Core Viewpoint - The company *ST Lingda is facing significant financial and operational challenges, including a lack of actual control, ongoing litigation, and a substantial decline in revenue and profit, which raises concerns about its future viability and potential bankruptcy [1][5][6]. Financial Performance - In 2024, *ST Lingda reported a revenue of 61.15 million yuan, a year-on-year decrease of 92.71% [3]. - The net profit attributable to shareholders was -950 million yuan, representing a 262.42% year-on-year decline [3]. Corporate Governance and Control - The company has no actual controlling shareholder following the judicial transfer of shares from its original major shareholder to settle debts [5][6]. - Wang Mingsheng, the legal representative, has significant stakes in related entities but is indirectly linked to *ST Lingda [2][3]. Legal and Operational Issues - The company is under consumption restrictions due to a financing lease dispute with Haier Financing Leasing Co., Ltd., involving an amount of approximately 11.69 million yuan [2]. - *ST Lingda is involved in multiple lawsuits and has been subject to regulatory scrutiny for information disclosure violations [1][2]. Restructuring Efforts - The pre-restructuring process for *ST Lingda has been ongoing for over a year, with no clear resolution in sight [1][5]. - The company is coordinating financial arrangements to address its obligations and mitigate impacts on its reputation and financing capabilities [2]. Subsidiary Challenges - The subsidiary Jinzhai Jiayue has faced operational difficulties, including cash flow issues and halted production of PERC-type solar cells [4]. - Jinzhai Jiayue has also been involved in legal disputes and has announced the termination of its second-phase TOPCon battery production project [4].