Core Viewpoint - Shuguang Co., Ltd. has voluntarily withdrawn its private placement application after a year of progress, indicating challenges in securing funding and potential operational difficulties [1][2]. Group 1: Company Actions - On November 10, Shuguang Co. announced the termination of its plan to issue shares to specific investors, retracting its application [1]. - The company had previously planned to issue up to 149 million shares to its actual controller, Liang Zifei, aiming to raise a maximum of 339 million yuan for working capital [1]. - Following the issuance, Liang would have become the controlling shareholder, increasing his stake from 14.32% to 17.85% [1]. Group 2: Financial Performance - Shuguang Co. has faced persistent profitability issues, with its net profit excluding non-recurring items in a loss state since 2012, and a continuous decline in net profit attributable to shareholders over the past four years [2]. - For the first three quarters of 2025, the company reported revenue of 1.172 billion yuan, a year-on-year increase of 24.13%, but a net loss of 222 million yuan [2]. Group 3: Production and Sales Data - In October 2025, Shuguang Co. produced 6 vehicles and sold 108, marking a year-on-year decrease of 83.33% and 56.8% respectively [3]. - The company has not distributed dividends for four consecutive years from 2021 to 2024 [3]. - For the first ten months of 2025, total vehicle sales were 1,693 units, down 10.94% year-on-year, with significant declines in passenger and pickup truck sales [3].

Core Viewpoint - ST Shuguang has successfully completed the rectification of internal control deficiencies, eliminating uncertainties regarding its ability to continue operations, and will officially remove its "ST" designation after nearly three years [1][3]. Group 1: Company Background - ST Shuguang specializes in automotive axle components and complete vehicles, with notable brands including "Huang Hai Bus" and "Shuguang Axle" [3]. - The company faced internal control issues leading to negative audit opinions in 2021 and 2022, resulting in its stock being placed under risk warnings [3]. Group 2: Recent Developments - In August 2023, a change in the controlling shareholder ended a prolonged control dispute, providing an opportunity for operational recovery [6]. - The company reported significant improvements in production and sales for 2024, with complete vehicle production and sales increasing by 19.24% and 66.40% respectively, and axle production and sales rising by 29.48% and 19.57% [6]. Group 3: Financial Performance - For the fiscal year 2024, ST Shuguang achieved revenue of 1.475 billion yuan, an increase of 8.20% year-on-year, while the net loss attributable to shareholders was reduced to 341 million yuan [6]. - The company also reported substantial improvements in cash flow from operating activities and working capital [6]. Group 4: Audit and Regulatory Changes - The auditing firm issued standard unqualified opinions on both the internal control and financial statements for the fiscal year 2024 [6]. - On April 11, 2025, the board applied to the exchange to lift the risk warning, which was approved on April 17, 2025, allowing the stock to resume trading without risk warnings on April 21, 2025 [7].