出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：ST远智（维权）尽管三季报业绩大增但公司股价仍受公司财务造假冲击，公司股价持续跌 停。公司业绩大增背后，一方面，公司增长或主要得益于设备更新政策利好驱动，另一方面，利润端受 益于公司管理层成本费用管控叠加去年同期基数低等影响所致。需要指出的是，公司核心基本盘或仍受 地产周期影响，电梯市场出口量价齐升，而公司海外业务却不增反降。公司在这种内外交困的背景下， 其未来增长可持续性或仍有待观察。 随着ST远智财务造假事项落地，公司未来前景又如何？公司国内业务受地产周期影响，而海外业务却 不增反降，在这种内外交困背景下，公司受益于短期政策利好 值得注意的是，公司因财务造假踩中ST红线，公司股票进入风险警示板块 因财务造假，公司股价持续跌停。值得注意的是，公司所处电梯行业，国内基本盘受地产周期影响，而 销量与房地产开发 近日，ST远智因财务造假股价持续跌停。12月2日至12月4日连续三个交易日收盘价格跌幅偏离值累计 超过12%，触发股价异常波动红线。 11月28日，公司及相关人员收到中国证券监督管理委员会辽宁监管局出具的《行政处罚事先告知书》 （[2025]6号）。 ...

Core Viewpoint - Yuan Da Intelligent has received an administrative penalty notice from the Liaoning Securities Regulatory Bureau, leading to a temporary suspension of its stock and a change in its trading name to ST Yuan Zhi, indicating significant compliance issues and financial misreporting [1][9]. Summary by Sections Administrative Penalty - On November 28, Yuan Da Intelligent and related parties received an administrative penalty notice from the Liaoning Securities Regulatory Bureau, indicating potential violations of the Securities Law [6][8]. - The company is accused of two main violations: using forged acceptance certificates to prematurely recognize elevator sales revenue and recognizing rental income from unfulfilled leasing agreements, resulting in false records in multiple annual reports [6][7]. Financial Impact - The violations led to inflated revenues in the annual reports for 2019, 2020, and 2021 by 123 million, 66 million, and 147 million respectively, representing 15.22%, 7.24%, and 15.21% of the reported revenues for those years [7]. - The total profit was also inflated by 32.58 million, 21.75 million, and 38.93 million for the same years, accounting for 31.48%, 300.55%, and 286.69% of the reported profit totals [7]. - The 2022 semi-annual report showed a revenue reduction of 16.11 million, which is 4.85% of the reported revenue, and a profit reduction of 23.45 million, representing 42.96% of the reported profit [7]. Stock Trading and Risk Warning - Yuan Da Intelligent's stock will be suspended for one day starting December 1, 2025, and will resume trading on December 2, 2025, with a trading limit of 5% [1][11]. - The stock will be subject to other risk warnings due to the identified financial misreporting, although it does not meet the criteria for mandatory delisting [9][11]. Company Operations - Yuan Da Intelligent specializes in the research, production, sales, installation, and maintenance of elevators and escalators, with operations reported to be normal as of the announcement date [12]. - The company has expressed its commitment to improving internal controls and governance to prevent future violations and enhance the quality of information disclosure [12].

Core Viewpoint - The company, Yuanda Intelligent (002689), is facing administrative penalties from the Liaoning Securities Regulatory Bureau due to financial misconduct, leading to a temporary suspension of its stock trading and a change in its stock name to ST Yuanzhi [2][10]. Group 1: Administrative Penalties - On November 28, 2025, Yuanda Intelligent received an administrative penalty notice from the Liaoning Securities Regulatory Bureau [7][9]. - The company is accused of two main violations: using forged acceptance certificates to prematurely recognize elevator sales revenue and recognizing rental income from unfulfilled leasing agreements, resulting in false records in multiple annual reports [8][9]. - The violations led to inflated revenues of 123 million yuan, 66 million yuan, and 147 million yuan for the years 2019, 2020, and 2021 respectively, which accounted for 15.22%, 7.24%, and 15.21% of the reported revenues for those years [8]. Group 2: Financial Impact - The inflated profits from the aforementioned violations were 32.58 million yuan, 21.75 million yuan, and 38.93 million yuan for the years 2019, 2020, and 2021, representing 31.48%, 300.55%, and 286.69% of the reported profit totals [8]. - The 2022 semi-annual report showed a reduction in revenue of 16.11 million yuan, which was 4.85% of the reported revenue, and a profit reduction of 23.45 million yuan, accounting for 42.96% of the reported profit [8]. Group 3: Stock Trading and Company Response - The company's stock will be suspended for one day starting December 1, 2025, and will resume trading on December 2, 2025, with a new name ST Yuanzhi, while the stock code remains unchanged [2][14]. - The company has stated that it will improve internal controls and governance to prevent future violations and ensure accurate financial disclosures [14].

Group 1 - The company experienced a year-on-year decline in total new orders for the first half of 2025, but the number of effective new orders increased positively [1] - As of June 30, 2025, the company had effective orders amounting to 7.02 billion yuan [1] - The company enhanced its channel development efforts, improving channel coverage in county markets and increasing the proportion of agency revenue to total revenue to 48.08%, up by 8.27 percentage points year-on-year [1] Group 2 - The company achieved operating revenue of 1.858 billion yuan for the first half of 2025, a slight increase of 0.02% compared to the same period last year [3] - The total profit for the period was 202 million yuan, with a net profit attributable to shareholders of 179.85 million yuan, reflecting a year-on-year growth of 2.29% [3] - The company is focusing on key sectors such as home elevators, overseas markets, cultural tourism, industrial real estate, and rail transit to enhance customer satisfaction and brand communication [1][3]

Core Insights - The company reported a slight increase in revenue and net profit for the first half of 2025, indicating resilience amid industry challenges [1] - The company is focusing on enhancing core business competitiveness and operational efficiency through strategic adjustments [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.858 billion yuan, a year-on-year increase of 0.02% [1] - The total profit reached 202 million yuan, with net profit attributable to shareholders at 179.85 million yuan, reflecting a year-on-year growth of 2.29% [1] Market Strategy - The company has increased its channel development efforts, improving market coverage and project participation, particularly in county markets [2] - The proportion of agency revenue to total revenue rose to 48.08%, an increase of 8.27 percentage points year-on-year [2] Order and Sales Performance - Despite a decline in total new orders compared to the previous year, the company reported a positive growth in effective new orders, with a total of 7.02 billion yuan in effective orders as of June 30, 2025 [1] - The company is focusing on niche markets such as home elevators, overseas markets, cultural tourism, industrial real estate, and rail transit to enhance customer satisfaction and value [2]

Group 1 - The core viewpoint is that West Elevator is focusing on talent development and market expansion in the context of the manufacturing industry's transformation towards intelligent manufacturing [1][4] - The company is expanding its recruitment plan to meet the increasing demand for skilled labor in the after-sales service market, aiming to hire approximately 2000 new employees nationwide [2] - West Elevator emphasizes the importance of composite skill talents, with 70% of the positions being skill-based, and is actively collaborating with vocational colleges to cultivate high-skilled engineering talents [2][3] Group 2 - The company has invested over 35 million yuan to establish a training center, developing its own training techniques and courses to ensure alignment with job requirements [3] - More than 70% of interns can secure employment with West Elevator immediately after graduation, highlighting the effectiveness of the training programs [3] - The training center utilizes digital tools and AI to enhance training efficiency, allowing one instructor to guide up to 20 students simultaneously [3]