TAM(SH:603789) Mei Ri Jing Ji Xin Wen·2025-04-30 04:49Core Viewpoint - Xingguang Agricultural Machinery is facing delisting risk due to negative net profit and insufficient operating revenue, leading to a stock name change to "*ST Xingnong" and a 5% daily price limit starting May 6 [4][5][6] Financial Performance - In 2023, the company reported operating revenue of 269 million yuan, a year-on-year decrease of 12.65%, with adjusted operating revenue at 256 million yuan, down 13.10% [3] - The net profit attributable to shareholders was a loss of 175 million yuan [3] - Revenue from agricultural machinery was 136 million yuan, down 2.12%, with a gross margin of -14.94%, a decrease of 21.18 percentage points [3] - Agricultural service revenue was only 8.87 million yuan, down 85.54%, with a gross margin of -32.83%, a decrease of 19.32 percentage points [3] Audit Report - The auditing firm issued a qualified opinion on the 2024 financial statements, indicating significant concerns regarding the recognition of revenue from cotton farming services [5][6] - The firm could not confirm whether the company acted as the primary responsible party in a transaction worth 60.1 million yuan, with 5.605 million yuan in costs, and 5.41 million yuan of this revenue remains uncollected [5][6] Company Strategy - The company plans to enhance its main business revenue by improving its sales network in key domestic regions and expanding into overseas markets along the "Belt and Road" initiative [4] - There will be increased investment in R&D focusing on high-end intelligent agricultural machinery and small machinery suitable for hilly areas, alongside the elimination of outdated production capacity [4] - The company aims to dispose of inefficient idle assets to improve asset utilization [4]