Core Viewpoint - The restructuring of *ST San Sheng has been completed, leading to a new board of directors and management team, marking a significant governance overhaul under the new controlling shareholder Hebei Jiheng Group [1][2][3] Group 1: Board Restructuring - The company held its 2025 second extraordinary general meeting on December 29, where the election of the sixth board of directors was approved, including both non-independent and independent directors [1] - The new board consists of four non-independent directors and three independent directors, all nominated by the new controlling shareholder, Hebei Jiheng Group, which effectively controls the majority of the board [2] Group 2: Management Appointments - The first meeting of the new board resulted in the election of Song Yingjian as chairman and legal representative, with Duan Weiwei as vice chairman [1] - Key management appointments include Huang Zhongqiang as general manager, Gao Xuying and Dong Yongting as deputy general managers, Liu Xuemei as financial director, Zhang Xiao as board secretary, and Xu Huaijun as head of the audit and supervision department [1] Group 3: Completion of Restructuring - On December 26, the company announced the completion of its restructuring plan, which involved introducing investors and adjusting equity to resolve its debt crisis and avoid bankruptcy [3] - The completion of the restructuring is expected to significantly improve the company's asset-liability structure and enhance its core competitiveness and profitability, aiming for sustainable development [3] - Following the restructuring, the company has applied to the Shenzhen Stock Exchange to lift the delisting risk warning that was triggered by the court's acceptance of its restructuring [3]

Core Insights - 海隆控股于2024年4月2日暂停买卖，因审计过程中发现与俄罗斯附属公司相关的未决审计事项，涉及2022年10月至2023年12月与MTC公司的交易结构 [1] - 公司成立独立调查委员会，聘请安永进行法证调查，并完成内部控制审查和管理层重整，已达成港交所复牌条件 [1][2] - 2024年核心经营数据展现出韧性，全年实现收入人民币46.68亿元，同比增长9.8% [2][3] Governance and Compliance - 公司完成所有六项复牌指引，包括独立调查、补发财报、内控审查、管理层调整和改善合规架构 [1][2] - 调查期间对相关责任人进行了降职、记过或解除雇佣，并新增内部审计和法务合规部门职能 [2] - 内部监控顾问确认未发现重大控制缺陷，港交所据此认定公司复牌条件达成 [2] Financial Performance - 毛利总额为人民币11.22亿元，毛利率维持在24.0% [3] - 经营利润达到人民币3.72亿元，反映出良好的运营杠杆效果 [3] - 尽管受到汇率波动与融资成本上升影响，全年净利润为人民币3,007万元，经营现金流稳定 [3] Market Valuation - 海隆当前估值处于历史低位，停牌前股价报HK$0.113，复牌后有望迎来情绪修复与基本面再定价 [3][4] - 估值支撑因素包括风险释放后的安全边际及中东、东南亚项目的高交付确定性 [4] - 公司已进入估值重建与信用恢复的早期阶段，具备从停牌事件中修复并重获市场定价权的基础 [4]