Core Viewpoint - The company Liou Co., Ltd. has disclosed that its actual guarantee balance for wholly-owned and controlling subsidiaries amounts to approximately 2.91 billion yuan, which represents 22.58% of the company's most recent audited net assets [1] Summary by Category Financial Guarantees - The actual guarantee balance involving financial institutions is approximately 2.182 billion yuan, accounting for 16.93% of the company's most recent audited net assets [1] - The actual guarantee balance related to digital marketing business cooperation is about 728 million yuan, representing 5.65% of the company's most recent audited net assets [1]

Core Viewpoint - *ST Yuancheng has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) for suspected violations, including false records in annual reports from 2020 to 2022 and fabrication of significant false content in the 2022 non-public stock issuance documents [2] Group 1: Company Violations - The company and its actual controller are suspected of long-term financial fraud, with false records spanning three consecutive years [2] - The fraudulent activities are linked to refinancing efforts, with non-public issuance relying on falsified data [2] - If the company is found guilty of continuous financial fraud for three years, it may face delisting from the stock exchange [2] Group 2: Recommendations for Prevention and Control - Strengthening internal controls and external supervision is essential to prevent financial fraud, focusing on governance and oversight [3] - A dual defense system should be established, emphasizing the need for a robust internal control system that covers all critical business processes [3] - Auditors should enhance audit quality through "penetrating audits" to verify the authenticity of transactions and funds [3] Group 3: Dynamic Monitoring and Corrections - Implementing a "filing + tracking" system for major projects to ensure dynamic supervision and timely reporting to regulatory bodies [3] - Regulatory authorities should compare project progress reports with financial disclosures to identify discrepancies and initiate inquiries when necessary [3] Group 4: Information Disclosure and Correction Mechanism - Companies should regularly review the quality of financial information and promptly disclose corrections for any accounting errors [4] - Regulatory bodies need to focus on reviewing correction announcements and treat accounting errors as significant regulatory clues [5] Group 5: Financial Fraud Warning Mechanism - Utilizing big data and AI to create monitoring models for financial anomalies, automatically issuing alerts for companies with significant deviations in revenue and profit [5] - Encouraging public participation in supervision through a reward system for valid reports of financial misconduct [5]

Financial Performance - Company reported a total revenue of 276 million yuan for the first half of 2025, representing a year-on-year increase of 35.8% [1] - The net profit attributable to shareholders was 171,600 yuan, showing a significant year-on-year increase of 101.28% [1] - In Q2 2025, the total revenue reached 172 million yuan, up 39.93% year-on-year, while the net profit attributable to shareholders was -2.0168 million yuan, an increase of 73.45% year-on-year [1] Profitability Metrics - Gross margin improved to 2.84%, reflecting a year-on-year increase of 19.12% [1] - Net margin turned positive at 0.03%, a substantial increase of 100.5% compared to the previous year [1] - Total selling, administrative, and financial expenses amounted to 16.5646 million yuan, accounting for 6.0% of revenue, a decrease of 57.92% year-on-year [1] Key Financial Ratios - The company’s return on invested capital (ROIC) over the past decade has been poor, with a median of -1.45% and a worst year in 2020 at -67.77% [3] - Cash flow metrics indicate that cash and cash equivalents to current liabilities ratio is only 15.21%, and the average operating cash flow to current liabilities ratio over the past three years is 4.65% [3] - The interest-bearing debt ratio has reached 33.79%, with the total interest-bearing debt to average operating cash flow ratio at 15.41% [3] Strategic Outlook - The company aims to enhance business quality, reduce costs, improve accounts receivable collection, and dispose of idle assets to improve overall operational performance [4]

国泰海通证券股份有限公司 关于咸亨国际科技股份有限公司 使用部分暂时闲置募集资金补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为咸 亨国际科技股份有限公司（以下简称"咸亨国际"、"公司"或"发行人"）首次 公开发行股票并在主板上市的持续督导保荐机构，根据《证券发行上市保荐业务 管理办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第1号——规范运作》等有关规定，对公司 使用部分暂时闲置募集资金补充流动资金的事项进行了核查，具体情况如下： 一、募集资金基本情况 合计 133,585.50 47,470.93 经中国证券监督管理委员会《关于核准咸亨国际科技股份有限公司首次公开 发行股票的批复》（证监许可〔2021〕1776 号）核准，并经上海证券交易所同 意，公司向社会首次公开发行人民币普通股（A 股）4,001 万股，每股面值为 1 元，每股发行价格为 13.65 元，募集资金总额为 54,613.65 万元，扣除各项发行 费用（不含增值税）人民币 7,153.64 万元后，实际募集资金净额为人民币 47,460.01 ...

Core Viewpoint - The announcement by Liao Co., Ltd. regarding the approval to invest up to 3 billion RMB in securities reflects an increasing market attractiveness and a gradual recovery of confidence among institutional and individual investors [1][2]. Group 1: Investment Principles - The company emphasizes the "main business first" principle, ensuring that funds are primarily allocated to core business needs to maintain long-term development [1][2]. - Building a professional investment team is crucial for successful investment decisions, as the complexity of the securities market requires high levels of expertise [2][3]. - Public companies must adhere strictly to legal boundaries during investment decisions to avoid regulatory penalties and protect shareholder interests [2][3]. Group 2: Risk Management - A balanced approach to risk and return is necessary, involving the establishment of a scientific risk-return assessment system and setting reasonable investment proportions based on risk tolerance [2][3]. - Companies should focus on long-term and value investment principles, avoiding speculative behaviors that could lead to unnecessary market volatility [3]. Group 3: Market Impact - The participation of listed companies in securities investment not only indicates enhanced market attractiveness but also injects vitality into the market, contributing to its stable development [3].

Core Viewpoint - The announcement by Liao Co., Ltd. to invest up to 3 billion RMB in securities reflects the increasing attractiveness of the market and the recovering confidence of institutional and individual investors [1] Group 1: Investment Principles - The principle of "main business first" must be adhered to, ensuring that resources prioritize the needs of the main business to support long-term development [1] - Building a professional investment team is crucial for successful investment, as the complexity of the securities market requires high levels of expertise [2] - Public companies must strictly adhere to legal boundaries in their investment decisions to avoid regulatory penalties and protect shareholder interests [2] Group 2: Risk Management and Investment Strategy - Balancing risk and return requires a multi-dimensional approach, including a scientific risk-return assessment system and setting reasonable investment ratios based on risk tolerance [2] - Public companies should exemplify long-term and value investment principles, focusing on high-quality targets with long-term growth potential to mitigate short-term speculative risks [3] - Companies must avoid herd mentality and short-sighted trading behaviors to prevent unnecessary market volatility [3] Group 3: Market Impact - The participation of listed companies in securities investment not only demonstrates the enhanced market appeal but also injects vitality into the market [3] - Prudent decision-making, professional management, and compliance with regulations are essential for maximizing the interests of the company and its shareholders while contributing to the stable development of the capital market [3]

Group 1 - The core point of the article is that LEO Group (002131.SZ) has approved a proposal to use its own funds for securities investment, with a maximum limit of 3 billion RMB (or equivalent foreign currency at the time of investment) [1] - The proposal was passed during the 12th meeting of the 7th Board of Directors and does not require submission to the shareholders' meeting for approval [1] - The authorization period for this investment is valid for 12 months from the date of the board's approval [1]

Group 1 - Several *ST companies in the A-share market have successfully removed their delisting risk warnings since May, indicating a positive trend in the market [1][2] - Beijing Oriental Garden Environment Co., Ltd. (Oriental Garden) and Sichuan Jinshi Technology Co., Ltd. (Jinshi Technology) have both lifted their delisting risk warnings and changed their stock names [1] - Fujian Aonong Biotechnology Group Co., Ltd. (Aonong Biotechnology) and Shanxi Kexin Development Co., Ltd. (Kexin Development) have also successfully removed their delisting risk warnings, reflecting improved financial health [1] Group 2 - The recent trend of *ST companies removing delisting warnings is seen as a positive signal from a strategic perspective, as it indicates companies are focusing on core operations and restructuring [2] - Kexin Development reported a revenue of 375 million yuan and a net profit of approximately 39.98 million yuan for 2024, highlighting its successful business strategy [2] - Jinshi Technology achieved revenues of 258 million yuan from its energy storage business and 120 million yuan from its safety and fire protection business in 2024, demonstrating effective business transformation [2] Group 3 - Wento Holdings' successful removal of its delisting warning is attributed to its judicial restructuring, which improved its asset-liability structure and operational capabilities [3] - Aonong Biotechnology reported an annual revenue of 8.763 billion yuan and a net profit of 579 million yuan for 2024, following its bankruptcy restructuring [3] - The focus on core business and internal control quality is crucial for companies to improve their fundamentals and regain market confidence [3]