Core Viewpoint - Multiple brokerages have warned that Chunzhong Technology (603516.SH) may face the risk of being designated as "*ST" due to potential negative financial performance in 2025, leading some brokerages to remove the stock from margin trading eligibility [2][4]. Financial Performance - Chunzhong Technology's revenue for the first three quarters of 2025 was 194 million, a year-on-year decrease of 40.69%, with a net profit attributable to shareholders of -29.24 million [4]. - The company reported a negative cash flow from operating activities of -21.18 million [4]. - Despite a recovery in the third quarter, the overall performance for the first three quarters remained in a loss position [4]. Risk Factors - The company is at risk of being flagged for delisting if its audited profit totals, net profit, or net profit after excluding non-recurring gains and losses are negative, and if its revenue falls below 300 million [2][3]. - Chunzhong Technology's stock price has shown significant volatility, with a 20% deviation in closing prices over three consecutive trading days [4]. - The stock's static price-to-earnings ratio was reported at 563.80, significantly higher than the industry average of 61.54, indicating a disconnection between stock price and fundamental performance [4]. Business Operations - The company primarily engages in the design, research, development, production, and sales of professional audio-visual control products [4]. - Chunzhong Technology's business related to liquid cooling servers is limited to testing platforms, and it does not manufacture liquid cooling servers, which may affect its market positioning [5]. - The company has faced challenges in its business operations due to material changes and product iterations from overseas clients, leading to inventory impairment and credit loss provisions totaling 10.79 million [5].

Core Viewpoint - Multiple brokerages have warned that Chunzhong Technology (603516.SH) may face the risk of being designated as "*ST" due to potential negative financial indicators for the fiscal year 2025 [3][4] Financial Performance - Chunzhong Technology's revenue for the first three quarters of 2025 was 194 million, a year-on-year decrease of 40.69%, with a net profit attributable to shareholders of -29.24 million [4][5] - The company reported a net cash flow from operating activities of -21.18 million, indicating a decline in financial health [4] Risk Warnings - Brokerages have removed Chunzhong Technology from margin trading lists as a precautionary measure, which is a standard operational procedure rather than a tightening of business [3][4] - The company has acknowledged that its revenue may not exceed 300 million, which is a threshold for potential delisting warnings [4] Stock Price Movements - The stock price of Chunzhong Technology closed at 174.7 yuan on December 1, down 28.7% from its historical high of 245 yuan on November 7, but still showing a year-to-date increase of 218.26% [6] Business Challenges - The decline in performance is attributed to a downturn in professional audio-visual and artificial intelligence businesses [5] - The company has indicated that its involvement in liquid cooling server concepts is limited, and it does not manufacture these products, which may mislead investors regarding market potential [5]

Core Viewpoint - Multiple brokerages have warned that Chunzhong Technology (603516.SH) may face the risk of being designated as "*ST" due to potential negative financial performance in 2025, leading some brokerages to remove the stock from margin trading lists [1][2] Financial Performance - Chunzhong Technology's revenue for the first three quarters of 2025 was 194 million, a year-on-year decrease of 40.69%, with a net profit attributable to shareholders of -29.24 million [2][3] - The company reported a net cash flow from operating activities of -21.18 million, indicating a decline in financial health [2] Risk Factors - The company has indicated that its revenue decline is influenced by downturns in professional audio-visual and artificial intelligence businesses [3] - There is uncertainty regarding whether the company can achieve over 300 million in revenue by 2025, which is a condition for avoiding the "*ST" designation [1][2] Stock Performance - As of December 1, the stock price of Chunzhong Technology closed at 174.7 yuan, down 28.7% from its historical high of 245 yuan on November 7, but still showing a year-to-date increase of 218.26% [4] Market Sentiment - The company has cautioned that its stock price has significantly diverged from its fundamental performance, with a static P/E ratio of 563.80 compared to the industry average of 61.54, indicating potential risks for investors [3]

Group 1 - The company, Chunz中科技 (603516.SH), issued a stock price fluctuation announcement indicating that there is high market attention on the liquid cooling server concept sector [1] - The company's business does not involve the production of liquid cooling servers but only participates in testing phases such as liquid cooling aging test platforms, highlighting a significant market space gap compared to AI server liquid cooling related products [1] - As of the first three quarters of 2025, this business has not generated any revenue, and in the first half of the year, the company recorded inventory impairment and credit impairment losses totaling 10.7865 million yuan due to material changes and product iterations for custom-developed products for overseas major clients [1] Group 2 - The future cooperation in this business is affected by various uncertainties such as client product iterations and compatibility testing, indicating a risk of business progress falling significantly short of expectations [1] - Investors are advised to rely on the company's announcement information for accurate updates [1]

Group 1 - The company, Chunzong Technology, announced that it does not engage in the production of liquid cooling servers, but only participates in testing platforms related to liquid cooling [2] - There is a significant market space difference between the company's offerings and general component products [2] - The company may apply for a trading suspension for further investigation if there are abnormal trading activities in its stock [2]