Another family, take off your hat and pick up the stars!

Source: Company E

In 2023, the company will successfully turn losses into profits, and *ST's new (000007) is about to usher in a hat and a star. On the evening of June 30, *ST issued a new announcement that the company's revenue in 2023 will be 216 million yuan, and the net profit and net profit after deducting non-profits will be 35.9693 million yuan and 15.3919 million yuan respectively. As of the end of the first quarter of 2024, *ST had 8,935 new shareholders. In the secondary market, *ST's new share price has been strong since late April, with a cumulative increase of about 37%, and the latest closing price is 4.74 yuan per share, with a market value of 1.642 billion yuan.

Looking back on 2022, after deducting the business income unrelated to the main business, *ST New's revenue was only 62.2964 million yuan, less than 100 million yuan, and at the same time, the company's net profit for the year was a loss of 5.3565 million yuan, touching the delisting risk warning. On May 5, 2023, the company was put on delisting risk alert. At the end of April this year, *ST newly disclosed its 2023 annual report, after deducting business income unrelated to its main business, its revenue rebounded to more than 100 million yuan, and its net profit turned from negative to positive. In view of the above situation, the company applied to the Shenzhen Stock Exchange on April 26 to withdraw the delisting risk warning. At present, the aforementioned application has been approved by the exchange. *ST said that after the withdrawal of the delisting risk warning, the company's operating conditions will not change significantly for the time being, and it may still face changes in the macro economy, industry competition, product market and other risks. The reporter of Securities Times e Company paid attention to the fact that this is not the first time that *ST has been revoked due to the recovery of performance risk warning. On April 30, 2021, the company was also put on delisting risk warning due to negative net profit in 2020 and revenue of less than 100 million yuan. In 2021, *ST's new revenue and net profit (whichever is lower before and after deduction) were 203 million yuan and 12.117 million yuan, respectively, eliminating the previous situation involving the delisting risk warning, and the risk warning was withdrawn on July 1, 2022. *ST's new main business covers three major segments: property leasing and management, automobile sales and services, sterilization and hygiene products and daily necessities trading. In 2023, the company will be able to turn losses into profits thanks to the following aspects: first, the gross profit margin of the two major business segments of automobile sales and services and sterilization and hygiene products has increased; second, due to the reduction of economic compensation and litigation matters for departing employees, the management expenses decreased; The third is to confirm that Beijing Hongjun's debt restructuring has increased its income by 12.6189 million yuan; fourth, the provision for bad debts of other receivables has been reversed by 15 million yuan; and fifth, the non-operating expenses have decreased, of which 6.9075 million yuan have been reversed from debt default interest. It is worth mentioning that although the risk of *ST's new delisting has been eliminated, the company still has outstanding issues to be resolved from previous litigation and arbitration, and the subsequent impact on the financial statements is uncertain. According to public information, in 2022 and 2023, *ST's new financial statements have been issued by the auditor for two consecutive years with unqualified audit reports with emphasis paragraphs, and the matters involved are uncertainties in the company's guarantee liability due to related cases. Specifically, because the original actual controller, Lian Weifei, provided an illegal guarantee for his personal loan in the name of a listed company and had a loan dispute with the creditor Xie Chunan, Xie Chuan applied to the court for compulsory enforcement on the grounds that *ST was required to bear the guarantee liability. On March 17, 2021, the Intermediate People's Court of Shenzhen, Guangdong Province, ruled to seal, freeze or transfer the assets related to *ST Brand New and Lian Weifei. As of the end of 2023, the company has made provision for a total of 119 million yuan of estimated liabilities to Xie Chuan. However, Lian Weifei filed an application for setting aside the arbitral award on May 27, 2021, and the Shenzhen Court of International Arbitration has agreed to re-arbitrate the aforementioned case, and the arbitration result has not yet been released. For the losses suffered by *ST Brand New in the relevant cases, Beijing Hongjun, the former shareholder of the company, agreed in the equity transfer agreement with Hanfu Holdings that Hanfu Holdings would be authorized to deduct the corresponding amount from the balance of the equity transfer of 159 million yuan as compensation. At present, the above-mentioned payment has accumulated 95 million yuan in advance, and it is still uncertain whether the remaining compensation can be received. For future development, *ST said that it will make every effort to solve the problems left over from the past, restore the financing function of listed companies, and at the same time make reasonable plans for the newly established automobile dealership industry and the big health industry, increase mergers and acquisitions and foreign investment, and promote strategic transformation.

Editor-in-charge: Ye Shuyun

Proofreading: Wang Jincheng

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