海闻社观察 曾因打造北京冬奥会"雪如意"照明工程而声名远播的豪尔赛(002963.SZ)，如今正深陷法律 与监管的双重漩涡。11月21日晚间，这家照明工程龙头企业突发公告，因涉嫌信息披露违法违规被中国 证监会立案调查，距离其披露单位行贿案一审结果及抗诉进展尚不足半月。多重风险叠加下，这家曾经 的行业明星企业正经历前所未有的发展困局。 这场以"子承父业"为核心的控制权变更，并未扭转公司经营的颓势。尽管豪尔赛在公告中宣称目前经 营"正常有序"，但最新财务数据却显露疲态。2025年前三季度，公司实现营收2.65亿元，同比大幅下滑 29.79%；净亏损扩大至2631.38万元，降幅高达524%。经营承压直接传导至资本市场，11月22日受立案 消息影响，公司股价单日暴跌5.32%，报收16.21元，总市值缩水至24.37亿元，较2019年上市初期的峰 值已大幅回落。11月24日，该股一字跌停，11月25日，豪尔赛大幅低开后拉升，盘中一度翻红，最终微 跌0.14%。 回溯豪尔赛的发展历程，其曾拥有足以令人称道的"高光时刻"。作为照明工程领域的龙头企业，公司履 历上不乏上海中心、北京中国尊等超高层地标项目，2020年冬奥会 ...

Financial Performance - The company reported a total revenue of 158 million yuan for the first half of 2025, a decrease of 46.6% year-on-year [1] - The net profit attributable to shareholders was -33.71 million yuan, reflecting a decline of 538.56% compared to the previous year [1] - The gross margin was 23.47%, down 21.36% year-on-year, while the net margin was -21.4%, a significant drop of 936.81% [1] - The total of selling, administrative, and financial expenses reached 48.32 million yuan, accounting for 30.57% of total revenue, an increase of 62.08% year-on-year [1] Cash Flow and Debt - The operating cash flow per share was -0.18 yuan, a decrease of 4524.29% year-on-year, indicating severe cash flow issues [1][3] - The company experienced a 341.35% decrease in income tax expenses due to negative net profit [3] - The net cash flow from operating activities dropped by 4524.29%, attributed to tight cash flow from downstream clients [3] Investment and Return Metrics - The company's historical median Return on Invested Capital (ROIC) since its listing is 3.52%, with the worst year being 2024 at -12.16% [3] - The company has recorded two years of losses since its listing, indicating a fragile business model [3] Financial Health Indicators - The company’s cash assets are reported to be healthy, but the average operating cash flow over the past three years is -20.99% of current liabilities [4] - There is a recommendation to monitor the financial expenses, as the average net cash flow from operating activities over the past three years has been negative [4]

Group 1 - The company estimates expected credit losses based on historical credit loss experience, current conditions, and forward-looking information, particularly for unbilled engineering projects and warranty deposits [1][2] - The company's customer base primarily consists of government and state-owned enterprises, which generally have high credit ratings, leading to a lower estimated bad debt provision [2][3] - The actual bad debt losses for accounts receivable and contract assets from 2022 to 2024 were significantly lower than the provisions made, indicating a conservative approach to bad debt provisioning [3][21] Group 2 - The company has a cautious bad debt provisioning policy, which is influenced by industry characteristics and customer structure, resulting in a high level of provisions compared to actual losses [3][21] - Specific projects with aged receivables have been highlighted, including the Jiangxi Nanchang Tourism Group project, which has ongoing arbitration for unpaid amounts [6][7] - The company has engaged in legal actions to recover overdue payments, with some cases resulting in favorable arbitration outcomes [8][10] Group 3 - The company reported a significant increase in sales expenses, primarily due to the acquisition of subsidiaries and increased competition in the market [30][31] - Sales expenses rose by 31.18% in 2024, driven by higher costs associated with business entertainment and bidding services [31][32] - The complexity of projects, particularly in the cultural tourism sector, has led to increased professional input and higher bidding costs [32][33]