Group 1 - The core revenue composition of *ST Gaohong for the year 2024 is as follows: telecommunications value-added services account for 35.31%, 3G-IT chain sales account for 33.01%, enterprise information services account for 30.98%, and other businesses account for 0.69% [1] Group 2 - On August 8, 2025, the Shenzhen Stock Exchange issued a letter of concern to *ST Gaohong regarding the receipt of an administrative penalty notice from the China Securities Regulatory Commission, indicating that the company engaged in false trade activities to inflate revenue and profits from 2015 to 2023 [3] - The notice states that the company’s actions constitute fraudulent issuance, as false revenue and profit data from 2018 to 2020 were referenced in documents related to a non-public stock issuance in 2020 [3] - The company may face mandatory delisting due to significant violations of the stock listing rules, and disciplinary procedures will be initiated against the company and relevant parties [3]