Zitian Technology(SZ:300280) 经济观察报·2025-05-23 10:50Core Viewpoint - The article highlights the severe operational and financial issues faced by Zitian Technology, including allegations of financial fraud, management evasion of regulatory inquiries, and a lack of transparency in their financial reporting, leading to significant losses and potential delisting risks [1][2][3]. Financial Performance - In 2023, Zitian Technology reported a revenue of 2.188 billion yuan and a net loss of 1.210 billion yuan, contrasting sharply with a net profit of 206 million yuan reported for the first three quarters of 2023 [6][12]. - The company’s financial troubles are underscored by a cumulative net profit of less than 1.1 billion yuan from 2013 to 2022, with the 2023 loss nearly wiping out a decade's worth of earnings [12]. Regulatory Issues - Zitian Technology has faced multiple regulatory actions, including a warning from the Fujian Securities Regulatory Bureau and a suspension of trading due to financial misconduct [3][7]. - The company has not responded adequately to inquiries from the Shenzhen Stock Exchange, leading to disciplinary procedures against its management [7][8]. Management and Governance - The company has experienced frequent changes in its executive team, with key executives reportedly evading communication with regulators and investors [3][5]. - Independent directors have expressed concerns over the management's ability to operate effectively, leading to resignations and a lack of oversight [9]. Market Impact - Zitian Technology's stock price plummeted approximately 62.60% from 22.27 yuan per share to 8.33 yuan per share between January 2 and March 17, 2025, reflecting investor panic and loss of confidence [14]. - The company was once a popular stock in the A-share market, benefiting from trends in internet marketing and gaming, but has since become a cautionary tale of corporate mismanagement [3][4]. Future Outlook - The company is under a delisting risk warning, with a potential termination of its stock listing if it fails to rectify its issues within the stipulated timeframe [3][4]. - Zitian Technology has projected a further loss of 150 million to 220 million yuan for 2024, attributed to reduced client budgets and increased market competition [13].