Core Viewpoint - Sihan Navigation (688592.SH) is currently facing regulatory scrutiny due to significant discrepancies in its financial disclosures, leading to a decline in its stock price and a breach of compliance with the China Securities Regulatory Commission (CSRC) [1][2]. Financial Performance - For the fiscal year 2024, Sihan Navigation reported revenue of 413 million yuan, a year-on-year increase of 0.28% [2][3]. - The company recorded a net loss attributable to shareholders of 33.05 million yuan, compared to a profit of 41.82 million yuan in the previous year, marking a decline of 179.03% [4]. - The net profit after excluding non-recurring items was a loss of 50.10 million yuan, a significant drop from a profit of 25.80 million yuan in the prior year, reflecting a decrease of 294.21% [4]. - The net cash flow from operating activities was 11.18 million yuan, a substantial improvement from a negative cash flow of 33.74 million yuan in the previous year, indicating a 431.40% increase [4]. Regulatory Issues - The company received an administrative regulatory measure from the Shanghai Securities Regulatory Bureau due to three main issues in its 2024 annual report, including improper disclosure of significant changes in asset and liability accounts, incorrect data regarding raised funds, and errors in reporting investment gains [1][2]. Stock Performance - As of June 9, the stock price of Sihan Navigation closed at 46.46 yuan, reflecting a decline of 2.48% and indicating that the stock is currently in a state of decline [1]. Future Plans - The profit distribution plan for 2024 includes a cash dividend of 1.20 yuan per 10 shares and a capital reserve conversion of 3 shares for every 10 shares held, without issuing additional shares [4].