Core Viewpoint - Yuan Dao Communication (301139.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for financial fraud, facing potential delisting risks due to continuous performance decline since its IPO in July 2022 [1][2]. Financial Performance - Since its listing, Yuan Dao Communication has experienced a continuous decline in performance, with revenues dropping from 17.79 billion yuan in 2023 to 12.82 billion yuan in 2024, representing a year-on-year decrease of 15.7% and 27.39% respectively [2]. - The company's net profit attributable to shareholders also fell significantly, from 692.81 million yuan in 2023 to 423.56 million yuan in 2024, with declines of 44.73% and 38.86% year-on-year [2]. - In Q1 2025, the company reported a revenue of 307 million yuan, down 26.78% year-on-year, and a net profit of 10.64 million yuan, a decrease of 47.67% [2]. Audit Concerns - The audit report for 2024 issued a "qualified opinion" due to identified internal control deficiencies and potential issues with the provision for bad debts related to receivables [2][3]. - The audit firm, Xinyong Zhonghe, noted that the company's internal control flaws hindered timely settlements with clients, complicating the assessment of receivables and their corresponding bad debt provisions [3]. Project Delays - Yuan Dao Communication has announced delays in some of its fundraising projects, including the regional service network construction project, which has been postponed to December 31, 2025 [4]. - The company raised a net amount of 1.065 billion yuan from its IPO, with an additional 223 million yuan in oversubscription, primarily allocated for regional service network construction, R&D center development, and working capital [4]. Stock Performance - The company's stock has been in a continuous decline since its listing, with a cumulative drop of 28.17% over the past three years, while the industry average increased by 41.43% during the same period [4]. - As of July 11, the stock closed at 27 yuan per share, down 0.55%, with a total market capitalization of 3.3 billion yuan [4].

Core Viewpoint - Yuan Dao Communication (301139) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false financial disclosures in its annual report, which may lead to mandatory delisting if deemed a serious violation [1][3]. Financial Performance - In the 2024 annual report, Yuan Dao Communication reported revenue of 1.282 billion yuan, a year-on-year decrease of 27.93%, and a net profit of 42.36 million yuan, down 38.86% year-on-year [3]. - The decline in performance is attributed to the company's strategic optimization of its business structure, reduced demand in traditional communication engineering due to operator investment shifts, and increased financial costs from new financing channels [3]. Business Operations - The company focuses on communication network maintenance, serving major operators like China Mobile and China Tower across multiple provinces [3]. - In 2024, Yuan Dao Communication expanded its service areas through a "regional linkage + technology sharing" model, successfully entering new markets in Zhejiang and Chongqing, and enhancing its position as the largest communication maintenance enterprise in China [4]. New Business Development - Yuan Dao Communication is actively exploring new business opportunities, particularly in solar energy and computing power sectors, aiming to diversify its business portfolio [4][5]. - The company is involved in solar power transformation projects for various infrastructures and offers computing power services through partnerships with operators, leveraging the "East Data West Computing" strategy [5]. Strategic Initiatives - The company has initiated a three-pronged strategic transformation plan focusing on traditional communication, renewable energy, and intelligent computing power to enhance its market position and drive sustainable growth [5]. - Yuan Dao Communication aims to leverage AI technology to improve operational efficiency and expand its market share in the communication maintenance sector over the next three years [5].

Mergers and Acquisitions - Dajia Weikang plans to acquire 60.85% equity of Anhui Dajia Weikang Health Pharmacy for a transaction price of 116 million yuan, making it a subsidiary post-transaction [1] - Jizhong Energy intends to purchase 49% equity of Jingneng Xilin Gol Energy for 669 million yuan, with the target company having a construction scale of 2×660MW efficient supercritical indirect air-cooled units [2] - Bomin Electronics has terminated its acquisition plan for Benchuang Electronics due to failure to reach consensus on key transaction terms [3] Shareholding Changes - Jingbeifang's employee shareholding platform plans to reduce its stake by up to 3% of the company's total shares, equating to a maximum of 26 million shares [4] - Sichuan Shuangma's major shareholders plan to collectively reduce their holdings by up to 2.92% of the company's total shares, amounting to approximately 1.11 million shares [5] - Chenghe Technology's shareholder, Shanghai Kehui Investment, intends to reduce its stake by up to 3% of the company's total shares, which is approximately 564,960 shares [6] Earnings Disclosure - China Merchants Heavy Industry expects a significant decline in net profit attributable to shareholders, projecting a decrease of 90.16% to 91.95%, with an estimated profit of 9 million to 11 million yuan [7] - Dongpeng Beverage anticipates a net profit increase of 33.48% to 41.57%, estimating a profit range of 2.31 billion to 2.45 billion yuan for the first half of 2025 [8] - Shuanglu Pharmaceutical forecasts a substantial net profit growth of 237.95% to 356.24%, estimating a profit of 100 million to 135 million yuan for the first half of 2025, primarily due to changes in the fair value of financial assets [10]

元道通信(301139.SZ)公告称，公司于2025年7月11日收到中国证监会下发的《立案告知书》，因公司涉 嫌年报等信息披露文件财务数据存在虚假记载等违法行为，中国证监会决定对公司立案。若后续经中国 证监会行政处罚认定的事实，触及《深圳证券交易所创业板股票上市规则（2025年修订）》规定的重大 违法强制退市情形，公司股票将被实施重大违法强制退市。 ...

证券代码：301139 证券简称：元道通信 公告编号：2025-031 元道通信股份有限公司 关于公司收到中国证券监督管理委员会立案告知书 立案调查期间，公司将积极配合中国证监会的各项工作，严格按照相关规定 及 监 管 要 求 履 行 信 息 披 露 义 务 。 公 司 所 有 信 息 均 以 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的公告为准。 特此公告。 元道通信股份有限公司董事会 2025 年 7 月 11 日 暨风险提示的公告 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。 元道通信股份有限公司（以下简称"公司"）于 2025 年 7 月 11 日收到中国 证券监督管理委员会（以下简称"中国证监会"）下发的《立案告知书》（编号： 证监立案字 03720253016 号），因公司涉嫌年报等信息披露文件财务数据存在虚 假记载等违法行为，根据《中华人民共和国证券法》《中华人民共和国行政处罚 法》等法律法规，中国证监会决定对公司立案。 若后续经中国证监会行政处罚认定的事实，触及《深圳证券交易所创业板股 票上市规则（2025 年修订）》 ...

Group 1 - *ST San Sheng (002742.SZ): The controlling shareholder Pan Xianwen's judicial auction of 32.2 million shares has been completed, with 30 million shares transferred, accounting for 6.94% of the total share capital. After the reduction, Pan Xianwen's shareholding ratio decreased from 24.20% to 17.26%, which will not lead to a change in company control [1] - Aike Co., Ltd. (300889.SZ): Shareholder Zhang Fengbin, holding over 5%, reduced his stake by 1% (1.67818 million shares) from May 13 to June 27, 2025, bringing his holding to 7.9902% [1] - Anlu Technology (688107.SH): The shareholder National Integrated Circuit Industry Investment Fund Co., Ltd. completed its reduction plan, selling 4.008493 million shares (1% of total share capital) from May 8 to June 30, 2025, with a total reduction amount of 109.36 million yuan, current holding ratio at 5.76% [1] Group 2 - Anshuo Information (300380.SZ): The controlling shareholder Shanghai Anshuo Technology Development Co., Ltd. and actual controllers reduced their stakes by 1.16% (1.599416 million shares), 0.94% (1.300187 million shares), and 0.65% (900,000 shares) respectively [1] - Baoming Technology (002992.SZ): Directors and management plan to reduce their holdings by a total of 0.0107%, 0.0714%, and 0.0107% over the next three months [2] - Beiyikang (870199.BJ): Employee shareholding platforms completed their reduction plans, selling 546,284 shares (0.8%) and 131,650 shares (0.19%) [2] Group 3 - Boyun New Materials (002297.SZ): Major shareholder Hunan Xiangtou High-tech Venture Capital Co., Ltd. reduced its stake by 406.74 million shares (0.71%) from June 5 to June 30, 2025, bringing its holding to 6.99% [2] - Dongwei Technology (688700.SH): Specific shareholder Xie Yulong completed a reduction plan, selling 574,857 shares (0.1927%) from June 4 to June 30, 2025, with a total reduction amount of 21.362156 million yuan, current holding ratio at 0% [2] - Fuzhi Environmental Protection (688335.SH): Major shareholder Deqing Junjie Enterprise Management Partnership plans to reduce up to 4.441035 million shares (3%) over the next three months [3] Group 4 - Gu Gao Technology (301510.SZ): Shareholder Beijing Equity Investment Development Management Center completed its reduction plan, selling 4.0001 million shares (1%) from June 5 to June 30, 2025, bringing its holding to 7.68% [3] - Guangbo Co., Ltd. (002103.SZ): Shareholder Ren Hangzhong reduced his stake by 156,440 shares (0.2928%), bringing his holding to 9.99999% [3] - Guoke Military Industry (688543.SH): Specific shareholders Yang Minghua and Chen Gonglin plan to reduce up to 2.08842 million shares (1%) and 3.789115 million shares (1.8143%) over the next three months [3] Group 5 - Guorui Technology (300600.SZ): Major shareholder Gong Ruiliang reduced his stake by 3.243209 million shares (1.1%) from June 27 to July 1, 2025, bringing his holding to 20.63% [4] - Hangzhou Thermal Power (605011.SH): Shareholder Huashi Investment plans to reduce up to 5.997 million shares (1.4989%) over the next three months [4] - Huaya Intelligent (003043.SZ): Executives plan to reduce their holdings by a total of 0.0132%, 0.0092%, and 0.0092% over the next three months [4]

Group 1 - The shareholder Weifang Zhongke Haichuang Equity Investment Partnership plans to reduce its holdings in Yuandao Communication (301139) by up to 1.2274 million shares from June 20, 2025, to September 19, 2025, through centralized bidding and block trading [1] - As of the announcement date, Weifang Zhongke has already reduced its holdings by 1.215 million shares at an average price of 25.8 yuan per share, accounting for 0.9993% of the company's total share capital [1] - The remaining shares that have not been reduced amount to 12,410 shares [1]

证券代码：301139 证券简称：元道通信 公告编号：2025-029 元道通信股份有限公司 关于特定股东提前终止减持计划暨减持股份结果的公告 股东海创天成（青岛）股权投资基金管理有限公司－潍坊中科海创股权投 资合伙企业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 元道通信股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日在巨潮资 讯网（www.cninfo.com）披露了《关于特定股东减持股份的预披露公告》（公告 编号：2025-027），股东海创天成（青岛）股权投资基金管理有限公司－潍坊中 科海创股权投资合伙企业（有限合伙）（以下简称"潍坊中科"）拟自前述公告 披露之日起 3 个交易日后的 3 个月内（即自 2025 年 6 月 20 日至 2025 年 9 月 19 日）通过集中竞价交易、大宗交易方式减持公司股份不超过 1,227,410 股（不超 过公司总股本比例 1.01%）。 近日，公司收到股东潍坊中科出具的《关于提前终止减持计划的告知函》， 截至本公告披露日，潍 ...

2024 年度权益分派实施公告 证券代码：301139 证券简称：元道通信 公告编号：2025-030 元道通信股份有限公司 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。 元道通信股份有限公司（以下简称"公司"或"本公司"）2024 年度利润分 派预案已获 2025 年 5 月 30 日召开的 2024 年年度股东大会审议通过，现将权益 分派事宜公告如下： 一、股东大会审议通过利润分配情况 1、公司 2024 年年度股东大会审议通过的 2024 年度利润分配预案为：以公 司现有总股本 121,580,800 股为基数，向全体在册股东按每 10 股派发现金股利 0.35 元（含税），合计派发现金股利 4,255,328.00 元（含税）。剩余未分配利润 结转以后年度分配，本年度不送红股，不进行资本公积金转增股本。本次预案经 股东大会审议通过之日至利润分配预案实施日，如公司总股本发生变动，则按分 配总额不变的方式实施。 2、利润分配预案审议通过之日至实施期间，公司总股本未发生变化。 3、本次实施的利润分配方案与 2024 年年度股东大会审议通过的利润分配预 案及 ...

Group 1 - The core point of the news is that Yuan Dao Communication's director and vice president, Sun Yi, plans to reduce his shareholding by up to 8,400 shares, which is 25% of his total holdings and 0.0069% of the company's total share capital [1] - As of the announcement date, Sun Yi holds 33,900 shares, representing 0.0279% of the company's total share capital, and these shares were acquired before the company's initial public offering [1] - The share reduction plan will not significantly impact the company's governance structure, equity structure, or future operations, nor will it lead to a change in control of the company [1] Group 2 - Yuan Dao Communication raised a total of 1,169.184 million yuan in its public offering, with a net amount of 1,065.1826 million yuan, exceeding the original plan by 222.5616 million yuan [2] - The funds raised are intended for regional service network construction, research and development center construction, and to supplement working capital [2] - The total issuance costs (excluding VAT) amounted to 104.0014 million yuan, with Huaron Securities receiving 84.1812 million yuan as underwriting and sponsorship fees [2]