Performance Forecast - The company expects a year-on-year increase in net profit for the fiscal year 2025, primarily due to the sale of shares in Shenzhen Huakong Saige Co., Ltd., generating an investment income of approximately 37 million yuan, which was not present in 2024 [4] - The company will include the financial statements of Shenzhen 863 New Materials Technology Co., Ltd. in its consolidated financials for 2025 following the acquisition of 81% of its shares from Shenzhen Tongchan Lixing Technology Group Co., Ltd. [2] Communication with Auditors - The performance forecast data has not been audited by the accounting firm, but the company has communicated with the auditors regarding the forecast, and there are no discrepancies between the two parties [3] Legal Matters - The company is involved in a significant lawsuit through its subsidiary, Shenzhen Saige New City Development Co., Ltd., against Shenzhen Yihui Da Industrial Co., Ltd. The claim amounts to approximately 122.36 million yuan, which includes principal and interest [6] - Previous court rulings have dismissed Yihui Da's claims, but the case is currently under review by a higher court, and the outcome remains uncertain [7][8]

Core Viewpoint - ST Huapeng (603021.SH) is projected to have a negative net asset value ranging from -208 million to -139 million yuan by the end of 2025, which may trigger a delisting risk warning according to the stock listing rules [1] Financial Summary - The company anticipates a year-end net asset value of -208 million to -139 million yuan for the fiscal year 2025 [1] - This negative net asset situation will be in violation of the stock listing rule 9.3.2, which states that a company will face delisting risk if its audited net assets are negative [1]