Core Viewpoint - ST Huaxi (002630.SZ) has faced significant scrutiny following a public reprimand from the Shenzhen Stock Exchange due to a major discrepancy between its 2024 performance forecast and the audited net profit, indicating serious internal control deficiencies [1][3]. Group 1: Performance Discrepancy - ST Huaxi initially projected a net profit of 35 million yuan for 2024, but later revised this to a loss of 3.81 billion yuan, ultimately reporting a net loss of 3.48 billion yuan [2][3]. - The drastic change in performance led to market panic, with the stock price hitting the daily limit down prior to the annual report release, resulting in significant investor losses [2][3]. Group 2: Regulatory Actions - The Shenzhen Stock Exchange issued a public reprimand to ST Huaxi and its executives for failing to fulfill their duties, highlighting the violation of relevant laws due to the significant difference between the performance forecast and actual results [3]. - This is not the first regulatory action against ST Huaxi; the company had previously received a warning due to an internal control audit that was deemed unable to express an opinion [3]. Group 3: Management Changes - Following the regulatory scrutiny, there were significant changes in the management team, including the resignation of Chairman and CEO Li Renchao, who faced legal issues [4]. - The company’s Secretary of the Board, Meng Haitao, also resigned due to the public reprimand but will continue in other executive roles [4]. Group 4: Financial Performance - Despite revenue growth of 117.30% in 2023 and 38.91% in 2024, ST Huaxi has not managed to escape its loss-making situation, with a reported revenue decline of 29.50% in the first three quarters of 2025 [5][6]. - The cumulative losses over five years from 2020 to 2024 amount to approximately 24.46 billion yuan, with annual losses ranging from 1.93 billion to 7.57 billion yuan [4][5]. Group 5: Remedial Actions - In response to the internal control issues and regulatory penalties, ST Huaxi has established a rectification leadership team and is actively working on a comprehensive overhaul of its internal control systems [6][7]. - Some corrective measures have been completed, including the standardization of payment accounts and related party transactions, but the company acknowledges that other issues are still in the process of being addressed [6][7]. Group 6: Future Outlook - The company faces a critical year in 2025, as failure to rectify internal control issues could lead to delisting risks, emphasizing the urgency of their remedial actions [7]. - ST Huaxi's main business segments include equipment manufacturing, engineering contracting, and investment operations, with a revenue composition heavily reliant on total contracting projects [8].

财报体检工具显示：建议关注公司现金流状况(货币资金/总资产仅为1.87%、货币资金/流动负债仅为 3.48%、近3年经营性现金流均值/流动负债仅为3.89%)建议关注公司债务状况(有息资产负债率已达 53.82%、有息负债总额/近3年经营性现金流均值已达25.81%、流动比率仅为0.56)建议关注财务费用状 况(财务费用/近3年经营性现金流均值已达138%) 据证券之星公开数据整理，近期ST华西(002630)发布2025年中报。截至本报告期末，公司营业总收入 10.22亿元，同比下降31.08%，归母净利润3617.22万元，同比下降41.76%。按单季度数据看，第二季度 营业总收入3.26亿元，同比下降50.79%，第二季度归母净利润1931.8万元，同比上升24.24%。本报告期 ST华西三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达32.71%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率21.88%，同比增13.95%，净利率3.44%， 同比减4.43%，销售费用、管理费用、财务费用总计2.05亿元，三费占营收比20.06%，同比增32.71%， 每股净资产0.2 ...