Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. (*ST Yushun*) will resume trading on May 26, 2025, after a significant stock price increase of 204.18% from March 31 to May 20, 2025, and following a self-examination of stock price fluctuations [1][2][6] Group 1: Stock Trading and Financial Performance - The company reported a net profit of -17.57 million yuan for the fiscal year 2024, with a revenue of 220.28 million yuan, which triggered a delisting risk warning from the Shenzhen Stock Exchange [3][4] - The company’s first-quarter 2025 revenue was 45.73 million yuan, with a net profit of 1.14 million yuan, indicating a slight recovery [4] - The company’s current static price-to-earnings (P/E) ratio is 38.22, and the price-to-book (P/B) ratio is 3.24, which are significantly higher than industry peers [3][6] Group 2: Major Asset Restructuring Plans - The company is planning a major asset restructuring to improve asset quality and profitability, involving the acquisition of 100% equity in several data technology companies [5][6] - This acquisition is still in the planning stage and may face risks related to approval, funding, and operational performance of the target companies [5][6] Group 3: Industry Comparison - The company’s P/E and P/B ratios are notably higher than those of comparable companies in the industry, such as Helitai and O-film, indicating a significant deviation in valuation metrics [6]

Core Viewpoint - *ST Yushun's stock price has experienced significant volatility, leading to a suspension of trading for verification, with a notable increase of 204.18% from 4.51 CNY to 14.54 CNY between March 31 and May 20, 2025 [2][4][5] Group 1: Stock Price Movement - The stock price surged from 4.51 CNY to 14.54 CNY, marking a cumulative increase of 204.18% [2][4] - The stock recorded 22 out of 25 trading days with price increases, indicating abnormal trading activity [4][5] - The company has been suspended from trading since May 21, 2025, for a period not exceeding three trading days due to the unusual price fluctuations [2][4] Group 2: Valuation Metrics - The company's current static P/E ratio is 38.22, and the P/B ratio is 17.58, which are significantly higher than those of comparable companies [5][6] - Among comparable companies, the highest P/B ratio is 12.11 for OFILM, while the lowest is 1.65 for Jingwei Huikai [5] Group 3: M&A Activity - The company is planning a major asset restructuring involving the acquisition of 100% equity in three data center companies, which is expected to transform its business model [6][7] - The restructuring announcement on April 22, 2025, coincided with the stock price increase, suggesting potential speculative trading [6][8] - The restructuring is still in the planning stage and faces uncertainties, including the need for further negotiations and approvals [7][8] Group 4: Financial Health and Risks - As of the end of Q1 2025, the company reported cash reserves of 14.50 million CNY and total liabilities of 155 million CNY, indicating potential financial strain [7][8] - The target companies involved in the acquisition have significant debt, which could impact the future profitability of *ST Yushun [7][8] - The company faces a risk of delisting due to poor financial performance, with a reported revenue of 22 million CNY and a net loss of 17.57 million CNY for 2024 [9]

Group 1 - The company *ST Yushun has announced a risk of being delisted due to a net loss of 17.57 million yuan for the fiscal year 2024, with a net loss of 21.43 million yuan after excluding non-recurring gains and losses [2] - The company's operating revenue for 2024 was 220 million yuan, which is below the 300 million yuan threshold, triggering delisting risk warnings effective from May 6, 2025 [2] - The company is planning to acquire 100% equity of three companies, including Zhong'en Cloud (Beijing) Data Technology Co., Ltd., which may constitute a major asset restructuring, but the transaction is still in the planning stage and faces approval risks [2] Group 2 - As of the end of Q1 2025, the company had a cash balance of 14.50 million yuan and total liabilities of 155 million yuan, indicating potential negative impacts on operational performance if sufficient transaction funds cannot be raised [2] - The company’s customer concentration is high, and any changes in demand from key customers or difficulties in acquiring new clients could adversely affect its performance [2] - As of May 15, 2025, the company's price-to-book ratio was 16.07 times, significantly deviating from the industry average price-to-earnings ratio of 37.99 times and price-to-book ratio of 3.22 times for comparable listed companies in the manufacturing sector [3]