Core Points - A new business named "Xingning Fresh Drinking Water Store" has been established as an individual business entity with a registered capital of 30,000 RMB [1] - The business's operational scope includes licensed projects for on-site production and sale of drinking water, subject to approval from relevant authorities [1] - General business activities include water resource management, sales of daily necessities, health and wellness services (non-medical), and sales of pre-packaged food and internet sales of pre-packaged food [1]

Core Insights - A new individual business named Chenggong District Qingqingfang Mineral Water Sales Department has been established, with a registered capital of 30,000 RMB [1] - The business scope includes various activities such as the sale of drinking water, direct drinking water equipment, household appliances, daily necessities, health consultation services, and online sales of pre-packaged food [1] Business Overview - The legal representative of the new business is Li Yizhou [1] - The business is authorized to operate under specific licenses and approvals from relevant authorities for certain activities [1] Operational Scope - The business is involved in both licensed and general projects, including health and wellness services (non-medical) and the sale of health food [1] - It also engages in internet sales, excluding items that require special permits [1]

Core Points - A new individual business named Beihai City Yinhai District Lehuo Drinking Water Store has been established, with a registered capital of 10,000 RMB [1] - The legal representative of the business is Ju Guangyu [1] - The business scope includes licensed operations for on-site production and sale of drinking water, subject to approval from relevant authorities [1] - General business activities include food sales, specifically the sale of pre-packaged food, and the business can operate independently based on its business license [1]

Core Insights - A new individual business named Deyang Economic Development Zone Li Jian Drinking Water Store has been established, with a registered capital of 10,000 RMB [1] - The legal representative of the business is Li Gaojian, indicating a personal ownership structure [1] Business Scope - The business is authorized to engage in the production and sale of drinking water, as well as food internet sales and food sales, subject to necessary approvals [1] - General business activities include sales of household appliances, adult products (excluding drugs and medical devices), maternal and infant products, home goods, daily necessities, jewelry retail, daily household appliances retail, and pre-packaged food sales [1] - The business can operate independently based on its business license, except for projects that require approval [1]

Core Viewpoint - *ST Taihe, known as the "first stock in water ecological restoration," is focused on maintaining its listing status in 2025 after facing financial difficulties and being placed under special treatment due to regulatory standards [1][2]. Business Transformation Efforts - The company has attempted business transformation by acquiring Heilongjiang Haihe Beverage Co. in 2022 and entering the AI sector with a significant computing power leasing contract in 2024 [1][2]. - Despite these efforts, the short-term results have not been satisfactory, leading to a decline in financial performance [1]. Main Business Segments - As of 2024, *ST Taihe's main business segments include water environment ecological construction (46.30 million), water environment ecological maintenance (14.64 million), drinking water sales (23.98 million), and IT product sales (17.63 million) [2][3]. - The company plans to focus solely on its main business in 2025, postponing further transformation efforts [2]. Financial Performance - In the first quarter of 2025, *ST Taihe reported total revenue of 30.26 million, a year-on-year decrease of 22.29%, and a net loss of 5.81 million [9]. - The company's revenue has been declining over the past few years, with figures of 205 million, 183 million, and 103 million from 2022 to 2024 [9]. Accounts Receivable and Financing - The company has over 100 million in accounts receivable related to its computing power leasing contract, which has raised regulatory concerns [6]. - *ST Taihe plans to apply for a financing limit of up to 500 million RMB in 2025 to support its operations and business development [7][8]. Legal and Management Issues - The founder, He Wenhui, is involved in a legal dispute regarding unpaid performance compensation, which has led to a court ruling requiring him to pay 65.86 million in cash compensation and penalties [11][12]. - The company is actively working to resolve these legal issues and has applied for a retrial [12].