Core Viewpoint - Yuan Dao Communication (301139) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false financial disclosures in its annual report, which may lead to mandatory delisting if deemed a serious violation [1][3]. Financial Performance - In the 2024 annual report, Yuan Dao Communication reported revenue of 1.282 billion yuan, a year-on-year decrease of 27.93%, and a net profit of 42.36 million yuan, down 38.86% year-on-year [3]. - The decline in performance is attributed to the company's strategic optimization of its business structure, reduced demand in traditional communication engineering due to operator investment shifts, and increased financial costs from new financing channels [3]. Business Operations - The company focuses on communication network maintenance, serving major operators like China Mobile and China Tower across multiple provinces [3]. - In 2024, Yuan Dao Communication expanded its service areas through a "regional linkage + technology sharing" model, successfully entering new markets in Zhejiang and Chongqing, and enhancing its position as the largest communication maintenance enterprise in China [4]. New Business Development - Yuan Dao Communication is actively exploring new business opportunities, particularly in solar energy and computing power sectors, aiming to diversify its business portfolio [4][5]. - The company is involved in solar power transformation projects for various infrastructures and offers computing power services through partnerships with operators, leveraging the "East Data West Computing" strategy [5]. Strategic Initiatives - The company has initiated a three-pronged strategic transformation plan focusing on traditional communication, renewable energy, and intelligent computing power to enhance its market position and drive sustainable growth [5]. - Yuan Dao Communication aims to leverage AI technology to improve operational efficiency and expand its market share in the communication maintenance sector over the next three years [5].