Core Viewpoint - The recent cancellation or removal of seven companies owned by Zeng Yi has attracted significant attention, raising questions about the underlying reasons and potential impacts [1]. Group 1: Business Decision Transformation - Zeng Yi's actions may stem from a strategic transformation in business, as the evolving market environment necessitates a shift from outdated business models to more promising sectors [2]. - This transformation requires precise insights into market trends, indicating that Zeng Yi's decision was likely made after careful consideration of the pros and cons [2]. Group 2: Operational Challenges - Companies often face numerous operational challenges, such as intense market competition leading to significant declines in performance and limited profits, which can hinder daily operations [3]. - Issues like cash flow disruptions may force companies to withdraw or be removed, suggesting that Zeng Yi's decision to reduce losses was a prudent business move [3]. Group 3: Legal Compliance Issues - Companies must adhere strictly to relevant laws and regulations; failure to do so can result in cancellation of registration or removal due to legal compliance challenges, including tax issues and regulatory violations [4]. - Encountering legal challenges can not only harm a company's reputation but also lead to severe legal penalties, which could have financial repercussions for Zeng Yi's enterprises [4]. Group 4: Team Collaboration Issues - The growth of a company relies on effective team collaboration; internal disputes can hinder progress and lead to operational difficulties [7]. - Instability within the team can obstruct the effective implementation of corporate strategies, potentially putting the company's sustainability at risk [7]. Group 5: Future Development Path - Despite the cancellation or removal of these companies, Zeng Yi's future development path remains a topic of interest, with potential for leveraging accumulated business knowledge to create new ventures [8]. - Observers are curious whether Zeng Yi will continue to focus on familiar industries or venture into emerging fields, making his next steps worthy of attention [8].

Operating Overview - The total operating revenue of ST Longjin (002750) for 2024 was 66.48 million yuan, a year-on-year decrease of 23.25% [2] - The net profit attributable to shareholders was -41.44 million yuan, an increase of 41.58% year-on-year; the net profit after deducting non-recurring gains and losses was -50.46 million yuan, up 37.78% year-on-year [2] - Despite poor annual performance, the fourth quarter showed improvement with total operating revenue of 19.87 million yuan, a year-on-year increase of 27.65% [2] Profitability Analysis - The company's profitability improved in 2024, with a gross margin of 64.25%, an increase of 5.53% year-on-year [3] - The net profit margin was -70.66%, an increase of 27.36% year-on-year, indicating that the company remains in a loss position [3] Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 66.58 million yuan, accounting for 100.15% of revenue, a decrease of 7.73% year-on-year [4] - The reduction in sales expenses was primarily due to the implementation of centralized procurement price linkage policies in non-centralized procurement provinces [4] Cash Flow Situation - The operating cash flow per share was -0.09 yuan, an increase of 12.8% year-on-year, indicating some improvement [5] - However, the average operating cash flow over the past three years relative to current liabilities was -78.8%, suggesting ongoing concerns regarding cash flow [5] Asset and Liability Situation - The company's cash and cash equivalents amounted to 262 million yuan, a year-on-year increase of 24.2%, indicating a healthy cash position [6] - Accounts receivable decreased by 27.86% year-on-year to 8.75 million yuan, reflecting improved collection [6] Development Prospects and Risks - The company has been deeply involved in the pharmaceutical manufacturing industry for many years, holding nearly 40 domestic and foreign invention patents [7] - However, the product structure remains single, with revenues from other chemical generic drugs being relatively small [7] - The company faces multiple risks, including industry policy changes, research and development innovation, management, and safety and environmental protection [7] Summary - Overall, ST Longjin showed some recovery in profitability in 2024, but the overall operating condition remains under significant pressure [8] - The company needs to further optimize its product structure, enhance market competitiveness, and strengthen cash flow management and risk prevention for sustainable development [8]