Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. is at risk of being delisted due to negative financial performance, including a projected net profit loss for 2025 and revenue below 300 million yuan [2][4][7]. Financial Performance - The company reported that for the fiscal year 2024, both the net profit and the net profit after deducting non-recurring gains and losses were negative, with revenue falling below 300 million yuan, triggering a delisting risk warning from the Shenzhen Stock Exchange starting May 6, 2025 [2][4]. - The company anticipates that for 2025, the total profit, net profit, and net profit after deducting non-recurring gains and losses will also be negative, with projected revenue of 407 million yuan, which includes approximately 81.01 million yuan from new IDC business [3][7]. Delisting Risk - According to the Shenzhen Stock Exchange's regulations, if the company continues to meet the criteria for delisting in 2025, its stock will be terminated from listing [4][5]. - The company is required to disclose the risk of potential delisting within one month after the end of the fiscal year, and subsequently every ten trading days until the annual report is released [2][6]. Major Asset Restructuring - The company is actively pursuing a major asset restructuring by acquiring 100% of the shares of Zhongen Cloud IDC project companies, which has been approved in a recent shareholder meeting [7][10]. - The restructuring includes a financing lease agreement with a total financing amount of 1.62 billion yuan, aimed at improving capital efficiency [11][18]. Financing Lease Details - The financing lease contract signed with China Merchants Bank Financial Leasing Co., Ltd. involves a total financing amount of 162.23 million yuan, with a lease term of 60 months [11][15]. - The lease is structured as a sale-leaseback arrangement, and the company has provided accounts receivable as collateral for the financing [11][17]. Impact on Operations - The financing lease is expected to enhance the company's financing channels and improve capital utilization without significantly affecting its daily operations [18][19].

Group 1 - The core point of the article is that *ST Yushun has made significant progress in its major asset restructuring following the approval of a financing lease agreement with a total financing amount of 1.622 billion yuan [1][2] - The financing lease agreement was approved with 99.9474% of the voting rights at the shareholders' meeting, allowing the management to proceed with all necessary actions for the lease business [1] - The financing lease will help *ST Yushun's subsidiary, Zhong'en Cloud Technology, to resolve existing debts and facilitate the transfer of equity, thereby improving its capital structure and financing channels [2] Group 2 - The sale and leaseback model allows Zhong'en Cloud Technology to sell its data center equipment to Zhuhai Financial Leasing and continue using it, thus avoiding significant increases in interest-bearing liabilities [2] - The 1.622 billion yuan financing will cover long-term loans owed to CITIC Bank's Beijing branch, enabling the cancellation of equity pledges and clearing obstacles for equity transfer [2] - The market anticipates that resolving the equity pledge issue will enable *ST Yushun to quickly complete the acquisition of the data center project, leading to a fundamental improvement in its financial position [2]