Ge Long Hui A P P·2025-12-23 12:53Core Viewpoint - *ST Xinyuan has resumed production capacity across all six production lines at its Ningxia carbon black plant, with four lines currently operational, while the cracking workshop remains inactive. The company is gradually increasing production capacity based on order conditions, and current operations have returned to normal. Existing orders are expected to sustain production activities for an extended period. Preparations are underway to restore the cracking production line as the workforce increases. The Tianjin subsidiary has also resumed operations, with production lines running in an orderly manner, and is similarly increasing capacity based on orders. The resumption of operations at these subsidiaries is expected to positively impact the company's financial indicators, including revenue and net asset recovery by 2025, although it does not eliminate the risk of delisting, which will ultimately depend on the audited annual report for 2025. [1] Group 1 - The Ningxia carbon black plant has fully restored production capacity with four lines currently operational [1] - The cracking workshop equipment has not yet been activated, but preparations are in progress for its restoration [1] - The company is gradually increasing production capacity based on existing orders, which are expected to sustain operations for a longer duration [1] Group 2 - The Tianjin subsidiary has also resumed operations, with production lines functioning in an orderly manner [1] - The resumption of operations at both subsidiaries is anticipated to have a positive impact on financial metrics for 2025 [1] - Despite the positive developments, the risk of delisting remains, contingent on the audited financial report for 2025 [1]