Core Viewpoint - *ST Weihai has recently secured significant contracts, indicating potential recovery in its business operations despite previous financial struggles [1][2]. Group 1: Recent Contracts - On December 9, *ST Weihai announced it won the bid for the "Yunnan Province Qujing City Luoping County Smart Agriculture Project Engineering General Contracting (EPC) Section 3," with a contract value of 652 million yuan, accounting for approximately 26.27% of the company's audited revenue for 2024 [1]. - Prior to this, the company was awarded the "Huaihe River to Sea Waterway Phase II Project (within Huai'an City) River Engineering Construction Section 14," with a contract value of 313 million yuan, representing about 12.6% of the company's projected revenue for 2024 [1]. Group 2: Financial Performance - From 2022 to 2024, *ST Weihai reported revenues of 2.56 billion yuan, 2.133 billion yuan, and 2.483 billion yuan, respectively, with net losses of 497 million yuan, 137 million yuan, and 151 million yuan over the same period [2]. - In the first three quarters of 2025, the company achieved a revenue of 1.29 billion yuan and a net profit of 37.52 million yuan, marking its first profit in the same period since 2022 [2]. Group 3: Risk Warnings - *ST Weihai has been under delisting risk warnings since 2019 due to issues such as illegal guarantees and fund occupation, with multiple warnings issued over the years for various financial discrepancies [3]. - The most recent warning was issued in April 2025, following the discovery of false financial disclosures in the annual report, leading to an administrative penalty notice from the Ningbo Securities Regulatory Bureau [3].

Core Viewpoint - *ST Weihai has recently secured significant contracts, indicating a potential recovery in its business operations despite past financial struggles [2][3]. Group 1: Recent Contracts - On December 9, *ST Weihai announced it won the bid for the "Yunnan Province Qujing City Luoping County Smart Agriculture Project Engineering General Contracting (EPC) Section 3," with a contract value of 652 million yuan, accounting for approximately 26.27% of the company's audited revenue for 2024 [2]. - Prior to this, the company also won the bid for the "Huaihe River to Sea Waterway Phase II Project (within Huai'an City) River Engineering Construction Section 14," with a contract value of 313 million yuan, representing about 12.6% of the company's projected revenue for 2024 [2]. Group 2: Financial Performance - From 2022 to 2024, *ST Weihai reported revenues of 2.56 billion yuan, 2.133 billion yuan, and 2.483 billion yuan, respectively, with net losses of 497 million yuan, 137 million yuan, and 151 million yuan over the same period [3]. - In the first three quarters of 2025, the company achieved a revenue of 1.29 billion yuan and a net profit of 37.52 million yuan, marking its first profit in the same period since 2022 [3]. Group 3: Cash Flow Concerns - Despite returning to profitability, the company's cash flow remains a concern, with a net cash flow from operating activities of -406 million yuan in the first three quarters of 2025, a decline of 110.54% year-on-year, primarily due to increased payments for engineering projects [3]. Group 4: Risk Warnings - *ST Weihai has been under delisting risk warnings since 2019 due to issues such as illegal guarantees and fund occupation, with multiple warnings issued over the years due to various financial irregularities [4]. - The most recent warning was issued in April 2025 after the company disclosed false financial indicators in its annual report, leading to administrative penalties from the Ningbo Securities Regulatory Bureau [4].