Core Insights - The article discusses the performance of ST stocks in the Chinese capital market, highlighting a significant number of companies facing delisting risks due to poor financial results [2][3]. Group 1: Performance of ST Stocks - As of February 2, 178 ST stocks were under risk warnings, with 176 having released earnings forecasts, indicating a trend of companies struggling to meet performance expectations [2][3]. - Only 24% of ST stocks reported improved performance, with 118 continuing to incur losses, while 93 stocks under delisting risk showed that 58 were expected to continue losing money [3][4]. Group 2: Major Losses and Financial Indicators - ST晨鸣 (000488.SZ) is projected to incur the largest loss, estimated between 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [3][4]. - ST柯利达 (603828.SH) anticipates a net loss of 160 million to 200 million yuan, a drastic decline of 1964.13% to 2430.16% compared to the previous year [4]. Group 3: Delisting Risks - Companies like *ST岩石 and *ST精伦 are at risk of delisting due to failing to meet financial criteria, with *ST岩石 expected to have an operating income below 300 million yuan [5][6]. - Several ST stocks are likely to receive non-standard audit opinions, which could further jeopardize their listing status, such as *ST观典 and *ST太和 [5][6]. Group 4: Recovery Efforts - Some ST stocks are attempting to turn around their fortunes through restructuring and asset sales, with *ST金科 (000656.SZ) projecting a net profit of 30 billion to 35 billion yuan for 2025 after a significant debt restructuring [7][8]. - *ST松发 is also expected to achieve a net profit of 2.4 billion to 2.7 billion yuan, following a major asset restructuring that shifted its business focus [8][9].

2026.02. 03 本文字数：2303，阅读时长大约4分钟 作者 | 第一财经 安卓 每当年报过后，就会有一批因业绩再度不达标的风险警示股黯然挥手资本市场，而业绩预告，往往成为市场观察这些公司命运走向的重要风向标。 Wind数据显示，截至2月2日，178只风险警示股中，已有176只发布了业绩预告，其中。93只退市风险警示股已全部发布业绩预告。 这是一场保壳的极速狂奔，仅24%的ST股业绩向好，多只ST股拉响了退市警报，如*ST岩石（600696.SH）、*ST精伦（600355.SH）、*ST观典 （688287.SH）等均称，公司股票可能被终止上市。这些公司大多存在被出具非标年报、利润亏损、扣除后营业收入为负值、期末净资产为负值等情 况，部分公司遭立案调查或被处罚。 退市制度是市场新陈代谢的重要一环，自退市新规发布实施以来，资本市场正加速形成"应退尽退、及时出清"的常态化退市格局。 仅24%ST股业绩向好 Wind数据显示，在178只ST股中，118只续亏、33只扭亏、12只首亏、7只预增、3只预减、1只续盈、1只略增、1只略减，业绩向好的仅占比24%左右。 在其中的93只退市风险警示股中，58只预告续 ...

Core Insights - The article highlights the significant number of companies facing delisting risks due to poor financial performance, with only 24% of ST stocks showing positive results [1][2] - A total of 178 ST stocks were analyzed, with 118 continuing to incur losses, indicating a concerning trend in the market [2][3] Group 1: Financial Performance of ST Stocks - Among the 178 ST stocks, 118 reported continued losses, while only 33 managed to turn a profit, and 12 reported first-time losses [2] - The largest projected loss comes from ST Chenming, with an estimated loss of 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [2][3] - ST Keli Da expects a net loss of 160 million to 200 million yuan for 2025, a drastic decline of 1964.13% to 2430.16% compared to the previous year [3] Group 2: Delisting Risks - Several companies, including ST Yanshi and ST Jinglun, have triggered financial delisting indicators, with ST Yanshi expected to have an operating income below 300 million yuan for 2025 [4] - ST Jinglun anticipates a negative net profit for 2025, with its stock facing potential delisting risks due to financial performance [4][5] - Audit firms have indicated that some ST stocks may receive non-standard audit opinions, further increasing delisting risks [4] Group 3: Recovery Efforts - Some ST stocks are attempting to recover through restructuring and asset sales, with ST Jinke projecting a turnaround with a net profit of 30 billion to 35 billion yuan for 2025 after completing a restructuring plan [6] - ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, following a significant asset restructuring that shifted its business focus [6][7] - ST Weir has also seen positive impacts on its performance through strategic asset acquisitions and divestitures, projecting a net profit of 19 million to 22 million yuan [7]

Core Viewpoint - The A-share market is facing heightened delisting risks as multiple companies are expected to report negative net assets and other financial indicators, leading to potential "ST" (Special Treatment) designations and delisting warnings [1][2]. Group 1: Companies Facing Delisting Risks - Several companies, including Chunxing Precision Mechanical and Yihualu, have announced potential delisting risks due to expected negative net assets by the end of 2025 [1]. - Tianjian Technology is projected to report a total profit loss of between 170 million to 240 million yuan and a net profit loss of 176 million to 250 million yuan for 2025, which may trigger delisting warnings [2]. Group 2: Specific ST Companies at Risk - *ST Jinglun and *ST Yanshi are confirmed to have triggered financial delisting indicators and may face termination of listing after the 2025 annual report [2]. - *ST Haihua's delisting risk is linked to the resignation of its auditing firm, which introduces significant uncertainty regarding its annual audit [3]. Group 3: Non-standard Audit Opinions - *ST Panda has been issued non-standard audit opinions for its 2024 financial report, which may lead to delisting if unresolved issues persist [3]. - *ST Guandian is also facing potential non-standard audit opinions, with its independent directors urging for enhanced audit procedures to ensure compliance [3]. Group 4: Market Implications - The normalization of the delisting mechanism is seen as a positive step towards improving the overall quality of listed companies by removing those with poor asset quality [4]. - Investors are advised to be cautious of delisting risks and to avoid high-risk stocks such as those designated as *ST without thorough understanding [4].

随着*ST公司2025年度业绩预告披露结束，一批将触及财务类退市指标的公司浮现。 据Wind资讯数据统计，截至今年1月底，93家*ST公司均已披露2025年度业绩预告。其中，*ST精伦、 *ST岩石、*ST万方、*ST国华等4家公司在公告中披露，预计公司扣除后营业收入不足3亿元且扣非后净 利润为负，将触及组合类财务退市指标，预计年报披露后公司股票将终止上市。 此外，还有部分*ST公司披露可能被审计机构出具非标审计意见，或将触及财务类退市指标。 "这是退市制度市场化、法治化改革落地见效的直观体现，也彰显了'应退尽退'的监管导向。"深圳大象 投资控股集团总裁周力表示，现行的财务类退市组合指标，能精准直击主业萎缩的"壳公司"，压缩保壳 空间，推动市场资源更多向优质企业集中。另外，上述4家公司主动披露退市风险，也能反映出市场主 体对退市规则的敬畏感在提升。 除明确触及财务类退市指标的公司外，部分*ST公司财务指标虽勉强"过线"，但审计能否"过关"仍存在 不确定性，退市风险较高。 例如，*ST春天预计2025年利润总额、净利润、扣非后净利润为负，预计营业收入3.43亿元至3.71亿 元、扣除后营业收入为3.38亿元至3 ...

本报记者 吴晓璐 随着*ST公司2025年度业绩预告披露结束，一批将触及财务类退市指标的公司浮现。 据Wind资讯数据统计，截至今年1月底，93家*ST公司均已披露2025年度业绩预告。其中，*ST精伦、 *ST岩石、*ST万方、*ST国华等4家公司在公告中披露，预计公司扣除后营业收入不足3亿元且扣非后净 利润为负，将触及组合类财务退市指标，预计年报披露后公司股票将终止上市。 此外，还有部分*ST公司披露可能被审计机构出具非标审计意见，或将触及财务类退市指标。 "这是退市制度市场化、法治化改革落地见效的直观体现，也彰显了'应退尽退'的监管导向。"深圳大象 投资控股集团总裁周力在接受《证券日报》记者采访时表示，现行的财务类退市组合指标，能精准直击 主业萎缩的"壳公司"，压缩保壳空间，推动市场资源更多向优质企业集中。另外，上述4家公司主动披 露退市风险，也能反映出市场主体对退市规则的敬畏感在提升。 *ST国华预计2025年扣非后净利润为-4000万元至-2000万元，扣除后营业收入1.97亿元至2.96亿元。*ST 国华称，根据算力、应急安全、软件开发等部分项目中公司从事交易时的身份以及业务实质对收入确认 方式为 ...

2月2日，*ST精伦大宗交易成交390.14万股，成交额694.45万元，占当日总成交额的56.6%，成交价1.78元，较市场收盘价1.78元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | 成交金额(万元) | 成交量( *) | 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-02 | *ST精伦 | 600355 | 1.78 | 89 | 50 | | | | | 2026-02-02 | *ST精伦 | ୧୦୦352 | 1.78 | 89 | 50 | | | | | 2026-02-02 | *ST精伦 | ୧୦୦352 | 1.78 | 88.98 | 49.99 | | | | | 2026-02-02 | *ST精伦 | 600355 | 1.78 | 88.98 | 49.99 | | 自限 | 半名以及言 | | 2026-02-02 | *ST精伦 | ୧୦୦355 | 1.78 | 88.95 | 49.97 | | | | | 2026-0 ...

伴随2025年业绩预告密集发布，一批上市公司拉响退市风险"警报"。 据上海证券报初步统计，近期，已有*ST观典、*ST岩石、*ST精伦、*ST春天等多家*ST公司发布公 告，提示投资者关注退市风险。其中，*ST岩石、*ST精伦已明确触及财务类退市指标，预计2025年年 报披露后终止上市。*ST太和等公司的财务指标则暂时"踩线达标"，但会计师均不能确定其2025年扣除 后的营业收入超过3亿元，仍存在退市风险隐患。 业内人士认为，自退市新规发布实施以来，市场对绩差公司的出清力度持续加大。在监管层持续强化常 态化退市机制的背景下，进退有序、及时出清的格局正加速形成。 多家*ST公司退市风险高悬 记者注意到，退市新规收紧了财务类退市指标，将主板亏损公司的营业收入指标从1亿元调高至3亿元， 进一步加大"壳公司"出清力度。在此背景下，一批2025年业绩预期不佳的*ST公司，面临触发组合类财 务退市指标的风险，"保壳"压力陡增。 以*ST岩石、*ST精伦为例，据其披露的2025年业绩预告，两家公司收入均不足3亿元且利润亏损，触及 组合类财务退市指标，拉响退市风险"警报"。 以*ST熊猫为例，公司年审会计师出具专项说明表示非 ...

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].

1月30日，*ST精伦大宗交易成交393.13万股，成交额735.15万元，占当日总成交额的46.09%，成交价 1.87元，较市场收盘价1.87元持平。 | 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | 类出营业部 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-30 | *STHIC | 600355 | 1.87 | 93.5 | 50 | 番 | | 2026-01-30 | *ST精伦 | 600355 | 1.87 | 93.5 | 50 | Ka | | 2026-01-30 | "ST精修 | 600355 | 1.87 | 93.48 | 49.99 | 절 | | 2026-01-30 | *STHIPS. | 600355 | 1.87 | 93.48 | 49.99 | 屋 | | 2026-01-30 | "ST精修 | 600355 | 1.87 | 93.48 | 49.99 | 종 | | 2026-01-30 | *ST精伦 | 600 ...