打响机器人概念股退市第一枪的为什么是它？

Core Viewpoint - The article discusses the downfall of *ST Gongzhi (000584.SZ), which transitioned from a traditional enterprise to a robotics company but ultimately faced delisting due to continuous financial losses and governance failures [5][9][12]. Group 1: Company Transformation and Challenges - In 2017, the company, formerly known as Youli Holdings, acquired Tianjin Fuzhen Industrial Equipment Co., Ltd. for 900 million yuan, rebranding itself as Harbin Intelligent [8]. - Despite initial high hopes for transformation into a high-end manufacturing entity, the company has faced increasing competition, declining profit margins, and significant financial losses, totaling 1.99 billion yuan over four years from 2021 [10][12]. - The failure to complete a crucial share transfer to its controlling shareholder, Harbin Institute of Technology Robotics Group (now known as Yange Group), further weakened the company's support and resources [10][12]. Group 2: Financial Mismanagement - The company reported a staggering 91% asset-liability ratio in Q1 2025, indicating severe financial distress and loss of operational viability [14]. - Auditors issued "unable to express opinion" reports for two consecutive years, revealing significant issues in revenue recognition and complex financial networks involving substantial investments in private equity funds [11][13]. - The company’s revenue recognition methods were criticized, with 19.36 billion yuan reported in 2024, but the authenticity of this figure was questioned due to accounting irregularities [13]. Group 3: Governance Issues - In 2024, independent directors collectively abstained from voting on the annual report, citing failures in corporate governance and lack of compliance in handling raised funds [16][17]. - The real controller, Aidi, faced legal issues due to unpaid debts, further complicating the company's governance structure and leading to regulatory scrutiny [17][20]. - Internal control audits revealed systemic failures in investment management and revenue recognition policies, undermining the reliability of financial reporting [17][18]. Group 4: Strategic Failures - The company engaged in high-premium acquisitions, including a 900 million yuan purchase of Tianjin Fuzhen, which did not yield the expected financial returns, leading to significant goodwill impairments [18][19]. - Strategic shifts, including attempts to pivot towards military and lithium battery sectors, failed to stabilize the company's financial situation, exacerbating its decline [21][22]. - The company’s inability to establish a solid technological foundation in the robotics sector led to a lack of market confidence and ultimately contributed to its delisting [23].