HUATIE(SH:603300) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-09 11:10Core Viewpoint - The abrupt termination of a significant 3.69 billion yuan contract by Hainan Huatie raises concerns about the company's operational integrity and the authenticity of its business dealings [2][5][8]. Group 1: Contract Termination - Hainan Huatie announced the termination of a five-year power service agreement with a mysterious client, "Hangzhou X Company," which was initially projected to generate approximately 7 billion yuan in annual revenue [2][4]. - The contract, signed in March, had previously led to a surge in the company's stock price, but the sudden cancellation has resulted in a one-day stock price drop to the limit [2][3]. - The termination notice did not mention any breach compensation, raising questions about the legitimacy of the contract and the company's disclosure practices [5][6]. Group 2: Stock Market Reaction - Following the termination announcement, over 3 million sell orders led to Hainan Huatie's stock being locked at the daily limit down [3]. - Prior to the contract's disclosure, the company's stock had already experienced unusual trading activity, suggesting potential insider trading or market manipulation [4][6]. Group 3: Financial Performance - Hainan Huatie's revenue has increased from 2.607 billion yuan in 2021 to 5.171 billion yuan in 2024, but net profits have shown significant volatility, indicating underlying financial instability [7][8]. - The company's foray into the power service sector has not yet yielded substantial revenue, with only 1.28 million yuan generated from power services in the first half of 2025, representing just 4.6% of total revenue [8]. Group 4: Shareholder Actions - Notable shareholders, including a prominent investor, have sold off their stakes following the stock price surge, indicating a lack of confidence in the company's future prospects [9][10]. - An important shareholder initially planned to reduce their holdings but later reversed this decision, opting instead to increase their stake, reflecting mixed sentiments among investors [11].