Group 1 - The stock of Xinhongye (301310.SZ) closed at 36.58 yuan, with a decline of 6.49%, resulting in a total market capitalization of 4.973 billion yuan, indicating that the stock is currently in a state of breaking issue [1] - Xinhongye was listed on the Shenzhen Stock Exchange's ChiNext board on June 2, 2023, with an issuance of 24.2747 million shares at a price of 67.28 yuan per share [1] - The total amount raised from the initial public offering (IPO) was 1.633 billion yuan, with a net amount of 1.497 billion yuan after deducting issuance costs, which exceeded the original plan by 1.051 billion yuan [1] Group 2 - The company plans to use the raised funds for projects including the intelligent manufacturing center for new energy special cables, the R&D center for new energy special cables, and to supplement working capital [1] - The total issuance costs (excluding VAT) amounted to 135.83 million yuan, with underwriting and sponsorship fees accounting for 101.99 million yuan [1] Group 3 - The annual equity distribution announcement indicates that the company will distribute a cash dividend of 5 yuan (including tax) for every 10 shares, totaling 48.55 million yuan [2] - Additionally, the company will increase capital by issuing 4 new shares for every 10 shares held, resulting in a total of 38.84 million new shares [2] - The record date for the stock rights is June 13, 2024, and the ex-dividend date is June 14, 2024 [2]

Core Viewpoint - The company, Bixing Wulian, has faced significant financial challenges post-IPO, including declining revenues, increasing losses, and lack of progress on fundraising projects, raising concerns about its operational viability and financial health [1][2][3]. Group 1: Financial Performance - In 2024, the company reported a revenue of 329 million yuan, a year-on-year decline of 5.91%, marking three consecutive years of revenue decrease [1]. - The net profit attributable to shareholders was -39 million yuan, a staggering year-on-year decline of 264.92% [1]. - The company's gross margin has significantly decreased post-IPO, with a drop of approximately 7 percentage points in both 2023 and 2024 compared to pre-IPO levels [4][6]. Group 2: Gross Margin Comparison - Bixing Wulian's gross margin was over 30% during the IPO application period (2020-2022) but fell sharply after listing, contrasting with peers who maintained stable or slightly improved margins [4][5]. - In 2024, Bixing Wulian's gross margin was reported at 24.31%, significantly lower than its competitors [5][6]. Group 3: Accounts Receivable Issues - The company has seen a substantial increase in overdue accounts receivable, with 65% of accounts over one year old by the end of 2024, raising concerns about the collectability of these receivables [10][12]. - The company reported a credit impairment loss of 37.76 million yuan in 2024, primarily due to delayed payments from clients, particularly local governments [7][10]. Group 4: Fundraising and Project Progress - Bixing Wulian raised 623 million yuan through its IPO, exceeding its target by 51%, but only 6% of the funds had been utilized for project development by the end of 2024 [14][16]. - The company has made little to no progress on its major fundraising projects, with some projects showing 0% investment completion [16][17]. Group 5: Regulatory Scrutiny and Management Changes - The company has faced regulatory scrutiny, receiving multiple inquiries from the Shenzhen Securities Regulatory Bureau and the Shanghai Stock Exchange regarding its financial disclosures and performance [18][20]. - The financial director resigned shortly after the release of the 2024 annual report, indicating potential internal issues within the management team [21]. Group 6: Continued Losses - In the first quarter of 2025, the company reported a revenue of 52.83 million yuan, a year-on-year increase of 9.25%, but still incurred a net loss of 10.22 million yuan, marking the seventh consecutive quarter of losses [24].

Core Viewpoint - Wanyi Technology (688600.SH) reported a significant decline in its 2024 annual performance, with total revenue and net profit both experiencing substantial decreases compared to the previous year [1][2]. Financial Performance Summary - The corrected total revenue for Wanyi Technology is 740.32 million yuan, representing a year-on-year decrease of 5.92% from 786.87 million yuan [1][2]. - The corrected net profit attributable to shareholders is 14.52 million yuan, down 66.85% from 43.81 million yuan in the previous year [1][2]. - The corrected net profit after deducting non-recurring gains and losses is -1.87 million yuan, compared to 24.85 million yuan in the same period last year, indicating a decline of 107.54% [1][2]. Additional Company Information - Wanyi Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 3, 2020, with an initial offering price of 15.50 yuan per share and a total of 33.34 million shares issued [3]. - The total amount raised from the initial public offering was 516.77 million yuan, with a net amount of 458.30 million yuan, exceeding the originally planned fundraising amount by 202.72 million yuan [3]. - The underwriting and sponsorship fees for the IPO amounted to 58.47 million yuan, excluding VAT, with the underwriting and sponsorship fees alone being 41.37 million yuan [3].