JYT(SH:601908) Mei Ri Jing Ji Xin Wen·2025-11-25 09:19Core Viewpoint - The company, Jingyuntong, has decided to change its auditing firm after a six-year relationship with Tianzhi International, primarily due to concerns over financial stability and the need for greater independence in auditing practices [1][2]. Group 1: Audit Firm Change - Jingyuntong announced the appointment of Daixin Accounting Firm as its new auditor for the 2025 fiscal year, replacing Tianzhi International [2]. - The change was motivated by the desire to ensure the independence and objectivity of the audit process, especially in light of the company's financial challenges [2]. - Tianzhi International issued an unqualified audit report for 2024 but included a paragraph highlighting "significant uncertainties related to going concern," reflecting concerns over Jingyuntong's financial health [1][2]. Group 2: Financial Performance - For the first three quarters of 2025, Jingyuntong reported a revenue of 2.457 billion yuan, a decrease of 37.55% compared to the same period last year, with a net loss attributable to shareholders of 227 million yuan [4]. - The decline in revenue was primarily 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 [4][5]. - As of September 30, 2025, Jingyuntong faced substantial short-term debt pressures, with short-term borrowings amounting to 1.061 billion yuan and non-current liabilities due within one year totaling 754 million yuan [5]. Group 3: Liquidity and Financial Strategy - Jingyuntong's liquidity risk is a pressing concern, with cash and cash equivalents reported at 381 million yuan against significant short-term liabilities [5]. - The company has taken measures to improve its cash flow, including renewing credit lines and actively managing its asset portfolio through sales and financing [5].