Core Viewpoint - The announcement of the termination of *ST Lingyun B's stock listing marks a significant event in the capital market, highlighting the challenges faced by companies in maintaining their market presence amid stringent regulations and financial difficulties [2][3]. Group 1: Company Overview - *ST Lingyun B, established in 1998, has a registered capital of 349 million yuan and was listed in 2000 as a domestic B-share company [3]. - The company primarily engages in photovoltaic power generation and commercial property leasing, with electricity revenue being its main income source [6]. Group 2: Financial Performance - The company reported a significant decline in revenue, with 2024 operating income at 88.15 million yuan, a decrease of 28.20% year-on-year, and a net profit of -4.02 million yuan, down from 40.28 million yuan the previous year [6][7]. - The average benchmark electricity price for 2024 was 0.1545 yuan per kilowatt-hour, a 34% decrease from the previous year's average of 0.234 yuan per kilowatt-hour, contributing to reduced profitability [7]. Group 3: Market Challenges - The stock price fell below 1 yuan for 20 consecutive trading days, leading to the termination of its listing, with the last closing price at 0.086 USD per share [3]. - The company faces liquidity issues post-delisting, as trading will shift to the National Equities Exchange and Quotations system, which has lower trading activity and price discovery capabilities [4]. Group 4: Operational Issues - The company’s photovoltaic power generation was adversely affected by weather conditions, with only 127 sunny days in 2024 compared to 154 in 2023, leading to a reduction of approximately 10.8 million kilowatt-hours in output [6][7]. - The subsidiary, Jingyuan Deyou, reported a 20.76% decrease in settlement electricity volume and a 95.21% drop in net profit, indicating severe operational challenges [8]. Group 5: Financial Strain - As of the end of Q1 2025, the company's accounts receivable reached 387 million yuan, reflecting ongoing cash flow pressures due to delayed government subsidies [9]. - The company relies heavily on bank loans to maintain operations, which increases financial risk and hampers profitability [8][9].

根据年报，2024年，阿特斯实现营业收入约461亿元，同比下降逾10%；归属母公司股东的净利润(简 称"归母净利润")约22亿元，同比下降超20%。 2024年，受产能结构性过剩影响，光伏行业进入寒冬，行业企业亏损普遍。阿特斯是为数不多仍然大额 盈利的企业。 今年一季度，阿特斯的营收净利再度下降，但仍然保持了盈利。 阿特斯主要从事光伏组件的研发、生产和销售，除了光伏组件，公司还布局光伏储能业务。储能业务快 速增长，平抑了组件业务亏损。 穿越光伏凛冬，阿特斯(688472)实现了。 阿特斯深耕全球市场，2024年，公司来自海外市场收入占比77.57%。今年一季度，公司归母净利润大 幅下降，主要是受产品价格下降、关税及运费成本增加影响。 为了应对贸易壁垒，阿特斯加速推进本地化产能建设，实施"全球孵化、本地部署"的策略，以降低外部 不确定性影响。 阿特斯仍然看好未来发展前景。截至今年4月，公司已经耗资近3亿元回购公司股份。 年度实现盈利超22亿 光伏寒冬中，阿特斯依旧保持着盈利状态。 年报显示，2024年，阿特斯实现营业收入461.65亿元，同比下降10.03%；归母净利润22.47亿元，同比 下降22.60%；扣 ...