Shanghai Lingyun Industries Development (SH:900957) Hua Xia Shi Bao·2025-07-03 09:32Core Viewpoint - The announcement of the termination of *ST Lingyun B's stock listing marks a significant event in the capital market, highlighting the challenges faced by companies in maintaining their market presence amid stringent regulations and financial difficulties [2][3]. Group 1: Company Overview - *ST Lingyun B, established in 1998, has a registered capital of 349 million yuan and was listed in 2000 as a domestic B-share company [3]. - The company primarily engages in photovoltaic power generation and commercial property leasing, with electricity revenue being its main income source [6]. Group 2: Financial Performance - The company reported a significant decline in revenue, with 2024 operating income at 88.15 million yuan, a decrease of 28.20% year-on-year, and a net profit of -4.02 million yuan, down from 40.28 million yuan the previous year [6][7]. - The average benchmark electricity price for 2024 was 0.1545 yuan per kilowatt-hour, a 34% decrease from the previous year's average of 0.234 yuan per kilowatt-hour, contributing to reduced profitability [7]. Group 3: Market Challenges - The stock price fell below 1 yuan for 20 consecutive trading days, leading to the termination of its listing, with the last closing price at 0.086 USD per share [3]. - The company faces liquidity issues post-delisting, as trading will shift to the National Equities Exchange and Quotations system, which has lower trading activity and price discovery capabilities [4]. Group 4: Operational Issues - The company’s photovoltaic power generation was adversely affected by weather conditions, with only 127 sunny days in 2024 compared to 154 in 2023, leading to a reduction of approximately 10.8 million kilowatt-hours in output [6][7]. - The subsidiary, Jingyuan Deyou, reported a 20.76% decrease in settlement electricity volume and a 95.21% drop in net profit, indicating severe operational challenges [8]. Group 5: Financial Strain - As of the end of Q1 2025, the company's accounts receivable reached 387 million yuan, reflecting ongoing cash flow pressures due to delayed government subsidies [9]. - The company relies heavily on bank loans to maintain operations, which increases financial risk and hampers profitability [8][9].