星标 ★ IPO日报 精彩文章第一时间推送 值得一提的是，公司已经连续两年财报被审计机构出具"无法表示意见"，触及财务类退市情形。 未来，上市委员会将作出是否终止公司股票上市的决定。 4月29日，公司股价再次跌停，收报0.62元。这已经是公司自3月28日起，在22个交易日内收获21个跌 停，也是公司连续10个交易日股价低于1元。 4月29日晚间，*ST鹏博（全称"鹏博士电信传媒集团股份有限公司"，600804.SH）发布公告称， 公司2024年度财务会计报告被中瑞诚会计师事务所出具无法表示意见的审计报告以及财务报告内部 控制被出具无法表示意见的审计报告，触及财务类退市指标情形，公司股票可能将被终止上市。公 司股票自2025年4月30日开市起停牌。 IPO日报发现，此后10个交易日*ST鹏博需要连续涨停，其股价才能回到1元以上。 制图： 佘诗婕 此外，公司本身还面临着面值退市风险。 双重退市风险 2024年5月，公司因2023年财报被审计机构出具"无法表示意见"，已于2024年被实施退市风险警示 （*ST）。根据《上海证券交易所股票上市规则》，如果*ST鹏博2024年度财务会计报告被出具保留意 见、无法表示意见 ...

Core Viewpoint - *ST Pengbo (Peng Doctor Telecom Media Group Co., Ltd.) faces potential delisting risks due to consecutive years of receiving "unable to express opinion" audit reports, with its stock possibly suspended from trading starting April 30, 2025 [1][2] Financial Performance - The company reported a net profit attributable to shareholders of approximately -88.47 million yuan for 2024, with total revenue around 187.67 million yuan [5] - *ST Pengbo has experienced a continuous decline in revenue for seven consecutive years from 2017 to 2023, with net profits of -1.17 billion yuan in 2021, -454 million yuan in 2022, and -93 million yuan in 2023 [5] - The company’s financial situation has deteriorated significantly, with a total loss exceeding 5 billion yuan in 2019 due to massive goodwill and fixed asset impairments [4] Operational Challenges - The company has been struggling with liquidity issues since 2019, exacerbated by price wars in the broadband industry and regulatory fee reductions [4] - *ST Pengbo has been involved in numerous lawsuits and arbitration cases, with some bank accounts frozen, indicating severe operational and financial risks [6] Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure, including failure to disclose related party transactions and significant contracts [6][7] - The CSRC has imposed a fine of 10 million yuan on *ST Pengbo and a 15 million yuan fine on its actual controller, Yang Xueping, due to serious violations [6][7] Market Position - Once recognized as the "fourth largest operator" in China, *ST Pengbo has seen its market position decline significantly after divesting key assets like Changcheng Broadband [2][4] - The company primarily operates in data centers, cloud computing, and internet access services, but its transition efforts have not yielded expected results [2][5]

近日，A股市场退市警报频繁拉响，截至目前，已有超50家上市公司因触及退市风险警示相关红线，被戴上"*ST"帽 子，引发市场广泛关注。 退市风险警示集中爆发，财务指标成"重灾区" 从已披露的公开信息来看，此次触发退市风险警示的50余家公司中，财务指标不达标是主要"导火索"。 依据退市新规，上市公司若连续两个会计年度经审计净利润为负值且营业收入低于3亿元，将面临退市风险警示。多家 公司因主营业务持续萎缩、市场竞争加剧导致盈利能力大幅下滑，或是盲目多元化扩张引发资金链断裂，最终陷入营 收与净利润双双"滑铁卢"的困境。 除财务指标外，审计意见"非标"也是触发退市风险警示的重要因素。部分公司因内部控制存在重大缺陷、财务核算不 规范等问题，被审计机构出具无法表示意见或否定意见的审计报告，进而触及退市风险警示"红线"。 此外，还有个别公司因涉及重大违法违规行为，如信息披露造假、财务舞弊等，被监管部门立案调查，导致股票交易 被实施退市风险警示。 市场反应强烈，投资者"用脚投票" 退市风险警示犹如一颗投入市场的"深水炸弹"，引发投资者情绪剧烈波动。在相关公告发布后的首个交易日，多数被 实施退市风险警示的公司股价应声下跌，部分股 ...

Financial Performance - In Q1 2025, the company reported revenue of 0.80 billion yuan, a decrease of 72.59% year-on-year [1][2] - The net profit attributable to shareholders was -0.56 billion yuan, compared to -1.04 billion yuan in the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -0.60 billion yuan, unchanged from the previous year [1][2] - The net cash flow from operating activities was -1.18 billion yuan, slightly worse than -1.12 billion yuan in the same period last year [1][4] Annual Report Insights - For the year 2024, the company achieved revenue of 9.49 billion yuan, a slight decline of 0.60% year-on-year [4][5] - The net profit attributable to shareholders for 2024 was -7.27 billion yuan, compared to -2.48 billion yuan in 2023 [4][5] - The net cash flow from operating activities for 2024 was -5.06 billion yuan, a significant drop from 1.48 billion yuan in 2023 [4][6] Audit and Compliance Issues - The company received a negative audit opinion from Tianjian Accounting Firm regarding its 2024 financial report, leading to a risk warning for its stock [7][8] - The company acknowledged management issues, resulting in overpayments to suppliers totaling 180 million yuan, with the chairman committing to recover these funds [7] - The stock will be suspended from trading starting April 30, 2025, and will resume trading with a risk warning on May 6, 2025 [8] Stock Market Performance - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 19, 2022, with an initial public offering price of 51.88 yuan per share [8] - The stock reached a peak price of 45.92 yuan on its first trading day but has since been in a downward trend, currently trading below its IPO price [8] - The total funds raised from the IPO amounted to approximately 1.74 billion yuan, exceeding the planned amount by 85.75 million yuan [8][9]

每经记者 黄鑫磊 每经编辑 张海妮 公司股票将"披星戴帽" 据星光农机2024年年报，公司去年实现营业收入2.69亿元，同比下降12.65%；扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入为2.56 亿元，同比下降13.10%；归母净利润为亏损1.75亿元。 其中，星光农机的农业机械营业收入为1.36亿元，同比下降2.12%，毛利率为-14.94%，同比减少21.18个百分点；农事服务的营业收入仅为886.58万元，同比 下降85.54%，毛利率为-32.83%，同比减少19.32个百分点。 对此，星光农机称，从产品和业务来看，国三产品透支、国四产品顾虑等影响因素仍然存在，使得2024年用户购机意愿不足，公司采棉机、拖拉机、插秧机 等产品销量有所下降。在销量下降的背景下，公司厂房、土地、设备的折旧费用，以及人员工资等固定支出仍然较大，导致单台产品的成本分摊持续处于高 位，在公司固定成本摊销费用居高不下的现实情况下，产品的综合毛利率依旧处于较低水平。应收账款回款问题始终未能得到彻底解决。 此外，由于2024年度经审计的扣除非经常性损益前后的净利润低者为负值，且扣除与主营业务无关的业务收入和不具备 ...

Core Viewpoint - Panda Gold Control Co., Ltd. reported a significant net loss for the year 2024, with a consolidated net profit of -537.34 million yuan, and a net profit attributable to shareholders of -474.46 million yuan, indicating a worsening financial situation compared to the previous year [3][16]. Company Overview - Panda Gold Control specializes in the fireworks industry, which is a traditional cultural industry in China, with 90% of global production and 80% of trade concentrated in the country [4][6]. - The company has a complete industry chain from raw materials to production and sales, with a notable increase in sales of trendy products driven by short video marketing [4][5]. Financial Performance - The company achieved an operating income of 323 million yuan in 2024, representing a year-on-year increase of 41.82%, but the net loss increased by 123.42% compared to the previous year [16]. - As of December 31, 2024, total assets were 313 million yuan, a decrease of 60.66% from the beginning of the year, and equity attributable to shareholders was 102 million yuan, down 82.25% [16]. Industry Trends - The fireworks and firecrackers industry is experiencing an upward trend in exports, with a total export volume of 408,396 tons and an export value of 826.86 million yuan in 2024, reflecting year-on-year increases of 12.3% and 14.5%, respectively [5]. - The industry is characterized by seasonal consumption patterns closely linked to traditional festivals, with peak sales during the Spring Festival [8]. Competitive Position - Panda Gold Control has established itself as a leading exporter of fireworks to the U.S. market, holding a market share of 9.30% and being a preferred supplier among mainstream importers [11]. - The company has achieved significant brand recognition in the domestic market, covering 90% of channels in restricted sales areas within two years of re-entering the domestic market [11]. Challenges and Risks - The company faces challenges due to a lack of proprietary factories, leading to a cost structure disadvantage and higher tax burdens compared to non-listed peers [12][14]. - The company is also exposed to risks related to external cooperation factories, which may affect supply chain stability and delivery reliability [14]. Regulatory Environment - New national standards for fireworks safety and quality have been implemented, increasing environmental requirements and pushing the industry to eliminate outdated production capacity [9]. - International regulations, such as the U.S. CPSC standards and EU REACH restrictions, have raised export barriers, compelling companies to enhance R&D and compliance capabilities [9].

2025年4月，重庆惠程信息科技股份有限公司（以下简称"ST惠程"）发布2024年年度报告，报告期内， 公司多项关键财务指标出现较大变化，其中净利润同比下降7980.65%，经营活动产生的现金流量净额 同比下降515.87%，凸显公司面临的严峻形势。以下将对该公司年报进行详细解读。 营业收入：下滑22.40%，业务结构有变化 2024年，ST惠程实现营业收入197,235,872.29元，较上年的254,162,324.50元下降22.40%。从业务板块来 看，电力行业收入130,381,239.73元，占比66.10%，同比下降3.21%；新能源行业收入63,876,292.78元， 占比32.39%，同比下降24.90%；游戏行业收入归零，上年为27,734,934.67元，占比10.91% 。 公司表示，业绩下滑主要源于经营层面项目进展及完工进度不及预期，如光伏、风电项目；同时，市场 供求因素也导致充电桩业务执行订单减少。 扣非每股收益：亏损加深，达 -0.2159元 净利润：由盈转亏，降幅高达7980.65% 归属于上市公司股东的净利润为 -149,521,961.44元，而2023年为1,897,3 ...

21世纪经济报道记者 张敏 深圳报道 值得注意的是，在年报披露之前，南国置业曾公告，中国电建旗下电建地产，拟受让公司持有的房地产 开发业务等相关资产和负债，但具体交易标的范围尚需双方进一步协商确定。 这一动作引发了市场的广泛关注。 去年四季度以来，各级监管部门不断推出稳楼市政策，并强调加快构建房地产发展新模式。老牌央企的 中国电建如何处置下属公司的流动性危机，成为各界关注的热点。 南国置业也在公告中明确，本次交易估值及定价尚未确定，经初步研究和测算，可能构成重大资产重 组，但不会导致公司控股股东和实际控制人发生变更。目前，交易尚处于筹划阶段，交易方案仍需进一 步论证和沟通协商，且公司尚未与交易对方就本次交易签署意向协议。 去年以来，已有部分上市房企宣布退出房地产业务。具体来看，将房地产开发业务剥离上市平台，仅留 存轻资产，并由母公司注入其他资产，成为常见的做法。 4月29日，中国电建旗下商业地产上市平台南国置业（002305，SZ）发布2024年年报。年报显示，去年 南国置业实现营业收入29.7亿元，同比增长180.46%。 同期，公司的扣非净利润为-27.74亿元，同比下降71.32%。对比2023年70. ...

大晟文化(600892.SH)公告称，公司2024年度经审计的利润总额、 净利润或者扣除非经常性损益后的净 利润孰低者为负值且扣除与主营业务无关的业务收入和不具备商业实质的收入后的 营业收入低于3亿 元。公司股票将于2025年4月30日 停牌1天，于2025年5月6日起 复牌并被实施 退市风险警示，公司股票 简称将由"大晟文化"变更为"*ST大晟"。 ...

ST花王(603007.SH)公告称，公司2024年度经审计的利润总额、 净利润或者扣除非经常性损益后的净利 润孰低者为负值且扣除与主营业务无关的业务收入和不具备商业实质的收入后的 营业收入低于3亿元。 公司股票将于2025年4月30日 停牌1天，2025年5月6日起 复牌并被实施 退市风险警示，公司股票简称将 由"ST花王"变更为"*ST花王"。 ...