Core Viewpoint - The company Jinzelite Special Alloy Co., Ltd. is set to hold a shareholders' meeting to discuss the termination of its listing on the Beijing Stock Exchange, following a series of poor financial performances and compliance challenges that have hindered its IPO process [1][4]. Financial Performance - Jinzelite reported its worst annual performance in four years, with a non-GAAP net profit of 22.02 million, a year-on-year decline of 19.51%, failing to meet the listing standard of at least 25 million [3][9]. - The company's return on equity for 2024 was only 7.86%, below the required 8% threshold for listing [3]. - The 2023 annual report indicated a net profit of 29.18 million, marking a three-year low, which subsequently stalled its listing process [3][4]. IPO Process and Challenges - The company initially had a smooth IPO application process, receiving approval from the North Exchange in December 2023, but has faced over a year of stagnation since submitting its registration application in January 2024 [6][7]. - Concerns regarding compliance have arisen, including issues with project approvals and unusual financial transactions with related parties, raising questions about the company's operational integrity [8][9]. Strategic Responses - In response to declining performance and compliance issues, the company has implemented measures to enhance cost control and optimize production processes, although these efforts have shown limited effectiveness [10][11]. - Jinzelite has disclosed some transformation initiatives, including holding nine invention patents and twenty utility model patents, but the authenticity and innovation of these patents are under scrutiny [12]. Market Position and Future Outlook - Despite its technical capabilities in the special alloy sector, the company faces significant challenges that threaten both its short-term performance and long-term growth prospects [12]. - The upcoming shareholders' meeting will be crucial in determining the company's path forward, as it grapples with the decision to continue pursuing its IPO or to reconsider its strategy in light of ongoing issues [12].