Core Viewpoint - Yuan Dao Communication has been investigated by the China Securities Regulatory Commission (CSRC) for alleged false financial data in its annual reports, which could lead to a forced delisting if found guilty [3]. Financial Performance - Yuan Dao Communication's revenue has consistently declined since its listing, with reported revenues of 1.779 billion yuan and 1.282 billion yuan for 2023 and 2024, respectively, representing year-on-year declines of 15.7% and 27.39% [3]. - The company's net profit attributable to shareholders was 69.28 million yuan and 42.36 million yuan for 2023 and 2024, showing year-on-year declines of 44.73% and 38.86% [3]. - In Q1 2025, the company reported a revenue of 307 million yuan, down 26.78% year-on-year, and a net profit of 10.64 million yuan, down 47.67% year-on-year [4]. Business Strategy and Challenges - The decline in performance for 2024 is attributed to several factors, including a strategic shift to optimize business structure, reduced demand for traditional communication engineering due to changes in operator investment directions, and ongoing investments in emerging businesses that have not yet turned profitable [9]. - The company plans to enhance its market share in communication operations through smart upgrades and AI technology over the next three years, while also focusing on sustainable development in the new energy sector and building a new growth engine centered around intelligent computing [9]. Audit and Market Performance - Yuan Dao Communication's 2024 audit report received a "qualified opinion" due to identified internal control deficiencies and potential issues with accounts receivable provisions [11]. - The company's stock price fell below its initial offering price upon listing, closing at 27.00 yuan per share as of July 11, with a total market capitalization of 3.3 billion yuan [11].

Core Viewpoint - Yuan Dao Communication is under investigation by the China Securities Regulatory Commission (CSRC) for alleged false financial disclosures in its annual reports, which may lead to significant legal consequences and potential delisting from the Shenzhen Stock Exchange [2][4]. Financial Performance - Yuan Dao Communication has experienced a continuous decline in performance since its listing in July 2022, with revenues of 1.779 billion yuan and 1.282 billion yuan for 2023 and 2024 respectively, representing year-on-year declines of 15.7% and 27.39% [5]. - The company's net profit attributable to shareholders also fell significantly, with figures of 69.28 million yuan and 42.36 million yuan for the same years, showing declines of 44.73% and 38.86% [5]. - In Q1 2025, the company reported revenues of 307 million yuan, down 26.78% year-on-year, and a net profit of 10.64 million yuan, down 47.67% [5]. Reasons for Performance Decline - The decline in performance is attributed to several factors, including a strategic decision to optimize the business structure by reducing low-efficiency projects, a decrease in demand for traditional communication engineering due to changes in operator investment directions, and the ongoing investment phase of emerging businesses that have not yet contributed profits [6]. - Additional factors include increased financial costs from new financing channels and a reduction in government subsidies [6]. Future Strategies - The company plans to improve its performance over the next three years by leveraging intelligent transformation and AI technology to enhance its market share in communication operations [6]. - Yuan Dao Communication aims to deepen its involvement in the renewable energy sector and develop sustainable growth drivers, with a focus on intelligent computing as a core growth engine to build a new digital economy ecosystem [6]. Audit Concerns - The 2024 audit report for Yuan Dao Communication received a "qualified opinion" due to identified deficiencies in internal controls and potential issues with the provision for bad debts on receivables [7]. Stock Performance - Yuan Dao Communication's stock price fell below its initial offering price upon listing, closing at 27.00 yuan per share as of July 11, with a total market capitalization of 3.3 billion yuan [8].

Core Viewpoint - Yuan Dao Communication (301139.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for financial fraud, facing potential delisting risks due to continuous performance decline since its IPO in July 2022 [1][2]. Financial Performance - Since its listing, Yuan Dao Communication has experienced a continuous decline in performance, with revenues dropping from 17.79 billion yuan in 2023 to 12.82 billion yuan in 2024, representing a year-on-year decrease of 15.7% and 27.39% respectively [2]. - The company's net profit attributable to shareholders also fell significantly, from 692.81 million yuan in 2023 to 423.56 million yuan in 2024, with declines of 44.73% and 38.86% year-on-year [2]. - In Q1 2025, the company reported a revenue of 307 million yuan, down 26.78% year-on-year, and a net profit of 10.64 million yuan, a decrease of 47.67% [2]. Audit Concerns - The audit report for 2024 issued a "qualified opinion" due to identified internal control deficiencies and potential issues with the provision for bad debts related to receivables [2][3]. - The audit firm, Xinyong Zhonghe, noted that the company's internal control flaws hindered timely settlements with clients, complicating the assessment of receivables and their corresponding bad debt provisions [3]. Project Delays - Yuan Dao Communication has announced delays in some of its fundraising projects, including the regional service network construction project, which has been postponed to December 31, 2025 [4]. - The company raised a net amount of 1.065 billion yuan from its IPO, with an additional 223 million yuan in oversubscription, primarily allocated for regional service network construction, R&D center development, and working capital [4]. Stock Performance - The company's stock has been in a continuous decline since its listing, with a cumulative drop of 28.17% over the past three years, while the industry average increased by 41.43% during the same period [4]. - As of July 11, the stock closed at 27 yuan per share, down 0.55%, with a total market capitalization of 3.3 billion yuan [4].

Core Insights - Yuan Dao Communication (元道通信) reported a revenue of 1.282 billion yuan and a net profit of 42.36 million yuan for the year 2024, with total assets reaching 3.434 billion yuan, reflecting a year-on-year growth of 20.76% [1] Business Overview - The company is a leading communication technology service provider, primarily serving telecom operators such as China Mobile, China Telecom, and China Unicom, as well as infrastructure operators like China Tower [1][2] - Yuan Dao Communication offers services including communication network maintenance and optimization, as well as network construction to ensure stable and high-quality network environments for end users [1] Service Expansion - The company has deepened its presence in the communication network maintenance sector, covering 10 provinces for China Mobile and 10 regions for China Tower, and has expanded its service areas to include Zhejiang and Chongqing [2] - Yuan Dao Communication has established long-term partnerships with major clients and has been recognized for its contributions to significant events and disaster relief efforts [2][3] Financial Performance - The core business segment of communication network maintenance and optimization generated a revenue of 999.5 million yuan, with a gross profit margin of 16.03%, an increase of 1.39% from the previous year [3] Technological Innovation - The company is leveraging industry trends in the 5G era by developing digital management solutions and software products, including the "Xiao Yuan" AI model aimed at enhancing operational efficiency and reducing costs [4] - The information communication hardware and software segment achieved a revenue of 201 million yuan, marking a growth of 65.31% year-on-year, with a stable gross profit margin of 15.54% [4] Future Outlook - Yuan Dao Communication plans to continue focusing on traditional base station maintenance while expanding into renewable energy and computing power services, aiming to transform into a comprehensive service provider in "green energy + intelligent computing power" [5][6]

日 录 7-2-1 关于中贝通信集团股份有限公司 向不特定对象发行可转换公司债券申请文件 审核问询函中有关财务事项的说明 | 一、关于前次募集资金变更 …………………………………………………… 第 1一5 页 | | --- | | 二、关于 2022 年业绩 ……………………………………………………第 5—12 页 | | 三、关于财务性投资 ································································· 第 12-22 页 | | 四、关于其他 ………………………………………………………第 23-36 页 | 天健函〔2023〕2-58 号 上海证券交易所: 由海通证券股份有限公司转来的《关于中贝通信集团股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》(上证上审(再融资)〔2023〕 123 号,以下简称审核问询函)奉悉。我们已对审核问询函所提及的中贝通信集 团股份有限公司(以下简称中贝通信公司或公司)财务事项进行了审慎核查,现汇 报如下。 本说明中部分合计数与各项目直接相加之和在尾数上可能存在差异,这些差 异是由四舍五 ...