*ST京蓝时隔一年半回复问询 重整收益27.78亿撑起业绩仍存多重风险

Core Viewpoint - *ST 京蓝 has shown a financial turnaround due to its bankruptcy restructuring, but the sustainability of its core business remains uncertain, with risks related to goodwill impairment and historical issues still present [1][3]. Financial Performance - In 2023, *ST 京蓝 reported an operating revenue of 149 million, a year-on-year decline of 23.59%, while net profit reached 1.056 billion, marking a return to profitability [2]. - The turnaround in net profit was primarily driven by the completion of the bankruptcy restructuring plan, which generated a substantial restructuring gain of 2.778 billion [2]. - Excluding non-recurring gains, the company's net profit after deducting non-recurring items was a significant loss of 1.398 billion, marking the third consecutive year of negative net profit [2]. Business Operations - The company has divested from its ecological water-saving and landscaping technology services during the restructuring process, retaining only the soil remediation service, which is primarily operated by its subsidiary, Zhongke Dingshi [2]. - The soil remediation industry has received policy support, with funding in 2023 amounting to approximately 12.61 billion, but the ability of Zhongke Dingshi to compete effectively in the market remains to be seen [4]. Risks and Challenges - Goodwill impairment risk is a major concern, with the company recognizing a goodwill impairment of 157 million due to decreased project amounts and delays in project execution and payments [3]. - Historical investment losses have also posed risks, with losses from equity investment funds impacting other comprehensive income by 94.4986 million [3]. - As of the annual report disclosure date, some bank accounts of the subsidiary Zhongke Dingshi remained frozen, with a total of 4.0321 million in bank deposits frozen [3]. - The company faces litigation and arbitration risks amounting to 858 million, and despite claims of eliminating significant uncertainties regarding its ongoing operations, the lack of business growth remains a concern [3]. Future Outlook - All bank accounts of *ST 京蓝 have been unblocked, and net assets have turned positive to 727 million, but this is largely attributed to financial restructuring rather than operational improvement [4]. - The company's revenue in the first quarter of 2024 was only 6.0815 million, a year-on-year decline of 89.53%, indicating significant challenges in business recovery [3].