Core Viewpoint - Yuan Dao Communication (301139.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for financial fraud, facing potential delisting risks due to continuous performance decline since its IPO in July 2022 [1][2]. Financial Performance - Since its listing, Yuan Dao Communication has experienced a continuous decline in performance, with revenues dropping from 17.79 billion yuan in 2023 to 12.82 billion yuan in 2024, representing a year-on-year decrease of 15.7% and 27.39% respectively [2]. - The company's net profit attributable to shareholders also fell significantly, from 692.81 million yuan in 2023 to 423.56 million yuan in 2024, with declines of 44.73% and 38.86% year-on-year [2]. - In Q1 2025, the company reported a revenue of 307 million yuan, down 26.78% year-on-year, and a net profit of 10.64 million yuan, a decrease of 47.67% [2]. Audit Concerns - The audit report for 2024 issued a "qualified opinion" due to identified internal control deficiencies and potential issues with the provision for bad debts related to receivables [2][3]. - The audit firm, Xinyong Zhonghe, noted that the company's internal control flaws hindered timely settlements with clients, complicating the assessment of receivables and their corresponding bad debt provisions [3]. Project Delays - Yuan Dao Communication has announced delays in some of its fundraising projects, including the regional service network construction project, which has been postponed to December 31, 2025 [4]. - The company raised a net amount of 1.065 billion yuan from its IPO, with an additional 223 million yuan in oversubscription, primarily allocated for regional service network construction, R&D center development, and working capital [4]. Stock Performance - The company's stock has been in a continuous decline since its listing, with a cumulative drop of 28.17% over the past three years, while the industry average increased by 41.43% during the same period [4]. - As of July 11, the stock closed at 27 yuan per share, down 0.55%, with a total market capitalization of 3.3 billion yuan [4].
涉信披违规被立案调查，元道通信存在强制退市风险