Company Updates - *ST Guandian announced the resignation of its securities affairs representative, Li Yuan, effective immediately upon delivery of the resignation to the board of directors due to personal reasons [1] - The board has appointed Li Zhiyong as the new securities affairs representative to assist the board secretary [1] Financial Performance - For the year 2024, *ST Guandian's revenue composition is as follows: 85.27% from aerospace equipment manufacturing and related services, 14.23% from non-lethal weapons, and 0.51% from other businesses [1] - As of the report date, *ST Guandian has a market capitalization of 1.9 billion yuan [1]

Group 1 - The core revenue composition of *ST Guandian for the year 2024 is as follows: 85.27% from aerospace equipment manufacturing and related services, 14.23% from non-lethal weapons, and 0.51% from other businesses [1] Group 2 - On August 20, 2025, *ST Guandian announced the resignation of Chairman Gao Ming and Director Cheng Yu due to personal reasons. Gao will continue as a senior advisor and core technical personnel, while Cheng remains as the General Manager [3]

Group 1 - The Shanghai Stock Exchange issued a decision to publicly criticize *ST Guandian (SH 688287) and relevant responsible persons for violations in information disclosure [2] - The company disclosed multiple financial report corrections due to accounting errors, affecting reports from 2022 to the first quarter of 2024 [3][4] - The adjustments included a reduction in operating income and net profit for various reports, with significant percentage changes, such as a 26.27% reduction in operating income for Q1 2023 [4] Group 2 - The responsible parties, including the former chairman and financial officers, failed to fulfill their duties, leading to inaccurate disclosures that violated relevant regulations [6] - The disciplinary action taken by the Shanghai Stock Exchange included a public reprimand for the company and its responsible individuals [7] - The company is required to implement corrective measures and submit a report within one month, ensuring compliance with disclosure obligations and preventing future issues [8]

Core Viewpoint - The Shanghai Stock Exchange publicly reprimanded *ST Guandian and its responsible individuals for inaccurate financial disclosures and violations of regulations [2][8]. Group 1: Company Violations - On January 17, 2025, *ST Guandian disclosed a pre-announcement of a significant loss for 2024, estimating revenue between 112 million to 128 million yuan and a net loss between 125 million to 98 million yuan [4]. - On February 28, 2025, the company revised its revenue estimate to 118.94 million yuan and net loss to 100.11 million yuan, failing to disclose any major uncertainties affecting these figures [4]. - On April 12, 2025, the company corrected its revenue estimate to 89.98 million yuan, citing a cautious approach to revenue recognition, which reduced expected revenue by approximately 28.95 million yuan [5]. Group 2: Responsibility and Disciplinary Actions - The company’s inaccurate financial disclosures significantly impacted investor expectations, leading to a potential delisting risk due to revenue falling below 100 million yuan [6]. - The responsible individuals, including the chairman, general manager, and financial officer, failed to fulfill their duties regarding accurate information disclosure, violating multiple regulations [7]. - The Shanghai Stock Exchange decided to publicly reprimand the company and the responsible individuals, with the disciplinary actions recorded in the integrity database [8]. Group 3: Compliance and Future Measures - The company is required to implement corrective measures and submit a report within one month, ensuring compliance with regulations and improving information disclosure practices [8][9]. - The company’s revenue composition for 2024 indicated that 85.27% came from aviation equipment manufacturing and related services, while non-lethal weapons accounted for 14.23% [9].