Core Viewpoint - ST Huaming is facing significant financial challenges, with expected losses widening in 2025 due to ongoing issues in its ETC business and asset impairment losses [2] Financial Performance - The company anticipates a net profit loss attributable to shareholders of between 30 million to 45 million yuan for the full year of 2025, which represents a further deterioration compared to the previous year [2] - Projected operating revenue is estimated to be between 690 million to 730 million yuan [2] Regulatory Situation - On July 4, 2025, the company received an administrative penalty notice from the Shanghai Securities Regulatory Commission, which identified false records in the annual reports for 2020 and 2021 [3] - The statute of limitations for investor compensation claims will expire on October 26, 2026, allowing eligible investors who purchased and held shares between April 26, 2021, and October 26, 2023, to participate in claims [3] Company Status - Following the administrative penalty, the company's stock will be subject to additional risk warnings (ST) starting from July 8, 2025 [4] - The company has stated that it has conducted self-inspection and rectification, along with retrospective adjustments [4] Capital Movement - In January 2026, there was a continuous net outflow of major funds, indicating a lack of short-term market participation willingness, which may suppress stock performance [5] Future Development - Market opinions suggest that, according to the rules of the Growth Enterprise Market, the company may apply for the removal of risk warnings as early as mid-2026, although this is unofficial analysis and actual progress will depend on announcements [6]

| 证券代码：300462 | 证券简称：ST华铭 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：124002 | 债券简称：华铭定转 | | 上海华铭智能终端设备股份有限公司 关于公司股票被实施其他风险警示相关事项的进展公告 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。 特别提示： 1、公司于2025年7月5日披露了《关于收到中国证券监督管理委员会上海监 管局<行政处罚事先告知书>的公告》（公告编号：2025-027），根据《深圳证券 交易所创业板股票上市规则》第9.4条第七项规定，公司股票于2025年7月8日起 被实施其他风险警示。 二、采取的措施及进展情况 1、对于《行政处罚事先告知书》中涉及的相关违法违规事项，公司已进行 1 自查自纠及整改，并已于2023年10月27日在巨潮资讯网上披露了《关于前期会计 差错更正及相关定期报告更正的公告》（公告编号：2023-069）及相关年度更正 后的年度报告全文、摘要及商誉减值测试报告，对前期会计差错事项进行了更正 及追溯调整。 2、公司收到《行政处罚事先告知书》后立即 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the number of newly defaulted bonds and the corresponding bond balances decreased compared to the previous quarter and the same period last year. The new issuer default rate and new bond default rate also declined. The new bond default rate of private enterprises dropped significantly, and no new bond defaults occurred among state - owned enterprises [2][6][9]. - The bond default of Huaming Intelligence in Q4 was caused by poor operating conditions, high short - term debt ratio, increased liquidity pressure, risk warnings from regulatory authorities, and high refinancing pressure [22]. - Since 2020, the default rates of state - owned enterprises and private enterprises in the bond market have been significantly different. The default rate of private enterprises is relatively high, which weakens their attractiveness to investors, increases financing difficulties and costs, and there is a large gap in net financing ability between state - owned and private enterprises [23][25][30]. - From 2020 to Q4 2025, the default rates of bond issuers in different industries varied. Industries such as real estate, transportation, and automobile had relatively more newly defaulted issuers, while industries like public utilities, banks, and petroleum and petrochemicals had no defaulting issuers. Industries such as communication, automobile, textile and apparel, media, and real estate had relatively high default rates [25][32]. 3. Summary by Relevant Catalogs 3.1 Fourth - Quarter Credit Bond Default Overall Situation - In Q4 2025, 3 new bonds defaulted, with a total default balance of 2.414 billion yuan, involving 3 defaulting issuers, 2 of which were first - time defaulters. The number of newly defaulted bonds and the default balance decreased compared to the previous quarter and the same period last year [6]. - The new issuer default rate (by number of issuers) in Q4 was 0.04%, lower than the previous quarter (0.07%). The new issuer default rate of private enterprises was 0.17%, significantly lower than the previous quarter (0.44%), and no new issuer defaults occurred among state - owned enterprises. The new bond default rate (by balance) was 0.01%, lower than the previous quarter (0.02%). The new bond default rate of private enterprises was 0.04%, significantly lower than the previous quarter (0.19%), and no new bond defaults occurred among state - owned enterprises [9]. 3.2 Fourth - Quarter Credit Bond Default Case Analysis - Huaming Intelligence, a company engaged in the R & D, manufacturing, and sales of automatic fare collection system terminal equipment, had its convertible bond "Huaming Dingzhuan" default on December 24, 2025. After paying part of the funds, 15.8513 million yuan was postponed for payment [11]. - Since 2019, due to changes in the market environment, the company has been in a state of continuous losses. From 2021 to 2024, the cumulative loss reached 307 million yuan. The company's asset - liability ratio has decreased steadily, but the conservative quick ratio has declined, indicating weakened liquidity. The scale of interest - bearing debt has decreased, but the proportion of interest - bearing debt in total debt has increased, and interest expenses have eroded profits. The debt structure is dominated by short - term debt, and the coverage of short - term debt by operating cash flow has fluctuated significantly [12][14][17]. - The company has exposed internal governance and financial compliance issues, triggering risk warnings. It has also faced many new lawsuits and arbitrations, with a large amount involved. Since 2020, the company's financing cash flow has been in a continuous net outflow state, resulting in high refinancing pressure [19][20][22]. 3.3 Recent Bond Market Default Changes - Since 2020, the new issuer default rate of state - owned enterprises has remained below 0.3%, while that of private enterprises has generally declined, reaching a maximum of nearly 2.5%. In 2025, the new issuer default rate of private enterprises was 1.31%, lower than the previous year (1.37%). In Q4 2025, it was 0.17%, significantly lower than the previous quarter (0.44%) [23]. - The relatively high default rate and frequent default events of private enterprises have weakened their attractiveness to bond market investors, increasing their bond financing difficulties and costs. In 2024, the net bond financing of private enterprises was - 3.9912 billion yuan, and that of state - owned enterprises was 339.04509 billion yuan. In 2025, the net bond financing of private enterprises was 3.2873 billion yuan, and that of state - owned enterprises was 37.07585 billion yuan. In Q4 2025, the net bond financing of private enterprises was 273.6 million yuan, and that of state - owned enterprises was 12.34815 billion yuan [25]. - From 2020 to Q4 2025, in terms of the number of newly defaulted issuers, industries such as real estate, transportation, and automobile had relatively more newly defaulted issuers, while industries like public utilities, banks, and petroleum and petrochemicals had no defaulting issuers. In terms of the marginal default rate of issuers over the years, industries such as communication, automobile, textile and apparel, media, and real estate had relatively high default rates [25][32]. 3.4 Summary - In Q4 2025, 3 new bonds defaulted, with a total default balance of 2.414 billion yuan, involving 3 defaulting issuers, 2 of which were first - time defaulters. The number of newly defaulted bonds and the default balance decreased compared to the previous quarter and the same period last year [30]. - The first - time defaulters in this quarter were Huaming Intelligence and Tianan Life Insurance. Huaming Intelligence had poor profitability and high refinancing pressure [30]. - Since 2020, the default rate of state - owned enterprises has remained low, while that of private enterprises has declined but is still significantly higher. There is a large gap in net financing ability between state - owned and private enterprises [30]. - From 2020 to 2025, the default rates of bond issuers in different industries varied. In Q4 2025, there was 1 new defaulting issuer in the computer industry and 1 in the non - banking financial industry, and no first - time defaults occurred among bond issuers in other industries [32].

Core Viewpoint - ST Huaming is expected to report a net loss attributable to shareholders of the listed company for the year 2025, ranging from 30 million to 45 million yuan, indicating ongoing financial challenges [1] Financial Performance - The projected net profit for 2025 is expected to be negative, primarily influenced by the ETC business segment, which has not shown improvement in profitability compared to 2024 [1] - The company anticipates a credit impairment loss and asset impairment loss of approximately 48 million yuan for the year 2025, based on preliminary assessments of accounts receivable, contract assets, and inventory [1] - Non-recurring gains and losses are expected to impact the company's net profit by approximately 3 million yuan during the reporting period [1]

| 证券代码：300462 | 证券简称：ST华铭 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：124002 | 债券简称：华铭定转 | | 上海华铭智能终端设备股份有限公司 2025年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为负值 | 项 目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | 亏损：3,000 | 万元–4,500 | 万元 | 亏损：1,074.63 | 万元 | | 扣除非经常性损益后的净利润 | 亏损：3,300 | 万元–4,800 | 万元 | 亏损：4,052.49 | 万元 | | 营业收入 | 69,000 | 万元–73,000 | 万元 | 62,615 万元 | | 二、与会计师事务所沟通情况 本次业绩预告的相关数据系 ...

Group 1 - The stock of ST Huaming (300462) closed at 11.46 yuan on January 9, 2026, down 1.46%, with a turnover rate of 3.06% and a trading volume of 42,300 hands, resulting in a transaction amount of 48.54 million yuan [1] - On January 9, the net outflow of main funds was 8.77 million yuan, indicating a cautious attitude from major investors [2] - The company received an administrative penalty notice from the Shanghai Regulatory Bureau of the China Securities Regulatory Commission, leading to the implementation of other risk warnings on its stock starting from July 8, 2025 [1][2] Group 2 - The company has corrected previous accounting errors and disclosed the revised annual report and related documents, with normal production and operations ongoing [1] - The company will disclose the progress of error corrections monthly and will apply for the removal of risk warnings once the conditions are met [1]

Core Viewpoint - ST Huaming's stock has been underperforming, and the company is currently under risk warning due to an administrative penalty notice from the China Securities Regulatory Commission [1][3] Group 1: Stock Performance - As of January 8, 2026, ST Huaming's stock closed at 11.63 yuan, up 1.22%, with a turnover rate of 2.48% and a trading volume of 34,200 shares, amounting to a transaction value of 39.46 million yuan [1] - On January 8, the net outflow of main funds was 3.176 million yuan, while speculative funds saw a net inflow of 3.1593 million yuan, indicating a divergence between main and speculative investors [3] Group 2: Company Announcements - ST Huaming has received an administrative penalty notice from the Shanghai Regulatory Bureau of the China Securities Regulatory Commission, leading to the implementation of other risk warnings on its stock since July 8, 2025 [1][3] - The company has corrected previous accounting errors and disclosed the revised annual report and related documents, stating that its production and operations are normal [1] - The company will continue to disclose the progress of the error correction monthly and will apply for the removal of the risk warning once the conditions are met [1]

Core Viewpoint - ST Huaming (300462) has been placed under other risk warnings by the China Securities Regulatory Commission (CSRC) due to prior accounting errors, with the company currently operating normally and planning to disclose progress on corrections monthly until the warning is lifted [1]. Group 1: Stock Performance - As of January 8, 2026, ST Huaming's stock closed at 11.63 yuan, up 1.22% from the previous trading day [1]. - The stock opened at 11.48 yuan, reached a high of 11.69 yuan, and a low of 11.47 yuan, with a trading volume of 39.46 million yuan and a turnover rate of 2.48% [1]. Group 2: Regulatory Actions - ST Huaming received an administrative penalty notice from the Shanghai Regulatory Bureau of the CSRC, leading to the implementation of other risk warnings starting July 8, 2025 [1]. - The company has corrected prior accounting errors and disclosed the revised annual report and related documents [1]. - The final penalty outcome will be determined by the official decision from the CSRC [1].

上海华铭智能终端设备股份有限公司 关于公司股票被实施其他风险警示相关事项的进展公告 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。 特别提示： | 证券代码：300462 | 证券简称：ST华铭 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：124002 | 债券简称：华铭定转 | | 自查自纠及整改，并已于2023年10月27日在巨潮资讯网上披露了《关于前期会计 差错更正及相关定期报告更正的公告》（公告编号：2023-069）及相关年度更正 后的年度报告全文、摘要及商誉减值测试报告，对前期会计差错事项进行了更正 及追溯调整。 2、公司收到《行政处罚事先告知书》后立即采取行动，组织财务部等各相 关部门以及年审会计师事务所工作人员就《行政处罚事先告知书》涉及的情况进 行仔细梳理和研判。如果仍然存在尚未整改完毕的事项，公司将依法履行相关信 息披露义务。 3、根据《深圳证券交易所创业板股票上市规则》第9.11条规定，公司同时 符合下列条件的，可以向深圳证券交易所申请对股票交易撤销其他风险警示：（1） 公司已就行政处罚决定所 ...

| 证券代码：300462 | 证券简称：ST华铭 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：124002 | 债券简称：华铭定转 | | 二、本次应收账款回收考核补偿进展 上海华铭智能终端设备股份有限公司 截至2024年12月31日，聚利科技相关业绩承诺方因未完成应收账款回收考核 而应向公司支付的补偿金额为20,749,621.73元。聚利科技在以后年度继续收回截 关于重大资产重组应收账款回收考核补偿进展的公告 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。 一、本次应收账款回收考核补偿概述 上海华铭智能终端设备股份有限公司（以下简称"公司"）于2024年4月23 日召开第五届董事会第四次会议，审议通过了《关于发行股份及支付现金购买资 产并募集配套资金暨关联交易业绩承诺相关应收账款回收情况的议案》，北京聚 利科技有限公司（以下简称"聚利科技"）截至2021年12月31日经审计的应收账 款账面净值为499,426,556.24元，应收账款账面净值的90%为449,483,900.62元， 截至2023年12月31 ...