ST海华跌停：审计缺位与监管问询加剧退市风险

Core Viewpoint - ST Haihua's stock price has hit the limit down, primarily due to the absence of an auditing firm, regulatory doubts regarding revenue authenticity, and capital outflows, increasing the risk of delisting [1][7]. Stock Recent Performance - The stock price of ST Haihua closed at 3.48 yuan, with a decline of 4.92% on the day [2][8]. Recent Events - The original auditing firm, Pengsheng Accounting Firm, resigned less than a month after being appointed, resulting in a lack of a special statement regarding the financial delisting situation in the 2025 performance forecast. Although the board proposed to hire Zhongrui Cheng Accounting Firm, the new firm has not yet commenced auditing. Failure to disclose the audited annual report within the legal deadline will directly trigger delisting clauses [3][9]. Regulatory Situation - The Shanghai Stock Exchange issued a regulatory letter questioning the compliance of the company's fourth-quarter revenue of 140 million yuan. This revenue mainly comes from a newly acquired gas business and a newly established mechanical parts subsidiary in Hunan. The regulator requires the company to disclose specific customers and the flow of funds to investigate potential fictitious transactions or improper revenue recognition. If the final audit reduces revenue, the company's revenue after deductions may fall below the 300 million yuan delisting threshold [4][10]. Capital Situation - There was a net outflow of 15.166 million yuan from major funds, with a cumulative net outflow of 39.7364 million yuan over the past 10 trading days, and the stock price has dropped by 20.16% during the same period. The turnover rate on that day reached 3.22%, with the limit down price of 3.48 yuan coinciding with the limit down price, indicating concentrated selling pressure. The company's price-to-earnings ratio is negative, further reinforcing the motivation for capital exit due to fundamental risks [5][11]. Future Development - The company is expected to incur a net loss of approximately 70 million yuan in 2025. Although preliminary estimates suggest that revenue after deductions will be 330 million yuan, it has not received endorsement from an auditing firm. If the annual report receives a non-standard opinion or if revenue ultimately does not meet the standards, the stock will face termination of listing. Previously, the company was subject to delisting risk warnings due to negative net profit excluding non-recurring items and revenue below 300 million yuan for 2024 [6][12].