“专网通信”案余波未平，宏达新材成“老赖”，业绩持续下滑盈利能力堪忧

Core Viewpoint - ST Hongda (宏达新材) continues to face repercussions from the "special network communication" case, leading to its designation as a dishonest executor due to unpaid debts and ongoing financial losses [2][4][5]. Group 1: Legal Issues - ST Hongda was declared a dishonest executor by the court due to failure to pay a debt of 42.22 million yuan to Shanghai Hongzi, which was pursued by Shanghai Aoyin Investment [3][4]. - The company has been involved in multiple lawsuits, with 182 cases filed against it, totaling over 22 million yuan, indicating severe legal challenges [5][6]. - The company has submitted a request to suspend execution of the court's orders, but the ongoing legal issues are expected to impact its cash flow and operational stability [4][6]. Group 2: Financial Performance - ST Hongda has reported continuous losses for seven years, with net profits expected to remain negative in 2023 and 2024, and a significant decline in its non-recurring net profit over the past seven years [5][7]. - In Q1 2025, despite a 111.25% increase in revenue to 97.52 million yuan, the net profit dropped by 92.16% to -3.28 million yuan, highlighting ongoing financial distress [7]. - The company's asset-liability ratio reached 94.71%, an increase of 18.37% year-on-year, indicating a precarious financial position [7]. Group 3: Operational Challenges - The company is facing challenges in recovering receivables, particularly from subsidiaries, which have been complicated by ongoing legal disputes [7][8]. - Experts suggest that the company needs to address historical issues, including financial misconduct and contract disputes, to restore market confidence [8]. - Recommendations for improvement include optimizing business structure, enhancing core competitiveness, and potentially bringing in strategic investors to support financial recovery [8].