Core Viewpoint - The non-white liquor sector experienced a decline of 0.46% on February 3, with *ST Yedao leading the drop, while the Shanghai Composite Index rose by 1.29% and the Shenzhen Component Index increased by 2.19% [1][2]. Group 1: Market Performance - The closing price of *ST Yedao was 5.87, reflecting a decrease of 5.02% with a trading volume of 99,200 shares and a transaction value of 58.61 million yuan [2]. - The non-white liquor sector saw a net outflow of 131 million yuan from major funds, while retail investors contributed a net inflow of 106 million yuan [2][3]. Group 2: Individual Stock Performance - *ST Lanhua closed at 10.08, with an increase of 3.38% and a trading volume of 37,700 shares, resulting in a transaction value of 37.60 million yuan [1]. - The stock of Weilang Co. closed at 6.86, up by 1.48%, with a trading volume of 84,800 shares and a transaction value of 57.87 million yuan [1]. - The stock of Ziyun Co. closed at 20.48, with a slight increase of 0.69% and a transaction value of 158 million yuan [1]. Group 3: Fund Flow Analysis - Major funds saw a net inflow of 931.78 million yuan in Zhongxin Niya, while retail investors had a net outflow of 910.36 million yuan [3]. - In the case of *ST Lanhua, major funds experienced a net outflow of 85.99 million yuan, while retail investors had a net inflow of 137.59 million yuan [3]. - The stock of ST Xifa had a significant net outflow of 637.88 million yuan from major funds, but a net inflow of 447.99 million yuan from retail investors [3].

Group 1 - The non-white liquor sector increased by 0.96% compared to the previous trading day, with CITIC Niyah leading the gains [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - Key stocks in the non-white liquor sector showed varied performance, with CITIC Niyah closing at 7.85, up 7.83%, and Chongqing Beer at 53.88, up 3.40% [1] Group 2 - The non-white liquor sector experienced a net outflow of 51.09 million yuan from institutional investors, while retail investors saw a net outflow of 7.08 million yuan [2] - The main capital flow data indicates that Kuaijishan had a net inflow of 22.89 million yuan from institutional investors, while CITIC Niyah had a net outflow of 4.01 million yuan [3] - Retail investors showed a significant net outflow in several stocks, including Baorun Co., which had a net outflow of 22.42 million yuan [3]

Group 1 - Gujing Gongjiu announced a mid-term dividend of 10 RMB per 10 shares, totaling 528 million RMB, consistent with last year's dividend, to be implemented on February 10 [1] - The total mid-term dividends for leading liquor companies, including Gujing Gongjiu, Kweichow Moutai, Wuliangye, and Luzhou Laojiao, will exceed 42.5 billion RMB [4] - Investors are questioning the sustainability of dividends from liquor stocks due to last year's overall performance decline in the sector [4] Group 2 - Kweichow Moutai's dividend rate is expected to be no less than 75% of its net profit for 2025, while Wuliangye and Luzhou Laojiao's rates are set at 70% [5] - The cash balances of major liquor companies as of Q3 2025 show sufficient funds for dividend commitments, particularly for Wuliangye and Luzhou Laojiao [6] - The competitive landscape and declining performance may lead to a slight reduction in total dividends for the six major liquor companies in 2025 [5] Group 3 - The liquor industry is responding to regulatory calls for increased dividends to attract investors, particularly among companies with strong profitability but slower growth [4] - Other liquor companies like Shanxi Fenjiu and Yanghe have yet to announce their mid-term dividends for 2025, despite previous years' timely disclosures [4] - The overall dividend landscape in the liquor sector is under scrutiny as companies adjust their dividend policies in response to market conditions [5]

Core Viewpoint - A number of listed companies are raising alarms about delisting risks as they release their 2025 performance forecasts, with several *ST companies already indicating they may not meet financial standards necessary to remain listed [1][2]. Group 1: Financial Performance and Delisting Risks - Several *ST companies, including *ST Guandian, *ST Yanshi, *ST Jinglun, and *ST Chuntian, have issued warnings about delisting risks due to poor financial performance [1]. - *ST Yanshi and *ST Jinglun have explicitly reached financial delisting indicators, with both companies expected to report revenues below 300 million yuan and losses in 2025 [2]. - *ST Yanshi forecasts revenues between 48 million to 60 million yuan and net losses between 180 million to 250 million yuan, indicating a significant deterioration in operational conditions [2][3]. Group 2: Audit Opinions and Compliance Issues - Companies like *ST Chun Tian and *ST Mu Bang are facing dual delisting risks due to both financial indicators and non-standard audit opinions, with auditors unable to confirm if their adjusted revenues will exceed 300 million yuan [4]. - *ST Jinglun's revenue is projected at 86.22 million yuan, which is below the 300 million yuan threshold, and the company is also facing scrutiny due to reliance on a single client for its new business [3]. - Non-standard audit opinions often indicate issues such as financial misreporting or severe doubts about a company's ability to continue as a going concern, which can trigger delisting [3][6]. Group 3: Regulatory Environment and Market Reactions - The tightening of delisting regulations has increased pressure on underperforming companies, with the revenue threshold for main board loss-making companies raised from 10 million to 30 million yuan [2]. - Regulatory authorities maintain a strict stance against "shell company" behaviors, as evidenced by the investigation into *ST Changyao for financial data misrepresentation, which could lead to severe penalties and delisting [8]. - The market is witnessing a trend of orderly and timely exits for underperforming companies, reflecting a shift towards a more stringent delisting mechanism [1][2].

Core Viewpoint - The company, Hainan Yedao (Group) Co., Ltd., is expected to report a negative net profit for the year 2025, leading to a risk of delisting from the Shanghai Stock Exchange due to failure to meet financial performance criteria [1][10][12]. Financial Performance Summary - The company anticipates a total profit of -25 million yuan for 2025 [2][16]. - The expected net profit attributable to shareholders is -29 million yuan, with a net profit of -23 million yuan after excluding non-recurring gains and losses [2][16]. - Projected operating revenue for 2025 is 370 million yuan, with 350 million yuan after excluding unrelated business income [2][16]. - The estimated net assets attributable to shareholders at the end of 2025 are 80 million yuan [2][16]. Risk of Delisting - The company’s stock is under delisting risk warning as of May 6, 2025, due to negative net profit and revenue below 300 million yuan for 2024 [10][12]. - If the audited financial results for 2025 show negative profit or net assets, or if the audit report contains a qualified opinion, the stock may be delisted [10][12][13]. Audit and Internal Control - The auditing firm is currently reviewing the company's sales and return situations for 2025, and there are concerns regarding the effectiveness of internal controls based on previous audit opinions [11][14]. - If sufficient audit evidence cannot be obtained, the audit firm may issue a non-unqualified opinion on the financial statements or internal controls for 2025 [11][14].

股票简称：*ST 椰岛 股票代码：600238 编号：2026-002 号 海南椰岛（集团）股份有限公司 关于公司股票可能被终止上市的 首次风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●海南椰岛（集团）股份有限公司（以下简称"公司"） 因 2024 年度营业 收入低于 3 亿元且净利润为负值，且因审计机构对公司出具了否定意见的《2024 年度内部控制审计报告》，加上公司 2022-2024 最近连续 3 个会计年度扣除非经 常性损益前后净利润孰低者均为负值，且最近一个会计年度财务会计报告的审 计报告显示公司持续经营能力存在不确定性，公司股票于 2025 年 5 月 6 日被实 施退市风险警示及叠加其他风险警示。 ●若公司 2025 年度出现《上海证券交易所股票上市规则》第 9.3.7 条规定 的相关情形，公司股票可能在披露《2025 年度报告》后被上海证券交易所终止 上市。敬请广大投资者注意投资风险。 ●根据年度审计机构出具的《关于公司退市风险警示有关情形消除预审计 情况的专项说明》，目 ...

中审亚太会计师事务所（特殊普通合伙） China Audit Asia Pacific Certified Public Accountants LLP 关于海南椰岛（集团）股份有限公司 退市风险警示有关情形消除预审计情况的专项说明 中审亚太咨字【2026】000073 号 海南椰岛因 2024 年度经审计的利润总额、净利润、扣除非经常性损益后的 净利润孰低者为负且扣除与主营业务无关的业务收入和不具备商业实质的收入 后的营业收入低于 3 亿元而被实施退市风险警示。根据海南椰岛作出的 2025 年 度业绩预告，预计 2025 年度扣除与主营业务无关的业务收入和不具备商业实质 的收入后的营业收入超过 3 亿元，海南椰岛预计将消除财务类退市指标情形。 根据《上海证券交易所上市公司自律监管指南第 2 号——业务办理（2025 年 8 月修订）》的相关规定，截至本专项说明出具之日止，根据我们已经实施的 审计程序和已获得的审计证据，我们尚不能确定海南椰岛业绩预告中 2025 年扣 除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入超过 3 亿 元，以及海南椰岛能否预计将消除财务类退市指标情形。 我们提请本专项说 ...

股票简称：*ST 椰岛 股票代码：600238 编号：2026-001 号 海南椰岛（集团）股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●本业绩预告的具体适用情形：海南椰岛（集团）股份有限公司（以下简 称"公司"）本期净利润为负值；因公司触及《上海证券交易所股票上市规则》 相关规定，公司股票于 2025 年 5 月 6 日被实施退市风险警示及叠加其他风险警 示； ●经财务部门初步测算，预计公司 2025 年年度实现利润总额-2,500 万元， 预计 2025 年年度实现归属于上市公司股东的净利润为-2,900 万元，归属于上市 公司股东的扣除非经常性损益后的净利润为-2,300 万元。预计 2025 年年度实现 营业收入为 37,000 万元，扣除与主营业务无关的业务收入和不具备商业实质的 收入后的营业收入为 35,000 万元。预计 2025 年末归属于上市公司股东的净资 产为 8,000 万元； ●根据《上海证券交易所股票上市规则》相关规定，若公司 2025 ...

Group 1 - The non-white liquor sector increased by 5.18% on January 29, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Kuaijishan's stock price rose to 22.98, marking a 10.00% increase, with a trading volume of 316,900 shares [1] Group 2 - The non-white liquor sector saw a net inflow of 351 million yuan from main funds, while retail investors experienced a net outflow of 253 million yuan [2] - The stock of Guhua Longshan also increased by 10.00%, closing at 10.89, with a trading volume of 830,600 shares [1][2] - The trading data indicates that Kuaijishan had a main fund net inflow of 91.30 million yuan, representing 13.06% of its total trading [3]

Market Overview - The non-white liquor sector experienced a decline of 0.4% compared to the previous trading day, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Notable gainers in the non-white liquor sector included: - Guyue Longshan (600059) with a closing price of 9.90, up 2.27% and a trading volume of 374,000 shares, totaling 370 million yuan [1] - Xianjing Beer (000729) closed at 12.14, up 0.58% with a trading volume of 184,700 shares, totaling 223 million yuan [1] - Conversely, *ST Yedao (600238) closed at 6.19, down 3.28% with a trading volume of 113,100 shares, totaling 70.73 million yuan [2] Capital Flow - The non-white liquor sector saw a net outflow of 31.64 million yuan from main funds, while retail funds experienced a net inflow of 63.59 million yuan [2] - The detailed capital flow for selected stocks showed: - Guyue Longshan had a main fund net outflow of 25.35 million yuan, with retail net outflow of 45.19 million yuan [3] - *ST Lanhua (000929) had a main fund net inflow of 5.45 million yuan, while retail funds saw a net inflow of 121.62 million yuan [3]