ST HIKING announced that as of the close on November 3, 2025, the company's stock price has increased by 76.78% since October 15, 2025, with a cumulative increase of 34.21% over six consecutive trading days from October 27 to November 3, but the fundamentals have not changed, and there is a risk of speculation. The issue of non-operating fund occupation by related parties has not been resolved, and if funds are not recovered as required, the stock may be suspended, subject to delisting risk warnings, or even terminated from listing. The repayment plan for related parties has been terminated. The shares of the controlling shareholder and its concerted parties are subject to judicial freezing, with a high proportion of marking and pledging. The net profit for 2024 is -133.7842 million yuan, a decrease of 354.59%; the net profit for the first three quarters of 2025 is 16.4404 million yuan, a decrease of 60.93%