Core Viewpoint - Despite a year-on-year revenue increase, *ST Lihang's 2024 revenue remains below 300 million yuan, and the company continues to operate at a loss, leading to a delisting risk warning for its stock [2][4]. Revenue and Profitability - In 2024, *ST Lihang achieved a revenue of 290 million yuan, a year-on-year increase of 23.54%, but reported a net loss of 94 million yuan, a decline of 37.51% compared to the previous year [4]. - The company's gross profit margin has significantly decreased, with 2023 and 2024 gross profit margins at 13.82% and 6.21%, respectively, and net profit margins at -29.12% and -32.96% [5]. Cost Structure and Sales - The increase in revenue was accompanied by a more than 30% rise in operating costs, attributed to a shift in product sales structure towards lower-margin non-standard products [2][5]. - The company reported that the sales of high-margin products decreased compared to the previous year, contributing to the overall decline in profitability [5]. Inventory and Financial Management - As of the end of 2024, *ST Lihang's inventory value increased by 39.66% to 220 million yuan, marking four consecutive years of inventory growth [6][7]. - The accounts payable also rose by 66.26% due to increased orders and corresponding procurement [7]. Financial Costs - Financial expenses surged by 394.32% to 1.559 million yuan in 2024, primarily due to increased interest on working capital loans [8].