TLGD(SZ:300029) Jing Ji Guan Cha Wang·2026-01-06 04:28Core Viewpoint - Jiangsu Huasheng Tianlong Optoelectronic Equipment Co., Ltd. (*ST Tianlong) is at risk of being delisted due to negative net assets and ongoing operational challenges, including management turnover and legal disputes [1][2][3] Group 1: Financial and Operational Challenges - The company has faced operational difficulties since December 2018, when its photovoltaic equipment manufacturing business effectively ceased due to a lack of orders, leading to a long-term hollowing out of its main business [2] - Despite attempts to pivot to new energy power station development and engineering contracting since 2020, the company has reported continuous net losses, with a net profit of -8.58 million yuan in 2023 and an expanded loss of -27.3 million yuan in 2024 [2][5] - The company’s net assets turned negative for the first time in 2024, triggering a financial delisting risk warning, with auditors expressing significant uncertainty regarding the company's ability to continue as a going concern [2][6] Group 2: Governance and Legal Issues - Internal governance issues have emerged, highlighted by the resignation of key personnel, including the board secretary and financial officer, leading to concerns about the independence and professionalism of management [3] - Legal risks have compounded operational challenges, with the company facing lawsuits and judicial freezes on multiple bank accounts due to unpaid debts, which have severely restricted cash flow [3][4] Group 3: Shareholder Dynamics - The major shareholder, Guangzhou Longshuo, has reduced its stake below 5%, indicating a lack of confidence in the company's future following the delisting risk announcement [4] - The controlling shareholder's entire stake has been judicially frozen, raising concerns about the stability of the company's control [4] Group 4: Financial Maneuvers and Future Outlook - In an attempt to improve its financial standing, the company announced a donation of 25 million yuan from a related party, which it hopes will turn its net assets positive by the end of 2025 [5][6] - However, the effectiveness of this maneuver is uncertain, as the company has already reported significant losses in the first three quarters of 2025, and the donation's source raises questions about its legitimacy [6][7] - The company remains vulnerable to delisting due to ongoing negative net profits and the potential for non-standard audit opinions, highlighting the inadequacy of financial engineering without a sustainable business model [6][7]