amidst performance losses, goodwill impairment, and restructuring risks, with no planned profit distribution - The company incurred a loss in FY2024, primarily due to a significant decline in operating revenue and credit impairment losses[3](index=3&type=chunk) - The company recognized goodwill impairment provisions of **RMB 18.70 million**, with the original book value of goodwill at year-end being **RMB 1.03 billion** and accumulated impairment of **RMB 979 million**[3](index=3&type=chunk) - The company has entered pre-restructuring proceedings due to a creditor's application, but significant uncertainty remains regarding formal restructuring, with potential bankruptcy liquidation and delisting risks if unsuccessful[7](index=7&type=chunk) - The audit firm issued an unqualified opinion with a material uncertainty related to going concern for the FY2024 financial statements, leading to continued "other risk warnings" for the company's stock[9](index=9&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=9&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Key Accounting Data and Financial Indicators](index=10&type=section&id=V.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2024, operating revenue significantly declined to RMB 171 million, yet net loss narrowed to RMB 141 million, and operating cash flow improved, with net assets turning positive due to equity injections Key Financial Data for 2022-2024 | Indicator | 2024 | 2023 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 170,776,018.62 | 341,404,180.04 | -49.98% | | **Net Profit Attributable to Shareholders (RMB)** | -141,320,264.28 | -274,961,290.50 | 48.60% | | **Net Profit Attributable to Shareholders, Excluding Non-Recurring Items (RMB)** | -159,714,771.26 | -272,531,635.13 | 41.40% | | **Net Cash Flow from Operating Activities (RMB)** | -3,643,289.53 | -133,360,005.46 | 97.27% | | **Basic Earnings Per Share (RMB/share)** | -0.35 | -0.73 | 52.05% | | **Total Assets (RMB)** | 605,224,556.36 | 524,092,419.81 | 15.48% | | **Net Assets Attributable to Shareholders (RMB)** | 25,829,995.17 | -114,716,265.10 | 122.52% | Key Quarterly Financial Indicators for 2024 (Unit: RMB) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 37,932,332.39 | 59,797,271.05 | 42,109,457.47 | 30,936,957.71 | | **Net Profit Attributable to Shareholders** | -6,894,717.75 | -11,122,237.54 | -18,090,581.02 | -105,212,727.97 | | **Net Cash Flow from Operating Activities** | 9,422,662.31 | -19,982,336.53 | -9,367,641.77 | 16,284,026.46 | - The lower of net profit before and after non-recurring items has been negative for the past three fiscal years, and the latest audit report indicates uncertainty regarding the company's going concern ability[25](index=25&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Industry Overview During the Reporting Period](index=13&type=section&id=I.%20Industry%20Overview%20During%20the%20Reporting%20Period) The vocational education sector benefits from supportive national policies and growing demand, with market size projected to exceed RMB 1.2 trillion by 2027, driven by employment strategies and new technologies like AI - National policies continuously promote vocational education development, emphasizing industry-education integration and science-education convergence to cultivate high-quality skilled talents, providing a favorable macro environment for the industry[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - China's vocational education market is substantial, projected to exceed **RMB 1.2 trillion** by 2027, with non-degree vocational training accounting for approximately **30%**, serving a broad audience with rigid demand[38](index=38&type=chunk) - The development of new technologies like AI and live streaming has generated new vocational training demands, such as new media skill enhancement, and promoted Online-Merge-Offline (OMO) teaching models, improving efficiency and quality[42](index=42&type=chunk) [Principal Business During the Reporting Period](index=14&type=section&id=II.%20Principal%20Business%20During%20the%20Reporting%20Period) The company's core business is vocational education, delivered via "Hengqi Education," "Zhuntiku," and "Zhongda Wangxiao" brands, focusing on finance and professional qualifications, while leveraging internet technology and a "Central Kitchen" strategy to enhance efficiency - The company's core business covers financial education, professional qualification examinations, and senior title training, forming a complete career path from entry-level to advanced[44](index=44&type=chunk) - The company is implementing a "Central Kitchen" strategy, aiming to transform into an industrial internet platform that empowers the entire vocational education and training ecosystem through standardized agency products like traffic, content, and branding[45](index=45&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=III.%20Core%20Competitiveness%20Analysis) The company's core strengths include robust content R&D focused on pass and employment rates, advanced industrial internet middleware for efficient OMO operations, and mature, cost-effective traffic acquisition through diverse digital channels - Content R&D: Focusing on pass rates and employment rates, the company has developed a "lean, precise, and targeted" coaching system for certification exams and an EAT teaching model for practical education[47](index=47&type=chunk)[48](index=48&type=chunk) - Technology Platform: Building an "Education + Internet" industrial internet middleware that integrates students, employees, and management behaviors, achieving a business model of "group large traffic entry + multi-category digestion + multi-exit services"[50](index=50&type=chunk) - Traffic Acquisition: Establishing stable and diversified business opportunity traffic sources through official website APP matrix (e.g., "Zhuntiku"), e-commerce platforms (combining courses and books), and new media account matrix[52](index=52&type=chunk)[53](index=53&type=chunk) [Principal Business Analysis](index=17&type=section&id=IV.%20Principal%20Business%20Analysis) In 2024, operating revenue fell by 49.98% to RMB 171 million due to declines in education and franchise segments, yet net loss narrowed to RMB 141 million, and operating cash flow improved, with the company adjusting strategies and consolidating scope Key Operating Indicators for 2024 | Indicator | 2024 | Year-on-Year Change | | :--- | :--- | :--- | | **Total Operating Revenue** | RMB 171 million | -49.98% | | **Net Profit Attributable to Parent** | -RMB 141 million | Loss narrowed by 48.60% | | **Net Profit Attributable to Parent, Excluding Non-Recurring Items** | -RMB 136 million | Loss narrowed by 50.11% | | **Net Cash Flow from Operating Activities** | -RMB 3.6867 million | Improved by 97.24% | | **Contract Liabilities** | RMB 91 million | -30.24% | | **Net Assets Attributable to Parent** | RMB 26 million | 122.52% | Operating Revenue Composition (by Product) | Product | 2024 Revenue (RMB) | Proportion | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Education and Training Products | 116,662,714.66 | 68.31% | -52.85% | | Franchise Business Products | 17,816,046.70 | 10.43% | -63.37% | | Academic Intermediary Products | 17,183,245.89 | 10.06% | 6.99% | | Book Products | 13,165,118.53 | 7.71% | 6.86% | | **Total** | **170,776,018.62** | **100%** | **-49.98%** | Period Expense Changes | Expense Item | 2024 (RMB) | 2023 (RMB) | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | **Administrative Expenses** | 65,375,832.14 | 134,903,578.56 | -51.54% | Decrease in salaries and daily expenses | | **Financial Expenses** | 13,162,218.48 | 5,792,189.76 | 127.24% | Increase in borrowing interest | | **R&D Expenses** | 15,534,362.81 | 25,380,117.92 | -38.79% | Decrease in R&D personnel and outsourced R&D | - During the reporting period, the company disposed of Shanghai Tianhu Cloud Education Technology Co., Ltd. and its subsidiaries, Shanghai Hengqi Education Technology Co., Ltd., and deregistered several subsidiaries, resulting in changes to the consolidation scope[67](index=67&type=chunk)[68](index=68&type=chunk) [Analysis of Assets and Liabilities](index=25&type=section&id=VI.%20Analysis%20of%20Assets%20and%20Liabilities) By year-end 2024, total assets grew to RMB 605 million, with monetary funds significantly increasing to RMB 314 million due to donations, while other assets decreased from disposals and impairments, and other payables rose from increased external borrowings - Monetary funds at year-end totaled **RMB 314 million**, a significant increase from the beginning of the period, primarily due to gratuitous cash asset donations received from Jiadao Gongcheng during the reporting period[82](index=82&type=chunk) - The book value of goodwill decreased from **RMB 101 million** at the beginning of the period to **RMB 52.97 million**, primarily due to subsidiary disposals and impairment provisions recognized in the current period[83](index=83&type=chunk) - Other payables increased from **RMB 264 million** to **RMB 352 million**, accounting for **58.08%** of total assets, primarily due to increased borrowings from external institutions during the reporting period[83](index=83&type=chunk) [Analysis of Major Holding and Participating Companies](index=28&type=section&id=IX.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries showed mixed performance, with Shanghai Hengqi Vocational Training College and Zhongda Yingcai (Beijing) Network Education experiencing expanded losses, while the company disposed of and deregistered several subsidiaries to enhance asset quality Operating Performance of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Principal Business | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Hengqi Vocational Training College Co., Ltd. | Vocational Education Training | 49,539.27 | -6,746.52 | 5,161.82 | -6,231.33 | | Zhongda Yingcai (Beijing) Network Education Technology Co., Ltd. | Online Education Training | 25,714.48 | 10,502.16 | 11,795.13 | -1,140.49 | | Changsha Luyuan New Material Technology Co., Ltd. | Emerging Energy Technology R&D | 2,044.27 | -1,029.57 | 56.18 | -943.50 | - During the reporting period, Shanghai Tianhu Cloud Education Technology Co., Ltd. and Shanghai Hengqi Education Technology Co., Ltd. were disposed of, aiming to improve the company's asset quality[95](index=95&type=chunk) [Outlook on Company's Future Development](index=29&type=section&id=XI.%20Outlook%20on%20Company%27s%20Future%20Development) The company plans to enhance existing businesses, expand new categories, boost R&D in AI and other technologies, and integrate resources, while navigating risks from regulatory changes, market competition, talent retention, and goodwill impairment - Development Strategy: Improve the quality of existing businesses, expand new categories through the "Central Kitchen" middleware model, increase R&D investment in new technologies like AIGC, and integrate relevant vocational education resources within the group[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) - Operating Plan: Leverage AI technology to upgrade online platforms, enhance product innovation through digital human live streaming, and comprehensively upgrade courses, books, and question banks for principal projects[100](index=100&type=chunk)[101](index=101&type=chunk) - Faced Risks: Primarily include changes in industry regulatory policies, intensified market competition, loss of core talent, and impairment risk for the remaining **RMB 52.97 million** in goodwill[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) [Corporate Governance](index=33&type=section&id=Section%204%20Corporate%20Governance) [Basic Status of Corporate Governance](index=33&type=section&id=I.%20Basic%20Status%20of%20Corporate%20Governance) The company maintained sound corporate governance, adhering to laws and its Articles of Association, with no significant discrepancies in its operations concerning shareholders, board, supervisors, or information disclosure - The company's governance structure is sound, strictly adheres to laws and regulations, and maintains independence from the controlling shareholder in business, personnel, assets, organization, and finance[111](index=111&type=chunk)[115](index=115&type=chunk) - During the reporting period, the company held **4** general meetings of shareholders, **6** board meetings, and **6** supervisory board meetings, with compliant convening and conducting procedures[111](index=111&type=chunk)[112](index=112&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=35&type=section&id=VII.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company completed board and supervisory board re-elections, with some members departing, and the current leadership team possesses relevant expertise, with total remuneration for all executives at RMB 4.98 million - On February 1, 2024, the company completed the re-election of its Board of Directors and Supervisory Board, with Jiang Sheng, Jiang Ping, Chen Zhengfeng, and others no longer serving as directors, and Yu Wenfeng and others no longer serving as supervisors[121](index=121&type=chunk) Remuneration of Certain Directors, Supervisors, and Senior Management (Unit: RMB 10,000) | Name | Position | Total Pre-tax Remuneration from the Company | | :--- | :--- | :--- | | Zhao Jun | Chairman | 96 | | Bao Yanan | Director, Deputy General Manager | 60 | | Yu Yangli | General Manager | 60 | | Dong Shicai | Financial Controller | 60.1 | | Li Jun | Board Secretary | 60 | | **Total** | **--** | **497.8** | [Environmental and Social Responsibility](index=55&type=section&id=Section%205%20Environmental%20and%20Social%20Responsibility) [Social Responsibility Performance](index=55&type=section&id=II.%20Social%20Responsibility%20Performance) The company actively fulfills social responsibilities by protecting investor rights through strict disclosure and communication, prioritizing employee welfare with competitive compensation and training, and contributing to society through ethical operations and taxation - The company communicates with investors through various channels, including interactive platforms, phone calls, and emails, ensuring their right to information[171](index=171&type=chunk) - The company values employee development, establishing a competitive compensation system and performance appraisal management, and providing training in new products, enrollment capabilities, new media traffic generation, and employment guidance[149](index=149&type=chunk)[150](index=150&type=chunk) [Significant Matters](index=57&type=section&id=Section%206%20Significant%20Matters) [Matters Related to Bankruptcy Reorganization](index=64&type=section&id=X.%20Matters%20Related%20to%20Bankruptcy%20Reorganization) In 2024, the company entered pre-restructuring proceedings initiated by a creditor, with the court appointing a provisional administrator and a restructuring investment agreement signed, while formal restructuring remains pending - On September 25, 2024, the Changsha Intermediate People's Court approved the company's pre-restructuring application and appointed a provisional administrator[204](index=204&type=chunk) - On November 5, 2024, the company, the provisional administrator, and restructuring investor Shenzhen Jiadao Gongcheng Equity Investment Fund (Limited Partnership) signed a "Restructuring Investment Agreement"[205](index=205&type=chunk) - The Changsha Intermediate People's Court has agreed to extend the company's pre-restructuring period by one month, with pre-restructuring work currently proceeding in an orderly manner[205](index=205&type=chunk)[207](index=207&type=chunk) [Penalties and Rectification](index=65&type=section&id=XII.%20Penalties%20and%20Rectification) The company and executives received warnings and reprimands from regulators for significant discrepancies between performance forecast and annual report net profits, prompting a commitment to strict compliance - Due to inaccurate performance forecast disclosure, the company, Chairman Zhao Jun, General Manager Yu Yangli, and Financial Controller Dong Shicai received administrative supervisory measures in the form of a warning letter from the Hunan Securities Regulatory Bureau[209](index=209&type=chunk)[210](index=210&type=chunk) - For the same reason, the company received a public reprimand from the Shenzhen Stock Exchange, and responsible individuals Zhao Jun, Yu Yangli, and Dong Shicai also received public reprimands[210](index=210&type=chunk)[211](index=211&type=chunk) [Share Changes and Shareholder Information](index=75&type=section&id=Section%207%20Share%20Changes%20and%20Shareholder%20Information) [Share Changes](index=75&type=section&id=I.%20Share%20Changes) The company's total share capital decreased by 45,000 shares to 402,624,692 due to the repurchase and cancellation of restricted shares from departing incentive recipients, affecting restricted and unrestricted share proportions - The company's total share capital decreased by **45,000 shares** due to the repurchase and cancellation of restricted shares granted to, but not yet vested by, certain incentive recipients[241](index=241&type=chunk) [Shareholders and Actual Controller Information](index=78&type=section&id=III.%20Shareholders%20and%20Actual%20Controller%20Information) As of year-end, the company had 13,178 shareholders, with control shifting to Jiang Yong and his concerted parties (12.29% stake) on February 18, 2024, who also has significant outstanding debts - On February 18, 2024, the company's control changed, with the actual controller shifting from Cai Zhihua to Jiang Yong[250](index=250&type=chunk)[252](index=252&type=chunk) Top Five Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | | Jiang Yong | 5.05% | 20,335,637 | 0 | | Zhao Jun | 4.36% | 17,534,600 | 13,150,950 | | Xinyu Zhongda Ruize Investment Partnership | 1.81% | 7,277,501 | 0 | | Zhang Jianfei | 1.25% | 5,032,000 | 0 | | Jiang Sheng | 1.08% | 4,339,264 | 0 | - The controlling shareholder and actual controller, Mr. Jiang Yong, has multiple significant matured and unpaid debts[212](index=212&type=chunk) [Financial Report](index=85&type=section&id=Section%2010%20Financial%20Report) [Audit Report](index=85&type=section&id=I.%20Audit%20Report) Zhong Shen Asia Pacific issued an unqualified audit opinion with a going concern uncertainty for FY2024, citing pre-restructuring, negative profits and cash flow, frozen accounts, and liquidity issues, with key audit matters including revenue, goodwill, debt transfer, and cash donations - The audit opinion is an "unqualified opinion with a material uncertainty related to going concern"[261](index=261&type=chunk) - Material uncertainties regarding going concern primarily stem from the company's approved pre-restructuring, negative net profit, negative operating cash flow, frozen bank accounts, current liabilities exceeding current assets, and overdue interest-bearing debts[263](index=263&type=chunk)[264](index=264&type=chunk) - Key audit matters include: revenue recognition, goodwill impairment, debt transfer, and cash donation[266](index=266&type=chunk)[269](index=269&type=chunk)[273](index=273&type=chunk) [Financial Statements](index=91&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent financial statements for FY2024, detailing its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=91&type=section&id=1.%20Consolidated%20Balance%20Sheet) [Consolidated Income Statement](index=95&type=section&id=3.%20Consolidated%20Income%20Statement) [Consolidated Cash Flow Statement](index=99&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) [Consolidated Statement of Changes in Owners' Equity](index=101&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) [Notes to Consolidated Financial Statements](index=146&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section details the composition and changes of key consolidated financial statement items, including significant increases in monetary funds and capital reserves from donations, and changes in receivables and goodwill due to business adjustments and impairments - Monetary funds at year-end totaled **RMB 314 million**, with **RMB 1.25 million** restricted from use[438](index=438&type=chunk)[712](index=712&type=chunk) The significant increase in funds primarily stemmed from cash donations from related parties - The original value of goodwill decreased from **RMB 1.097 billion** to **RMB 1.032 billion**, primarily due to the disposal of Shanghai Tianhu Company[590](index=590&type=chunk) Goodwill impairment of **RMB 18.70 million** was recognized for Zhongda Yingcai in the current period, with the net goodwill value at year-end being **RMB 52.97 million**[592](index=592&type=chunk) - Capital reserves increased by **RMB 288 million** in the current period, primarily from a **RMB 230 million** gratuitous cash donation from Jiadao Gongcheng and a **RMB 57.99 million** debt transfer (treated as an equity transaction)[662](index=662&type=chunk)[663](index=663&type=chunk)