Financial Performance - In 2024, the company achieved total revenue of 270 million yuan, a year-on-year increase of 26.36% [2][3] - The net profit attributable to shareholders was a loss of 199.77 million yuan, an improvement from a loss of 268.65 million yuan in the previous year [2][3] - The net profit excluding non-recurring items was a loss of 161.57 million yuan, compared to a loss of 243.67 million yuan in the previous year [2][3] - The net cash flow from operating activities was 80.97 million yuan, a significant increase of 238.56% year-on-year [2][3] Key Ratios - The basic earnings per share for 2024 was -0.34 yuan, with a weighted average return on equity of -17.26% [2][3] - The company's price-to-earnings ratio (TTM) is approximately -8.71 times, while the price-to-book ratio (LF) is about 1.68 times, and the price-to-sales ratio (TTM) is around 6.41 times [2][3] Asset and Liability Changes - As of the end of 2024, the company's net assets attributable to shareholders decreased by 18.38% compared to the previous year [3] - Inventory decreased by 41.44%, while cash and cash equivalents increased by 20.29% [51] - Contract liabilities increased by 106.8%, while lease liabilities decreased by 69.72% [54] Research and Development - The company invested 14.96 million yuan in research and development in 2024, a year-on-year increase of 28.54%, representing 5.54% of total revenue [61] Shareholder Structure - The largest shareholder, Tibet Rong'en Technology Co., Ltd., holds 32.13% of the shares, with significant pledges on their holdings [65] - New shareholders include Hu Zhenmin, Zhu Qiulian, Zhang Qian, and Ye Lingxiang, replacing previous shareholders [66]

Core Viewpoint - ST Spring (600381.SH) announced that due to the negative profit total, net profit, or net profit after deducting non-recurring gains and losses for the fiscal year 2024, and the operating income being below 300 million yuan after excluding unrelated business income and income without commercial substance, the company's stock will be subject to delisting risk warning [1] Group 1 - The stock abbreviation will change from "ST Spring" to "*ST Spring," effective from April 30, 2025 [1] - The company plans to take measures to seek the removal of the delisting risk warning, including improving sales performance in the health sector, launching new fast-moving consumer goods in the beverage sector, actively exploring new business segments, and strengthening internal control systems [1] - If the company's financial indicators for the fiscal year 2025 still do not meet the standards, the stock may be terminated from listing [1]