Core Viewpoint - ST Zhisheng (002253) has released its 2025 performance forecast, expecting annual revenue between 320 million to 350 million yuan, with a net profit loss projected between 230 million to 280 million yuan. If the revenue data is confirmed through auditing, the company may avoid delisting risk due to "deducted revenue falling below 300 million yuan" [1][2]. Financial Performance - The company anticipates a total operating income of 320 million to 350 million yuan for 2025, with a net profit loss of 230 million to 280 million yuan. The estimated net assets at the end of the period are expected to be between 870 million to 920 million yuan. This revenue forecast, if confirmed, could help the company avoid delisting risk, as its stock has been under delisting risk warning since April 29, 2025 [2]. Stock Performance - On February 3, 2026, the company announced that its stock price had experienced a cumulative decline of over 12% across three consecutive trading days (January 30, February 2, and February 3), indicating abnormal volatility. The company confirmed that there had been no significant changes in its operational situation and advised investors to remain cautious [3]. Project Development - In 2025, the company plans to establish two new holding subsidiaries focusing on the "smart city" and "digital government" sectors, with related business already contributing to revenue during the reporting period. Additionally, the company is pursuing resource integration through mergers and acquisitions to create a dual-driven model of "internal growth + external expansion" [4].

Investment Rating - The report provides a "Buy" recommendation for the technology sector, indicating a positive outlook for the industry over the next 12 months [24]. Core Insights - The report highlights key stocks in the technology sector for May 2025, including Hengxuan Technology, Weir Shares, Cambricon, Tax Friend, Huafeng Technology, Huace Navigation, Kaiying Network, and Shanghai Film [4][7]. - The report emphasizes the growth potential in various sub-sectors such as electronics, computing, communications, and media, driven by advancements in AI and digital transformation [9][10][11][12][14]. Summary by Category Electronics - Hengxuan Technology is recognized as a leader in wearable SoC, with strong growth in TWS earphones and potential in AI glasses and smartwatches [9]. - Weir Shares reported better-than-expected Q1 results, driven by high demand in automotive, IoT, and medical sectors, with a focus on maintaining high gross margins [9]. Computing - Cambricon is positioned as a leading AI chip manufacturer in China, with significant revenue growth expected in 2024 and 2025, benefiting from the expansion of AI capabilities [10]. - Tax Friend is a leading digital government service provider, with strong growth in AI-driven revenue and a focus on enhancing high-margin business segments [11]. Communications - Huafeng Technology is set to benefit from the increasing demand for high-performance connectors in AI computing clusters, with projected net profits of 278 million, 361 million, and 471 million yuan from 2025 to 2027 [12]. - Huace Navigation has seen significant improvements in overseas business margins and aims for a net profit target of 730 million yuan in 2025, reflecting a 25% year-on-year increase [12]. Media - Kaiying Network has a robust pipeline of IP products and is actively expanding into new game categories and overseas markets, with a focus on AI applications in gaming [14]. - Shanghai Film is leveraging its strong IP portfolio and aims to capitalize on the recovery of the film market, with growth strategies centered around IP monetization and innovative product offerings [14].