Core Viewpoint - *ST Lihang (603261.SH) is expected to continue its losses in the first half of 2025, with projected net profit attributable to shareholders ranging from -41 million to -57 million yuan, indicating a worsening financial situation compared to the previous year [1] Financial Performance Summary - The company reported a net profit of -24.26 million yuan in the same period last year, with a net profit excluding non-recurring items of -26.86 million yuan [1] - For the years 2023 and 2024, the net profits attributable to shareholders were -68 million yuan and -94 million yuan respectively, with net profits excluding non-recurring items at -62 million yuan and -99 million yuan [1] - The operating revenue for 2024 was approximately 289.85 million yuan, showing a 23.54% increase from 2023, which had 234.62 million yuan [2] - The operating revenue after excluding unrelated business income for 2024 was about 284.43 million yuan, a 21.34% increase from 2023 [2] - The net profit attributable to shareholders for 2024 was -93.94 million yuan, a decrease of 37.51% compared to -68.31 million yuan in 2023 [2] - The net profit excluding non-recurring items for 2024 was -98.81 million yuan, a 59.02% decrease from -62.14 million yuan in 2023 [2] Company Background - Lihang Technology was listed on the Shanghai Stock Exchange on March 15, 2022, with an initial public offering of 19.70 yuan per share, raising a total of 379 million yuan [3] - The net proceeds from the fundraising amounted to 335 million yuan, which were allocated for aviation equipment and rotorcraft manufacturing projects, as well as for working capital [3] - The total issuance costs were approximately 44.50 million yuan, with the underwriting fees to Huaxi Securities being around 29.67 million yuan [3]

Core Viewpoint - ST Te Xin has successfully removed its ST label and changed its stock name to Te Fa Information, indicating a recovery from previous financial misconduct and a return to normal trading status [2][6]. Group 1: Company Background and Events - ST Te Xin, now known as Te Fa Information, faced a risk warning for over a year due to financial misconduct by its subsidiary, Shenzhen Te Fa Dong Zhi Technology Co., Ltd., which inflated revenues and profits from 2015 to 2019 [6][10]. - The company reported inflated profits totaling 10.39 million yuan in 2015, 91.73 million yuan in 2016, 56.25 million yuan in 2017, and 11.63 million yuan in 2018, while reporting a profit reduction of 21.08 million yuan in 2019 [6][10]. - Following the administrative penalties from the Shenzhen Securities Regulatory Bureau, the company was designated as ST Te Xin, leading to a significant drop in stock price, including nine consecutive trading days of limit-down [6][9]. Group 2: Financial Recovery and Performance - After more than a year of rectification, the company has corrected its financial statements for the years affected by the misconduct and has received a special audit report confirming these corrections [7]. - Te Fa Information has made provisions for investor compensation amounting to 10.07 million yuan, which has contributed to the removal of other risk warnings [7]. - The stock price has rebounded over 90% from a low of below 4 yuan per share after being designated as ST, closing at 8.03 yuan per share as of July 7 [8][9]. Group 3: Current Financial Status - For the fiscal year 2024, Te Fa Information reported revenues of 4.409 billion yuan, a year-on-year decrease of 10.69%, and a net loss of 403 million yuan [10]. - In the first quarter of 2025, the company continued to face challenges, with revenues of 790 million yuan, down 26.16% year-on-year, and a net loss of 15.06 million yuan [10]. - The company operates in the optical communication industry and has diversified into four business segments: cables, smart services, integration, and property leasing, with total assets of 6.461 billion yuan and net assets of 2.058 billion yuan as of December 31, 2024 [10].

Core Viewpoint - The company *ST Guandian will face additional risk warnings on its stock starting from July 8, 2025, due to regulations from the Shanghai Stock Exchange [1] Group 1 - The stock will continue to be traded under the name "*ST Guandian" with the stock code "688287" remaining unchanged [1] - The implementation of additional risk warnings will not lead to the stock entering the risk warning board for trading [1] - The price fluctuation limit for the stock will remain at 20% despite the additional risk warnings [1]

Group 1 - The company Longyuan Group (600525) announced that its auditing firm provided a negative opinion on the internal control of the financial report for the year 2024 [1] - According to the Shanghai Stock Exchange Listing Rules, the company's A-share stock will be subject to other risk warnings [1] - The company's A-share stock will be suspended for one day on April 29, 2025, and will implement other risk warnings starting from April 30, 2025, with trading on the risk warning board [1] Group 2 - After the implementation of other risk warnings, the stock price fluctuation limit will be set at 5% [1] - The stock abbreviation will change to "ST Longyuan" [1]