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].

Core Viewpoint - The company, Lingda Group Co., Ltd., is facing delisting risk warnings due to significant financial losses and negative net assets as reported in its 2024 financial statements [1][2][3] Summary by Sections 1. Delisting Risk Warning - The company reported a net profit of -855.79 million yuan after deducting non-recurring gains and losses for the year 2024, with a total revenue of 57.85 million yuan and a year-end net asset value of -538.41 million yuan [1][2] - According to the Shenzhen Stock Exchange's listing rules, the company's stock will be subject to delisting risk warnings starting April 25, 2025, due to negative values in key financial metrics [2][3] 2. Other Risk Warnings - The company has negative values for the lowest net profit attributable to the parent company from 2022 to 2024, and the 2024 financial report received an audit report with a significant uncertainty regarding its ability to continue as a going concern [3] - The internal control audit report for 2024 received a negative opinion, and there are ongoing issues with a subsidiary's production line involving illegal guarantees [3][4] - The company is also facing unresolved illegal guarantee situations, which contribute to additional risk warnings [3][5] 3. Remedial Measures and Progress - The company plans to control liquidity risks, enhance budget management, and improve internal accountability to boost profitability [4][5] - It aims to optimize its capital structure and enhance risk resistance through various measures to promote long-term healthy development [4] - The company is committed to strengthening the effectiveness of internal control execution and addressing existing deficiencies [5][6] 4. Other Information - The company is currently undergoing a pre-restructuring process, which is a preliminary step before a formal restructuring plan can be approved by the court [6] - If the restructuring is successful, it may improve the company's asset-liability structure and operational capabilities; however, failure to restructure could lead to bankruptcy and potential delisting [6][7]