Core Viewpoint - The company *ST Xinchao (New Energy) is facing significant challenges, including a potential delisting risk due to an unfavorable audit report for 2024, despite projecting a net profit of 1.11 billion yuan for 2025, which represents a substantial decline compared to the previous year [2][5]. Financial Performance - The company expects a total profit of 1.41 billion yuan and a net profit attributable to shareholders of 1.11 billion yuan for 2025, with a net asset projection of 23 billion yuan by the end of the year [3]. - Compared to 2024, the net profit for 2025 is expected to nearly "halve," as the 2024 net profit was 2.036 billion yuan, and the net profit excluding non-recurring gains was 2.194 billion yuan [3]. - The decline in performance is attributed to a 13% decrease in revenue due to falling international oil prices, with the average WTI price projected at $65.46 per barrel for 2025, down from $76.55 per barrel in 2024 [3][4]. Audit and Delisting Risk - The company has been warned about the risk of delisting due to the previous audit firm, Lixin, issuing an "unable to express an opinion" audit report for 2024, leading to a risk warning for its stock since July 8, 2025 [5][6]. - The company is currently engaged in a "shell protection" battle, having changed audit firms twice within a year, and is now relying on Zhongshun Zhonghuan to provide a standard audit report for 2025 [2][6]. - The relationship with Lixin deteriorated rapidly, culminating in a lawsuit against them for issuing a damaging audit report and seeking a refund of 3.5 million yuan for audit services [6].