出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：ST远智（维权）尽管三季报业绩大增但公司股价仍受公司财务造假冲击，公司股价持续跌 停。公司业绩大增背后，一方面，公司增长或主要得益于设备更新政策利好驱动，另一方面，利润端受 益于公司管理层成本费用管控叠加去年同期基数低等影响所致。需要指出的是，公司核心基本盘或仍受 地产周期影响，电梯市场出口量价齐升，而公司海外业务却不增反降。公司在这种内外交困的背景下， 其未来增长可持续性或仍有待观察。 随着ST远智财务造假事项落地，公司未来前景又如何？公司国内业务受地产周期影响，而海外业务却 不增反降，在这种内外交困背景下，公司受益于短期政策利好 值得注意的是，公司因财务造假踩中ST红线，公司股票进入风险警示板块 因财务造假，公司股价持续跌停。值得注意的是，公司所处电梯行业，国内基本盘受地产周期影响，而 销量与房地产开发 近日，ST远智因财务造假股价持续跌停。12月2日至12月4日连续三个交易日收盘价格跌幅偏离值累计 超过12%，触发股价异常波动红线。 11月28日，公司及相关人员收到中国证券监督管理委员会辽宁监管局出具的《行政处罚事先告知书》 （[2025]6号）。 ...

Core Viewpoint - Yuan Da Intelligent has received an administrative penalty notice from the Liaoning Securities Regulatory Bureau, leading to a temporary suspension of its stock and a change in its trading name to ST Yuan Zhi, indicating significant compliance issues and financial misreporting [1][9]. Summary by Sections Administrative Penalty - On November 28, Yuan Da Intelligent and related parties received an administrative penalty notice from the Liaoning Securities Regulatory Bureau, indicating potential violations of the Securities Law [6][8]. - The company is accused of two main violations: using forged acceptance certificates to prematurely recognize elevator sales revenue and recognizing rental income from unfulfilled leasing agreements, resulting in false records in multiple annual reports [6][7]. Financial Impact - The violations led to inflated revenues in the annual reports for 2019, 2020, and 2021 by 123 million, 66 million, and 147 million respectively, representing 15.22%, 7.24%, and 15.21% of the reported revenues for those years [7]. - The total profit was also inflated by 32.58 million, 21.75 million, and 38.93 million for the same years, accounting for 31.48%, 300.55%, and 286.69% of the reported profit totals [7]. - The 2022 semi-annual report showed a revenue reduction of 16.11 million, which is 4.85% of the reported revenue, and a profit reduction of 23.45 million, representing 42.96% of the reported profit [7]. Stock Trading and Risk Warning - Yuan Da Intelligent's stock will be suspended for one day starting December 1, 2025, and will resume trading on December 2, 2025, with a trading limit of 5% [1][11]. - The stock will be subject to other risk warnings due to the identified financial misreporting, although it does not meet the criteria for mandatory delisting [9][11]. Company Operations - Yuan Da Intelligent specializes in the research, production, sales, installation, and maintenance of elevators and escalators, with operations reported to be normal as of the announcement date [12]. - The company has expressed its commitment to improving internal controls and governance to prevent future violations and enhance the quality of information disclosure [12].

Core Viewpoint - The company, Yuanda Intelligent (002689), is facing administrative penalties from the Liaoning Securities Regulatory Bureau due to financial misconduct, leading to a temporary suspension of its stock trading and a change in its stock name to ST Yuanzhi [2][10]. Group 1: Administrative Penalties - On November 28, 2025, Yuanda Intelligent received an administrative penalty notice from the Liaoning Securities Regulatory Bureau [7][9]. - The company is accused of two main violations: using forged acceptance certificates to prematurely recognize elevator sales revenue and recognizing rental income from unfulfilled leasing agreements, resulting in false records in multiple annual reports [8][9]. - The violations led to inflated revenues of 123 million yuan, 66 million yuan, and 147 million yuan for the years 2019, 2020, and 2021 respectively, which accounted for 15.22%, 7.24%, and 15.21% of the reported revenues for those years [8]. Group 2: Financial Impact - The inflated profits from the aforementioned violations were 32.58 million yuan, 21.75 million yuan, and 38.93 million yuan for the years 2019, 2020, and 2021, representing 31.48%, 300.55%, and 286.69% of the reported profit totals [8]. - The 2022 semi-annual report showed a reduction in revenue of 16.11 million yuan, which was 4.85% of the reported revenue, and a profit reduction of 23.45 million yuan, accounting for 42.96% of the reported profit [8]. Group 3: Stock Trading and Company Response - The company's stock will be suspended for one day starting December 1, 2025, and will resume trading on December 2, 2025, with a new name ST Yuanzhi, while the stock code remains unchanged [2][14]. - The company has stated that it will improve internal controls and governance to prevent future violations and ensure accurate financial disclosures [14].

Core Insights - The company held its Q3 2025 earnings presentation, achieving a 100% response rate to investor questions, indicating strong engagement with stakeholders [1] Group 1: Business Performance - In Q3 2025, the company reported a revenue decline of 13.46% and a net profit drop of 75.72% year-on-year, primarily due to a decrease in gross margin [2][3] - The company is focusing on the renovation of old elevators and the installation of new ones, responding to government policies aimed at upgrading aging infrastructure [2] - The cash flow from operating activities for the first three quarters of 2025 was -56.31 million, highlighting challenges in cash management and receivables [3] Group 2: Technological Advancements - The company is actively integrating digital technologies and artificial intelligence into its products and services to enhance performance and user experience [2] - R&D expenses for the first three quarters of 2025 amounted to 23.56 million, with ongoing efforts in smart monitoring and IoT maintenance systems [3] Group 3: Market Strategy - The company is expanding its manufacturing capabilities with the Nanning smart manufacturing base, which is expected to produce 20,000 elevators and maintain 50,000 units annually [2] - The company is exploring opportunities in Southeast Asia and has established a cooperative network in the region, particularly in the context of the Belt and Road Initiative [4] Group 4: Product and Service Development - The company is enhancing its product mix by focusing on high-margin products such as home elevators and smart elevators, aiming to improve overall profitability [2] - A comprehensive solution integrating elevator design, installation, and maintenance has been developed, which is expected to improve profit margins compared to traditional service models [4] Group 5: Corporate Governance and Future Plans - The company is considering the transition of leadership roles, with a focus on ensuring stability in governance and market expectations [3] - There are no immediate plans for mergers or acquisitions, but the company is open to future opportunities that align with its strategic goals [3]

Core Points - The company reported a revenue of 321 million yuan for the first half of 2025, a year-on-year decline of 14.98% [1][3] - Net profit was 17.686 million yuan, down 81.90% compared to the same period last year [1][3] - The net cash flow from operating activities was -65.715 million yuan, a decrease of 184.20% year-on-year [1][3] Financial Performance - Total revenue for the reporting period was 321,579,679.70 yuan, compared to 377,046,503.28 yuan in the previous year, reflecting a decrease of 14.98% [3] - Profit before interest was 17,704,026.89 yuan, down 85.07% from 118,597,820.74 yuan [3] - The net profit attributable to shareholders was 17,686,415.56 yuan, compared to 97,723,344.14 yuan last year, marking an 81.90% decline [3] - The net profit attributable to shareholders after excluding non-recurring gains and losses was 14,499,214.73 yuan, down 39.08% from 23,801,453.33 yuan [3] - The net cash flow from operating activities was -65,715,216.86 yuan, compared to 78,049,446.55 yuan in the previous year, indicating a significant decline [3] Market Conditions - The elevator market faced a dual impact from a decline in new elevator demand in the real estate sector and an industry cycle downturn, leading to overall weak demand [3] - Companies in the industry adopted price reduction strategies to compete for the existing market, which pressured the prices of the company's main products [3] - The company's gross profit margin and net profit margin were affected due to the shrinking profit space across the industry [3] Company Overview - The company is the first elevator enterprise listed on the main board in Zhejiang Province, involved in the research, manufacturing, sales, installation, and service of elevators [5] - It has the capacity to produce 70,000 various types of elevators annually and has established a cooperative network in over 30 countries across Asia, South America, North America, Africa, and Oceania [5] - The company was founded in 2000 with a registered capital of 30.7 million yuan [5]

Company Overview - Zhejiang Meilun Elevator Co., Ltd. is engaged in the research, production, sales, installation, and maintenance of elevators, escalators, moving walkways, and related components [1][2][3] - The company has established a strong reputation in the domestic elevator industry and holds various national and provincial honors, including being a national high-tech enterprise and a "little giant" enterprise [2][4] Financial Data - As of 2025, the total assets of the company are approximately 1.93 billion yuan, with total liabilities of about 649 million yuan [5] - The company's revenue for the first quarter of 2025 is reported at approximately 129.21 million yuan, with a net profit attributable to shareholders of about 4.28 million yuan for the same period [5] - The gross profit margin for the first quarter of 2025 is 22.10%, while the weighted average return on net assets is 0.35% [5] Business Performance - The company has experienced fluctuations in revenue, with a reported revenue of 95.53 million yuan in 2023, down from 101.62 million yuan in 2022 [5] - The net profit attributable to the parent company for 2023 was approximately 13.44 million yuan, compared to 8.18 million yuan in 2022 [5] Market Position - The company has a comprehensive sales network covering major regions in China and over 30 countries globally, indicating a strong market presence [4] - The company emphasizes technological advancement and product quality, focusing on energy-saving, environmentally friendly, and safe elevator products [4] Securities Issuance - The company plans to issue A-shares through a simplified procedure to specific investors, with a total fundraising amount not exceeding 300 million yuan [13][17] - The issuance price is set at 5.66 yuan per share, with a total of approximately 42 million shares to be issued [17][18] Investment Projects - The raised funds will be primarily allocated to the "Nanning Intelligent Manufacturing Base Project," which aims to enhance the company's production capacity and optimize regional layout [18][19]

Company Overview - Zhejiang Meilun Elevator Co., Ltd. is engaged in the research, production, sales, installation, and maintenance of elevators, escalators, and related components [8] - The company was established on May 23, 2000, and listed on the Shanghai Stock Exchange on September 15, 2017, with a registered capital of 307 million yuan [9] Stock Issuance - The company plans to issue shares to specific investors, raising a total of no more than 300 million yuan, which will not exceed 20% of the net assets as of the end of the previous year [1][2] - The issuance price is set at 5.66 yuan per share, adjusted from an initial price of 5.86 yuan due to a cash dividend distribution [2] - The total number of shares to be issued is approximately 42,049,469 shares, subject to final approval by the China Securities Regulatory Commission [2] Fund Utilization - The net proceeds from the stock issuance will be fully invested in the Nanning Intelligent Manufacturing Base project, with a total investment of 500 million yuan, of which 238 million yuan will be funded by the raised capital [3] - The company reserves the right to adjust the investment sequence and amounts based on project progress and funding needs [3] Industry Characteristics - The elevator industry in China is characterized by high market concentration, with foreign brands like Otis and Schindler dominating the market, although domestic brands are rapidly gaining market share [14] - The industry is regulated by the National Market Supervision Administration, which oversees safety inspections and compliance with standards [10] Market Trends - The demand for elevators is driven by urbanization, infrastructure development, and the aging population, with significant opportunities in upgrading old residential buildings and adding elevators to existing structures [13][16] - The market for elevators is expected to grow due to increased investments in public transportation and commercial facilities, as well as government policies supporting the renovation of old neighborhoods [15][17]

Group 1 - The core viewpoint is that West Elevator is focusing on talent development and market expansion in the context of the manufacturing industry's transformation towards intelligent manufacturing [1][4] - The company is expanding its recruitment plan to meet the increasing demand for skilled labor in the after-sales service market, aiming to hire approximately 2000 new employees nationwide [2] - West Elevator emphasizes the importance of composite skill talents, with 70% of the positions being skill-based, and is actively collaborating with vocational colleges to cultivate high-skilled engineering talents [2][3] Group 2 - The company has invested over 35 million yuan to establish a training center, developing its own training techniques and courses to ensure alignment with job requirements [3] - More than 70% of interns can secure employment with West Elevator immediately after graduation, highlighting the effectiveness of the training programs [3] - The training center utilizes digital tools and AI to enhance training efficiency, allowing one instructor to guide up to 20 students simultaneously [3]