002951、300536，摘星摘帽

Core Viewpoint - *ST Jinshi is set to have its delisting risk warning and other risk warnings removed starting May 23, 2025, with its stock name changing from "*ST Jinshi" to "Jinshi Technology" [1] Group 1: Financial Performance - In 2024, *ST Jinshi reported a total profit of 3.4933 million yuan, a net loss of 16.2248 million yuan, and a net profit attributable to shareholders of -4.397 million yuan, with a revenue of 370 million yuan [3] - The company plans to sell its 100% stake in Jinshi Printing to an affiliate for 300 million yuan, completing the divestiture by December 31, 2024 [3] - As of December 31, 2024, *ST Jinshi achieved revenue of 258 million yuan from its energy storage systems and 12 million yuan from energy storage safety systems [3] Group 2: Business Transformation - Following a strategic transformation, *ST Jinshi has established multiple production lines for supercapacitors and energy storage systems, indicating a recovery in operational capacity [3] - The company has approximately 332 million yuan in orders for energy storage systems and 27.27 million yuan in orders for energy storage safety systems [4] - The increase in revenue without profit in 2024 and Q1 2025 is attributed to the early-stage nature of the energy storage business, lower gross margins compared to peers, and increased expenses for market penetration and brand establishment [4] Group 3: Industry Context - The energy storage business of *ST Jinshi aligns with industry trends, and the company asserts that its revenue recognition practices are commercially reasonable and consistent with industry norms [4] - Other companies, such as *ST Nongshang, are also experiencing similar conditions, with their revenue and net asset figures meeting the criteria for the removal of delisting risk warnings [4][6]