Core Viewpoint - The company *ST Kaixin (300899.SZ)* has confirmed that its membrane separation technology can be applied in various industrial processes, including wastewater treatment and other sectors, but it has not specifically mentioned collaboration with rare earth companies for extraction purposes [2]. Group 1: Company Technology Application - The membrane separation technology of the company is applicable in industrial fluid processing and wastewater treatment [2]. - The technology can be utilized in multiple industries such as chemical fiber, biopharmaceuticals, textile printing and dyeing, chemical, petrochemical, coal chemical, new energy, pulp, and metallurgy [2].

Core Viewpoint - Shanghai Kaixin (300899.SZ) faces significant financial challenges, including a sharp decline in annual revenue and net profit, leading to potential delisting risks due to non-compliance with disclosure regulations [1][2][3] Financial Performance - In 2024, Shanghai Kaixin reported operating revenue of 81.61 million yuan, a year-on-year decrease of 34.52%, and a net loss of 1.65 million yuan, a decline of 110.56% [2] - The company experienced a dramatic drop in Q4 2023, with revenue of 3.31 million yuan and a net loss of 8.77 million yuan [4] - Conversely, the first quarter of 2025 showed a significant increase in performance, with projected revenue between 71 million and 91 million yuan, representing a year-on-year growth of 127.13% to 191.11% [4] Revenue Recognition Issues - The discrepancies in revenue recognition between internal and external audits have led to significant adjustments in reported figures, raising questions about the company's financial management [3][5] - The company attributed the lack of timely disclosure of risks to differences in revenue recognition timing with auditors, which were only resolved later [3] Customer Concentration and Accounts Receivable - A high concentration of sales among a few customers poses risks, with the top five customers accounting for 71.67% of total sales [5][6] - As of 2023, accounts receivable stood at 115 million yuan, with a bad debt provision of 17.31 million yuan, indicating potential liquidity issues [5][6] Industry Context - The company claims to benefit from a recovery in the industry, with new orders increasing by over 20% compared to 2023, and cash received from sales rising by 69.94% [6] - The sustainability of this recovery remains uncertain, as the company has faced ongoing financial difficulties since its listing in 2020 [5][6]