JYT(SH:601908) Mei Ri Jing Ji Xin Wen·2025-11-24 21:20Core Viewpoint - The company, Jingyuntong, has decided to change its auditing firm after a six-year relationship with Tianzhi International, amid significant financial losses and concerns about its going concern ability [2][3]. Group 1: Audit Firm Change - Jingyuntong announced the appointment of Daixin Accounting Firm as its new auditor for the 2025 fiscal year, citing the need for improved independence and objectivity in audit work [3]. - The decision to change auditors follows Tianzhi International's issuance of a clean audit report for 2024, which included a paragraph highlighting "significant uncertainties related to going concern" due to the company's severe financial situation [3][6]. - During the 2024 fiscal year, Jingyuntong reported a net loss of 2.36 billion yuan, with short-term borrowings and current liabilities totaling approximately 2.23 billion yuan, while cash and cash equivalents were only 290 million yuan [3][6]. Group 2: Financial Performance - For the first three quarters of 2025, Jingyuntong reported revenues of 2.46 billion yuan, a decline of 37.55% year-on-year, with a corresponding net loss of 227 million yuan [6]. - The decline in revenue is attributed to a significant drop in the new materials business, particularly in photovoltaic silicon wafers, which saw a revenue decrease of approximately 61.38% in the first half of 2025 [6]. - As of September 30, 2025, the company had cash reserves of 381 million yuan, but faced substantial short-term debt pressures, with short-term borrowings reaching 1.06 billion yuan and non-current liabilities due within a year totaling 754 million yuan [7].