APLUS(SZ:300163) Mei Ri Jing Ji Xin Wen·2025-05-29 15:53Core Viewpoint - ST Pioneer (ST先锋) has faced significant financial challenges, including a negative net profit for four consecutive years and a qualified audit opinion for its 2024 financial report, primarily due to related party guarantees and accounts receivable issues [1][3][5]. Financial Performance - In 2024, ST Pioneer reported a revenue increase of 2.64% year-on-year, while its net profit loss narrowed by 66.45% compared to the previous year [3]. - The company has maintained a low debt level with no interest-bearing debts over the past three years, and its asset-liability ratio remains low [3]. Related Party Guarantees - The company provided joint liability guarantees for bank loans totaling up to 394 million yuan for related parties, with the outstanding loan balance decreasing from 193 million yuan at the end of 2023 to 51 million yuan currently [3][4]. - The risk associated with these guarantees has been further mitigated as the loans have been extended and no early repayment has been declared by the banks [4]. Management and Operational Challenges - The company's actual controller, Lu Xianfeng, and the financial director, Ye Linling, have been working abroad for extended periods, but the company claims to maintain effective internal controls through online processes and board supervision [2]. - The liquidity situation of Lu Xianfeng and related parties is tight, with short-term debt repayment capabilities being poor, despite the net assets being positive [5][6]. Accounts Receivable Issues - ST Pioneer has significant accounts receivable from KRS companies, with a total sales amount of 47.57 million yuan in 2024, and a collection rate of 20.85% for the reporting period [6][7]. - KRS company is currently insolvent, relying on cash flow and guarantees from Lu Xianfeng for its obligations [7].