天眼查App显示，近日，潮州市青森陶瓷有限公司成立，注册资本5万人民币，经营范围为一般项目： 日用陶瓷制品销售；卫生陶瓷制品销售；卫生洁具销售；茶具销售；工艺美术品及收藏品零售（象牙及 其制品除外）；工艺美术品及收藏品批发（象牙及其制品除外）；工艺美术品及礼仪用品销售（象牙及 其制品除外）；日用玻璃制品销售；日用木制品销售；竹制品销售；厨具卫具及日用杂品批发；厨具卫 具及日用杂品零售；日用品销售；日用百货销售；日用品批发；五金产品零售；五金产品批发；金属制 品销售；家具销售；家居用品销售；塑料制品销售；办公用品销售；电子产品销售；服装服饰零售；互 联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Guangdong Sitong Group Co., Ltd. for the first half of 2025, indicating a significant increase in revenue but continued losses, alongside a focus on expanding into new materials and optimizing operational efficiency [1][2]. Company Overview and Financial Indicators - The company reported a revenue of approximately 173.73 million yuan, a 75.88% increase compared to the same period last year [2]. - The total profit for the period was a loss of approximately 16.02 million yuan, worsening from a loss of 8.96 million yuan in the previous year [2]. - The net profit attributable to shareholders was approximately -16.20 million yuan, compared to -9.08 million yuan in the previous year [2]. - The net cash flow from operating activities was -62.66 million yuan, a significant decline from a positive cash flow of 2.00 million yuan in the previous year [2]. Business Operations and Market Analysis - The company operates as a comprehensive supplier of home ceramic products, including daily-use ceramics, sanitary ceramics, and artistic ceramics, and has expanded into zirconium-titanium mineral refining as a new growth area [3][6]. - The domestic market for ceramics is recovering, with increasing demand for high-quality products, particularly in the mid-to-high-end segments [3][4]. - The company emphasizes a customer-centric approach, enhancing customer satisfaction and loyalty through personalized services and quality assurance [7][8]. Financial Management and Cost Control - The company has implemented a lean management model to control and reduce unnecessary expenses, aiming to optimize operational costs and improve efficiency [6]. - The management has focused on reducing production costs through technological upgrades and resource recycling [6][12]. Competitive Landscape and Industry Trends - The ceramic industry is characterized by intense competition and a low concentration of market players, with a significant push towards green transformation in response to national carbon neutrality goals [3][4]. - The company is positioned to leverage its technological capabilities and brand strength to enhance its market competitiveness and adapt to evolving consumer preferences [9][10]. Innovation and Product Development - The company has invested in research and development, resulting in numerous patents and awards for innovative ceramic products that blend traditional craftsmanship with modern aesthetics [10][11]. - The focus on product differentiation through design and material innovation is aimed at meeting the growing demand for personalized and high-quality ceramic products [10][11].

Core Viewpoint - The A-share market is accelerating the elimination of underperforming companies, with over 140 listed companies facing delisting risk warnings this year, leading to significant stock price declines for many of these companies [1][2][4]. Group 1: Market Dynamics - More than 140 listed companies have been implemented with ST (Special Treatment) status due to new regulations, with 43 and 27 companies receiving this status on April 30 and May 6, respectively [2]. - Companies under delisting risk warnings generally experience sharp declines in stock prices, impacting funds that have invested in these stocks [2][4]. - The "shell value" of listed companies has significantly decreased due to strict enforcement of delisting regulations [7]. Group 2: Fund Involvement - Despite the decline in interest from public funds in ST stocks, some companies that may potentially remove their ST status are still attracting attention from public funds [1][7]. - Among the 140+ companies facing delisting risk, only 19 have fund holdings, primarily from passive funds like ETFs [4]. - Public funds have a low "踩雷" (踩雷 means to hit a mine, referring to investment losses) ratio, with most holdings being in theme ETFs rather than actively managed funds [4]. Group 3: Specific Company Cases - *ST天择, an AI media concept stock, saw its stock price drop significantly after being placed under ST status, despite previously attracting substantial public fund investment [3][2]. - 松发股份 also faced ST status due to negative financial performance, with public funds holding a high concentration in this stock [3]. - ST华通, which faced ST status due to financial fraud, has seen a recovery in stock price, with 22 equity products investing in it as of the end of Q1 this year [7]. Group 4: Investment Strategies - The process for a stock to enter a core stock pool involves multiple layers of scrutiny, with fundamental performance being the primary criterion [5]. - Fund managers must undergo a complex approval process to invest in high-risk ST stocks, reflecting a cautious approach in the current regulatory environment [8]. - Some index funds may choose to retain ST stocks in their portfolios, while others may opt to remove them based on their investment strategies [6].