Core Viewpoint - The company, Shui Fa Gas Co., Ltd., has revised its half-year performance forecast for 2025, indicating a significant expected loss compared to the previous forecast [2][5]. Group 1: Performance Forecast - The company anticipates a net loss attributable to shareholders of between -57.91 million yuan and -61.91 million yuan for the first half of 2025 [2][5]. - The forecasted net profit, excluding non-recurring gains and losses, is expected to be between -12 million yuan and -16 million yuan [2][5]. Group 2: Previous Forecast Comparison - The prior forecast, issued on July 15, 2025, estimated a net loss of between -8 million yuan and -12 million yuan [4]. - The previous forecast also projected a net profit, excluding non-recurring gains and losses, of between -12 million yuan and -16 million yuan [4]. Group 3: Reasons for Revision - The revision is primarily due to a court ruling related to a technology infringement case, where the company is liable for damages amounting to 49.91 million yuan [10][11]. - The company had not accounted for the impact of this ruling in its earlier forecasts, as the judgment was not yet issued at that time [10][11].

Core Viewpoint - The significant discrepancies in the earnings forecast and earnings report of HeDa Technology necessitate regulatory investigation to uncover potential issues related to internal controls and market manipulation [1][4]. Group 1: Earnings Forecast and Adjustments - On January 24, HeDa Technology announced an expected net profit of approximately 5 million to 7 million yuan for 2024, indicating a turnaround from losses [2]. - The company later revised its forecast on March 31, correcting the expected net profit to -563.6 million yuan, a decrease of 1,092.78 million yuan, representing a decline of 206.50% [2]. - The final annual report confirmed the net profit of -563.61 million yuan, consistent with the revised forecast [2]. Group 2: Stock Price Movements - HeDa Technology's stock price rose from 9.72 yuan on January 13 to a peak of 16.16 yuan on March 7, marking a significant increase of 66.26%, which outperformed the Shanghai Composite Index's 9.49% rise during the same period [3]. - Following the earnings correction, the stock price fell to a low of 9.86 yuan by April 9, reflecting a decline of 38.99%, which was substantially greater than the Shanghai Composite Index's 11.58% drop [3]. Group 3: Investor Impact and Regulatory Need - The fluctuations in HeDa Technology's stock price resulted in unintended gains for investors during the initial rise and subsequent losses during the decline, closely tied to the company's earnings announcements [4]. - The potential for market manipulation, insider trading, and information leakage raises concerns that cannot be resolved solely by the company's response, highlighting the necessity for regulatory investigation [4].

Core Viewpoint - The company has revised its 2024 annual performance forecast, indicating a net profit of 13.65 million yuan, which represents a turnaround from a loss in the previous year [6][8]. Financial Data Summary - The company reported a net profit attributable to shareholders of 13.65 million yuan for 2024, compared to a loss of 22.77 million yuan in the previous year [8]. - The expected operating revenue for 2024 is between 25 million yuan and 30 million yuan, with actual revenue reported at 29.45 million yuan [7][8]. - The net profit after deducting non-recurring gains and losses is 2.29 million yuan, which is lower than the previously forecasted range [8]. Shareholder Information - The company has not reported any changes in the number of shareholders or significant changes in the top ten shareholders during the reporting period [3]. Legal Matters - The company faced a lawsuit against its former chairman for failing to collect significant receivables, with a claim for damages amounting to approximately 141.66 million yuan [11]. - The court ruled against the company, dismissing all claims and ordering the company to bear legal costs totaling 755,106.76 yuan [12].

Core Viewpoint - The company has revised its 2024 annual performance forecast, indicating a significant decline in net profit compared to the previous year, primarily due to increased credit impairment provisions and adjustments in accounts receivable bad debt preparation rates [2][5][9]. Performance Forecast Situation - The performance forecast period is from January 1, 2024, to December 31, 2024 [3]. - The revised forecast estimates a net profit attributable to shareholders of the parent company between 20 million and 30 million yuan, representing a decrease of 34.73 million to 35.73 million yuan compared to the previous year, which is a year-on-year decline of 92.05% to 94.70% [2][5]. - The previous forecast estimated a net profit between 90 million and 135 million yuan, with a year-on-year decrease of 24.23 million to 28.73 million yuan, or a decline of 64.22% to 76.14% [4]. Reasons for Forecast Revision - The main reasons for the revision include: 1. The company has decided to make additional credit impairment provisions for receivables with recovery risks, which will reduce the net profit for 2024 [9]. 2. The accounts receivable bad debt preparation rate has been increased by two percentage points after a thorough assessment, leading to a higher amount of bad debt provisions and a corresponding reduction in net profit [9]. Previous Year’s Financial Performance - In the previous year, the net profit attributable to shareholders of the parent company was 377.28 million yuan, and the net profit after deducting non-recurring gains and losses was 102.06 million yuan [6]. - The earnings per share for the previous year were 1.059 yuan [7].

Core Viewpoint - The company has revised its profit forecast for 2024, expecting a net loss attributed to the parent company of approximately -18 million to -20.5 million yuan, primarily due to adjustments in asset impairment provisions [2][5][7]. Group 1: Performance Forecast - The expected net profit for 2024 is projected to be between -18 million and -20.5 million yuan, with a net profit excluding non-recurring items estimated at -17.5 million to -20 million yuan [2][5]. - The anticipated operating revenue for 2024 is estimated to be between 350 million and 380 million yuan, while the revenue after excluding unrelated business income is expected to be between 310 million and 335 million yuan [2][5]. Group 2: Previous Performance Comparison - In the previous forecast, the company estimated a net profit of -8 million to -16 million yuan for 2024, with a net profit excluding non-recurring items projected at -5.7 million to -13.7 million yuan [4]. - The prior expected operating revenue was between 370 million and 430 million yuan, with the adjusted revenue forecast remaining the same as the current estimate [4]. Group 3: Reasons for Forecast Revision - The revision of the performance forecast is primarily due to adjustments in the amount of asset impairment provisions, following discussions with the annual audit accountant [7]. - The company plans to assess potential impairment of assets and will engage a qualified third-party evaluation agency for asset impairment assessments, leading to adjustments in the forecasted impairment amounts [7]. Group 4: Previous Year Performance - For the previous year, the total profit was -39.55 million yuan, with a net profit attributed to the parent company of -41.24 million yuan, and a net profit excluding non-recurring items of -36.54 million yuan [6]. - The earnings per share for the previous year were reported at -0.1182 yuan [6].