HLSY(SZ:000622) Mei Ri Jing Ji Xin Wen·2025-05-13 12:50Core Viewpoint - The lawsuit against the auditing firm by *ST Hengli reflects the company's severe risk of delisting due to its inability to disclose the 2024 annual report on time, following a negative net profit for 2023 and revenue below 100 million yuan [1][2]. Group 1: Company Situation - Hengli has been under delisting risk warning due to a negative audited net profit for 2023 and revenue below 100 million yuan [1]. - The company has faced continuous revenue decline, with net profits in 2022 and 2023 being negative, and it has not turned a profit in the first three quarters of 2024 [2]. - The previous auditing firm issued a qualified opinion on Hengli's 2023 financial report, highlighting issues with prepaid items and other equity investments, raising doubts about the company's ability to continue as a going concern [2]. Group 2: Audit Issues - Hengli accuses the auditing firm, Shenzhen Xutai, of creating obstacles, citing unreasonable audit scheduling, lack of diligence, improper work arrangements, and unqualified personnel [1]. - The audit report was delivered late and was criticized by the company as being filled with errors, leading to questions about the auditing firm's professionalism [1][2]. - The short preparation time for the audit, given the company's complex business and delisting risk, has been deemed insufficient [2]. Group 3: Future Outlook - To regain market confidence, Hengli must undertake systematic reforms to address both operational and governance challenges [2]. - The company needs to establish transparent communication with the auditing firm and proactively disclose substantial progress in business improvement and risk mitigation to investors [2]. - A successful return to the A-share market requires Hengli to abandon the mindset of "report repair" and demonstrate sustainable operational capability through genuine performance and compliant governance [3].