Core Viewpoint - The delisting crisis faced by the company is primarily attributed to the change in auditing firm and the delay in submitting the annual report, which highlights long-standing issues of corporate governance and control disputes [1][4]. Group 1: Corporate Governance Issues - The company received a delisting notice from NASDAQ due to its failure to submit the 2024 annual report by the deadline of November 11, 2025 [1]. - The resignation of the auditing firm, Deloitte, in April 2025, directly contributed to the inability to submit the annual report on time [1]. - A control struggle between the founder Yin Weidong and Pan Aihua has persisted for nearly a decade, severely impacting the company's normal operations [1][2]. Group 2: Financial Health and Risks - Since 2025, the company has implemented large dividend plans, including a cash dividend of $55 per share, raising concerns about its cash flow and long-term development capabilities [2]. - The company reported a sales revenue of $121.3 million and a net loss of $68.6 million in the first half of 2024, with cash and equivalents amounting to $1.1 billion [2]. - High dividend payouts may undermine the company's research and development investments and increase future debt burdens [2]. Group 3: Operational Challenges - Despite having several mature vaccine products and ongoing research pipelines, the company's operational fundamentals are under significant pressure [3]. - Revenue peaked at $19.4 billion in 2021 due to the COVID-19 vaccine but has since declined, with a 13.6% year-over-year drop in revenue for the first half of 2024 [3]. - The company faces high uncertainty regarding its ability to recover operationally amidst ongoing governance issues and potential delisting [3]. Conclusion - The delisting crisis is a culmination of long-term corporate governance chaos, control disputes, and imbalanced operational strategies, with the resolution of governance issues being crucial for the company's recovery [4].