Core Viewpoint - Tonghui Information's 2025 performance report indicates a significant revenue decline and negative net profit, potentially triggering delisting risk warnings from the Beijing Stock Exchange due to governance disputes affecting operational stability [1][2]. Group 1: Performance and Financial Situation - In 2025, Tonghui Information achieved revenue of 35.9175 million yuan, a year-on-year decline of 82.67%, with a net profit attributable to shareholders of -61.1457 million yuan [2]. - The company may face delisting risk warnings as its revenue fell below 50 million yuan and net profit was negative, with the final audit results pending [2]. - The decline in performance is attributed to the lack of major contracts confirming revenue, such as the 127 million yuan bank integration business from 2024 not being renewed [4]. Group 2: Governance and Control Issues - In November 2025, the board's proposal to elect a new chairman was not approved, leading to Zhao Qigao acting in the role, highlighting ongoing governance disputes between the actual controller Dai Fuhao and the board [3]. - These governance conflicts may hinder strategic adjustments and exacerbate performance pressures [3]. Group 3: Regulatory and Compliance Issues - In October 2025, the company was fined 35.5 million yuan by the Beijing Securities Regulatory Bureau for continuous financial fraud from 2018 to 2021, with the actual controller Dai Fuhao facing a 10-year market ban [5]. - This incident may have lasting impacts on the company's reputation and financing capabilities [5].
同辉信息业绩承压或触发退市风险警示，控制权纷争持续