Core Viewpoint - The disclosure of 2024 annual reports by listed companies has concluded, with a focus on the authenticity and quality of financial statements under regulatory scrutiny, particularly for companies in the "ST family" [1] Group 1: Financial Performance and Revenue Recognition - Seven companies from the "ST family" have responded to annual report inquiries, with a common focus on whether they have inflated revenue, their ability to continue operations, and if they meet criteria for "removal of ST status" [1] - The abnormal changes in financial indicators, particularly revenue recognition methods and completeness of revenue deductions, are central to the inquiries [2] - *ST Hengyu reported a turnaround in 2024 with revenue of 180 million yuan, recovering from a loss of 81.77 million yuan in 2023, which was impacted by military product pricing [2] Group 2: Continuous Operation Capability - The new delisting rules have raised the revenue threshold for loss-making companies from 100 million yuan to 300 million yuan, emphasizing the assessment of continuous operation capability [4] - *ST Tianbang received an audit report with a significant uncertainty regarding its ability to continue operations, highlighting a debt ratio of 72.58% and current liabilities exceeding current assets [4][5] - *ST Shandong Molong, which had negative net profits for six consecutive years, managed to remove risk warnings after its 2024 report was audited without reservations, indicating improved operational stability [6][9] Group 3: Regulatory Scrutiny and Compliance - The Shenzhen Stock Exchange is rigorously enforcing delisting regulations, ensuring that companies meet the necessary conditions for removing risk warnings [8] - *ST XinNing successfully applied to remove its delisting risk warning after demonstrating compliance with the relevant conditions following a thorough self-assessment [8] - *ST BubuGao also had its risk warning lifted after providing sufficient evidence to the exchange regarding its continuous operation capability and financial improvements [9]

Core Viewpoint - Qujiang Cultural Tourism is facing multiple crises, including continuous losses for three years, asset sales, and operational challenges, leading to significant regulatory scrutiny regarding its ongoing business viability [1][2]. Financial Performance - The company reported a revenue of 1.25 billion yuan in 2024, a decrease of 16.7% year-on-year, with a net profit loss of 131 million yuan [2]. - The company anticipates a continued loss in the first half of 2025, with a projected net profit loss of 69 million to 72.9 million yuan [1]. Operational Challenges - The management of scenic areas has seen a significant decline, with revenue from this segment dropping to 970 million yuan in 2024, a decrease of 32.6%, and a gross margin reduction of 13.57 percentage points [2]. - Specific scenic areas, such as Qujiang Ocean Polar Park and Qujiang Pool Relics Park, experienced revenue declines of 27.87% and 53.04%, respectively, due to reduced ticket sales and management fees [3]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised concerns about the company's ability to continue operations, focusing on the impact of terminated management contracts and the overall financial health of the company [2][4]. - The company acknowledged that its negative net profit over three years has affected its operational activities and has outlined measures to improve its business situation [4]. Accounts Receivable and Asset Sales - As of 2024, the company reported accounts receivable of 1.18 billion yuan, with a bad debt provision of 360 million yuan, representing a 31% provision rate [6]. - The company transferred 100% of its subsidiary, Xi'an Qujiang Daming Palace National Heritage Park Co., Ltd., to a related party for 42.014 million yuan, raising questions about the decision-making process and compliance with internal controls [7].

Core Viewpoint - Qujiang Cultural Tourism has been facing multiple crises, including three consecutive years of losses, asset sales, and operational challenges, leading to significant regulatory scrutiny regarding its ongoing business viability [1][2]. Financial Performance - The company reported a revenue of 1.25 billion yuan in 2024, a decrease of 16.7% year-on-year, with a net profit of -131 million yuan [2]. - The company's net profit has been negative for three consecutive years, with projected losses of 69 million to 72.9 million yuan for the first half of 2025 [1][2]. Business Operations - The revenue from the company's scenic area management business in 2024 was 970 million yuan, down 32.6% year-on-year, with a gross margin decline of 13.57 percentage points [2]. - The company has ceased operations for certain scenic areas and will no longer receive management fees for others, impacting overall revenue and gross margin [3][4]. Accounts Receivable - As of the end of 2024, the company reported accounts receivable of 1.18 billion yuan, with a bad debt provision of 360 million yuan, representing a 31% provision rate [5]. - The company is actively pursuing collections on outstanding receivables, with a repayment plan from government-related entities scheduled from 2025 to 2029 [5]. Asset Sales - In 2024, the company transferred 100% of its subsidiary, Xi'an Qujiang Daming Palace National Heritage Park Co., Ltd., to a related party for 42.014 million yuan [6]. - The decision-making and disclosure processes related to this asset sale have been flagged for deficiencies, raising concerns about compliance and internal controls [6].

Core Viewpoint - Qujiang Cultural Tourism has been facing multiple crises, including continuous losses for three years, asset sales, and significant shareholder equity pledges and freezes, leading to regulatory scrutiny regarding its operational sustainability and financial health [2][6][15]. Financial Performance - The company reported a net profit attributable to shareholders of -1.31 billion in 2024, a 41.09% improvement from -2.22 billion in 2023, but still reflects ongoing losses [5]. - The company has experienced a continuous decline in its net profit, with a total of five consecutive years of negative net profit after excluding non-recurring items [5][7]. - For the first half of 2025, the company anticipates a pre-loss of between 69 million to 72.9 million [5]. Operational Challenges - In 2024, the company achieved an operating revenue of 1.25 billion, a decrease of 16.7% year-on-year, with the scenic area management business revenue dropping by 32.6% [7][10]. - The gross profit margin for the scenic area management business decreased by 13.57 percentage points, indicating significant operational challenges [7][10]. - The company has ceased management operations for several scenic areas due to declining management fees and revenue, impacting overall financial performance [10][11]. Regulatory Scrutiny - The Shanghai Stock Exchange has issued inquiries regarding the company's operational management and the impact of terminated operations on financial data [6][8]. - The company acknowledged that its continuous losses have affected normal operational activities and has outlined measures to improve its financial situation [13][14]. Shareholder Issues - The controlling shareholder, Xi'an Qujiang Tourism Investment Group, has faced judicial auctions of its shares, with 12 million shares recently auctioned off, reducing its stake from 41.76% to approximately 37.06% [23][25][26]. - The company has reported that the controlling shareholder's shares are fully pledged and frozen, raising concerns about the stability of its ownership structure [30]. Accounts Receivable and Asset Sales - The company reported accounts receivable of 1.18 billion at the end of 2024, with a provision for bad debts of 360 million, indicating a high risk of uncollectible accounts [16][18]. - In 2024, the company transferred 100% equity of a subsidiary to a related party for 420.14 million, raising questions about the compliance of the transaction process [19][21].

Core Viewpoint - Qujiang Cultural Tourism (600706) is facing severe operational challenges, with continuous net profit losses for three consecutive years, and a projected loss of 131 million yuan in 2024 [1][3]. Financial Performance - The company reported a net profit loss of 248 million yuan in 2022, 195.4 million yuan in 2023, and a projected loss of 131.3 million yuan in 2024, indicating a narrowing loss but no substantial improvement in operational conditions [1][3]. - Revenue for 2024 is expected to decline by 16.7% to 1.25 billion yuan, with core scenic area management revenue dropping significantly by 32.6% to 970 million yuan, and gross margin decreasing by 13.57 percentage points to 23.73% [1][3]. Revenue Decline - The sharp decline in core scenic area revenue is the main reason for the deterioration in performance, with Qujiang Pool Heritage Park revenue down 53.04% and Big Wild Goose Pagoda revenue down 44.56% [1][3]. - Additionally, revenue from the Tang Paradise decreased by 14.74%, and from 2024, the company will no longer receive management fees from key scenic areas, further impacting its traditional profit model [2][3]. Accounts Receivable Issues - As of the end of 2024, the company has accounts receivable of 920 million yuan from the Qujiang New District Management Committee, accounting for 78% of total accounts receivable, with a cumulative provision for bad debts of 360 million yuan, representing a 31% provision rate [4]. - Although the government has promised to repay the debts over five years starting in 2025, the actual repayment pressure remains significant, with only 22.85 million yuan expected to be collected [4]. Operational Challenges - The company attributes the revenue decline to reduced management fees and decreased income from certain scenic areas, alongside rising fixed costs such as lighting production and performance fees, as well as increased depreciation and amortization [4]. - Qujiang Cultural Tourism has implemented measures such as state-owned enterprise reform, optimizing operational models, and enhancing accounts receivable collection efforts to improve operations [4]. Shareholder and Governance Issues - The controlling shareholder, Qujiang Tourism Investment (Group) Co., Ltd., has had all of its shares frozen and marked for judicial purposes, which raises concerns about governance and decision-making processes within the company [4].

二零二五年七月未經審核經營數據 及 有關無法表示意見的 補充公告 Zhenro Properties Group Limited 正 榮 地 產 集 團 有 限 公 司 （ 於開曼群島註冊成立的有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損 失承擔任何責任。 （股份代號：6158） 二零二五年七月未經審核經營數據 正榮地產集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）謹此 宣佈，截至二零二五年七月三十一日止月份，本集團連同合營公司及聯營公司的累計合約 銷售金額約為人民幣336百萬元，合約銷售建築面積約為22,944平方米。截至二零二五年七 月三十一日止月份的合約平均售價約為每平方米人民幣14,600元。 截至二零二五年七月三十一日止七個月，本集團連同合營公司及聯營公司的累計合約銷售 金額約為人民幣27.01億元，合約銷售建築面積約為165,564平方米及合約平均售價約為每平 方米人民幣16,300元。 上述數據乃未經審核及依據 ...

Core Viewpoint - The company, Zhengping Road and Bridge Construction Co., Ltd., faces significant operational challenges, including a negative audit opinion on internal controls for 2024, substantial uncertainty regarding its ability to continue as a going concern, and instances of illegal guarantees, leading to its stock being subject to additional risk warnings starting May 6, 2025 [1][3][8] Group 1: Risk Warnings and Financial Issues - The company received a negative audit report regarding its internal controls, which indicated that it has illegal guarantees exceeding 10 million yuan and has incurred losses for three consecutive years, resulting in a warning on its stock [3][8] - As of the end of 2024, the company had illegal guarantees amounting to 35 million yuan, which have since been resolved [3][4] - The company has a temporary fund occupation issue involving its subsidiary, Guizhou Water Conservancy, with a total of 17.549219 million yuan occupied by a minority shareholder, which has been partially repaid [2][4][5] Group 2: Measures and Progress - To address the illegal guarantees, the actual controller of the company negotiated with banks to repay the 35 million yuan, which has been settled without causing substantial economic loss to the company [3][4] - The company is actively working to resolve the fund occupation issue, with 9 million yuan repaid recently, leaving a balance of approximately 420,921.9 yuan [2][5] - The company has established an internal control working group to enhance management and has implemented new procedures to strengthen internal controls across various departments [7] Group 3: Fundraising and Financial Management - The company is facing challenges in returning 190 million yuan of temporarily used fundraising, and it is exploring various strategies to improve revenue and manage cash flow [6] - Efforts include enhancing traditional business operations, expanding new business avenues, and increasing the collection of receivables [6]

Audit Opinion - The audit report states that the financial statements of Guangxi Huahengtong Energy Technology Co., Ltd. (hereinafter referred to as Huahengtong) have been prepared in accordance with accounting standards and fairly reflect the company's financial position as of February 28, 2025, and its operating results and cash flows for January to February 2025 [2][3]. Management and Governance Responsibilities - The management of Huahengtong is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining necessary internal controls to prevent material misstatements due to fraud or error [3][4]. - The governance layer is responsible for overseeing the financial reporting process of Huahengtong [3]. Auditor's Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes the audit opinion [4][5]. - The auditor identifies and assesses risks of material misstatement due to fraud or error and designs audit procedures to address these risks [5][6]. Company Overview - Guangxi Huahengtong Energy Technology Co., Ltd. was established on September 22, 2017, with a registered capital of RMB 100 million. The company is located at 31 Chating Road, Beihai City [6][7]. - The company's business scope includes new energy technology consulting, machinery equipment leasing, road cargo transportation, and sales of gas appliances and related components [6]. Financial Reporting Basis - The financial statements are prepared on a going concern basis, reflecting that the company has stable operations and a reasonable asset-liability structure, with no significant adverse risks affecting its ability to continue as a going concern [7][8]. Important Accounting Policies - The company follows the accrual basis of accounting and measures assets at historical cost, with provisions for impairment as necessary [7][8]. - The company uses the weighted average method for inventory cost determination and recognizes inventory at the lower of cost or net realizable value [22][23]. Financial Instruments - Financial assets are classified based on the business model for managing them and their cash flow characteristics, including those measured at amortized cost and those measured at fair value [9][10]. - The company recognizes expected credit losses for financial instruments based on their credit risk stages, with different measurement approaches for each stage [17][18]. Long-term Equity Investments - Long-term equity investments are accounted for using the cost method or the equity method, depending on the level of control or influence the company has over the investee [23][24]. - The company assesses whether there are indications of impairment for long-term equity investments and recognizes impairment losses when necessary [29][30]. Fixed Assets - Fixed assets are recognized at cost and depreciated using the straight-line method over their useful lives, with specific depreciation rates for different asset categories [30][31]. Intangible Assets - Intangible assets are recognized based on contractual or legal rights, with their useful lives determined accordingly. Research phase expenditures are expensed, while development phase expenditures may be capitalized if certain criteria are met [32][34].

Core Viewpoint - The financial troubles of Emperor International, controlled by Yang Shoucheng, have led to significant stock declines and raised concerns about the company's future viability [1][4][6]. Financial Performance - For the fiscal year 2024/2025, Emperor International reported total revenue of HKD 1.376 billion, a year-on-year increase of 41.47% [4]. - The company recorded a shareholder loss of HKD 4.743 billion, which represents a year-on-year increase of 131.75% [4]. - Deloitte issued a non-standard report on Emperor International's financial statements, indicating a loss of HKD 4.84 billion and highlighting overdue bank loans totaling HKD 16.6 billion [4]. Stock Market Reaction - On June 30, Emperor International's stock fell by over 15%, closing with a decline of 11.76% at HKD 0.21 per share, resulting in a total market capitalization of HKD 1.158 billion [1]. - Other Emperor Group stocks also experienced significant declines, including Emperor Watch & Jewellery down 8.33%, Emperor Entertainment Hotel down 5.26%, and Emperor Capital down 18.18% [3]. Company Background - Emperor International is a publicly listed company under the Emperor Group, focusing on property investment and real estate development, controlled by the Yang family [5]. - The company has diversified operations, including real estate, finance, jewelry, entertainment, and hotel management, with seven subsidiaries listed on the Hong Kong Stock Exchange [9]. Yang Shoucheng's Influence - Yang Shoucheng is a prominent figure in Hong Kong's entertainment industry, having supported various successful films and nurtured many popular artists [6][11]. - His business ventures began with a jewelry store and expanded into a diversified conglomerate, establishing a significant presence in multiple sectors [6][9].

Audit Opinion - The audit report states that the financial statements of Green Kang (Haining) Film Material Co., Ltd. fairly reflect its financial position as of December 31, 2023, and December 31, 2024, in accordance with accounting standards [1][2][7]. Financial Performance - In 2024, the company reported a net loss of CNY 150.73 million, compared to a net loss of CNY 21.49 million in 2023 [3][4]. - The total revenue for 2024 was CNY 88.91 million, a significant decrease from CNY 104.38 million in 2023 [3][4]. Financial Position - As of December 31, 2024, total assets amounted to CNY 478.59 million, down from CNY 560.24 million in 2023 [2][3]. - The company had total liabilities of CNY 550.18 million in 2024, compared to CNY 481.71 million in 2023, indicating an increase in financial obligations [3][4]. Cash Flow - The net cash flow from operating activities in 2024 was CNY 46.18 million, a recovery from a negative cash flow of CNY -5.97 million in 2023 [4][5]. - The cash and cash equivalents at the end of 2024 were CNY 257.58 million, a decrease from CNY 30.55 million at the end of 2023 [4][5]. Equity Changes - The total equity of the company as of December 31, 2024, was negative CNY 71.59 million, down from positive CNY 78.54 million in 2023, reflecting a significant decline in shareholder value [3][5]. Management's Responsibility - The management is responsible for preparing the financial statements in accordance with accounting standards and ensuring the accuracy of the financial reporting process [1][2]. Going Concern - The audit report highlights significant uncertainties regarding the company's ability to continue as a going concern due to the net loss and negative equity [1][6].