Core Viewpoint - The company *ST Chuntian (Qinghai Chuntian) has disclosed a performance forecast indicating a significant expected loss for 2025, raising concerns about its financial stability and potential delisting risk [2][3]. Financial Indicators - For 2025, *ST Chuntian anticipates a net profit loss ranging from 44 million to 59.5 million yuan, with projected revenue between 342.7 million and 371.4 million yuan, and a revenue after deductions expected to be between 338.3 million and 367 million yuan [2]. - The company must either achieve profitability or ensure that its revenue after deductions remains above 300 million yuan to avoid delisting [3]. Audit Opinions - The auditing firm Zhengdan Zhiyuan has not yet provided a definitive opinion on the company's performance forecast, indicating uncertainty regarding the revenue figures presented [3]. - Without a clean audit opinion, *ST Chuntian remains at risk of being delisted, as the audit firm highlighted potential issues with the recoverability of a loan converted from an investment [4]. Related Company Information - *ST Chuntian is involved with Yibin Tinghua Wine Trade Co., which is a subsidiary of Yibin Tinghua Wine Industry Development Co., and is responsible for selling Tinghua wine produced by the latter [5]. - As of September 30, 2025, *ST Chuntian had a prepaid balance of approximately 140.18 million yuan and an investment prepayment of 100 million yuan to Yibin Tinghua, with risks of impairment due to potential non-recovery of these amounts [5].

Core Viewpoint - *ST Chuntian (600381.SH) is expected to report significant losses in 2025, with projected net profits ranging from -44 million to -59.5 million yuan, indicating a challenging financial outlook for the company [1] Financial Projections - The company anticipates a total profit loss of between -31.3 million and -46.8 million yuan for the year 2025 [1] - Expected net profit attributable to shareholders is projected to be between -44 million and -59.5 million yuan [1] - The net profit after deducting non-recurring gains and losses is estimated to be between -56.4 million and -71.9 million yuan [1] - Projected operating revenue for 2025 is estimated to be between 342.7 million and 371.4 million yuan [1] - After excluding unrelated business income and income without commercial substance, the operating revenue is expected to be between 338.3 million and 367 million yuan [1]

Financial Projections - The company expects a total profit loss of between -31.3 million and -46.8 million CNY for the fiscal year 2025, with a net profit attributable to shareholders projected to be between -44 million and -59.5 million CNY[5]. - Estimated operating revenue for 2025 is projected to be between 342.7 million and 371.4 million CNY, with revenue after excluding unrelated business income expected to be between 338.3 million and 367 million CNY[6]. - The net asset value at the end of 2025 is anticipated to be between 977.4 million and 992.9 million CNY[6]. - The company reported a total profit loss of -201.2 million CNY for the previous year, with a net profit attributable to shareholders of -198.8 million CNY[8]. - The company’s previous year operating revenue was reported at 270.3 million CNY, with adjusted revenue of 223.6 million CNY after excluding unrelated business income[8]. Risks and Uncertainties - The primary reason for the expected loss in 2025 is due to anticipated losses from long-term equity investments and asset impairment provisions[9]. - The company’s stock has been under delisting risk warning since April 30, 2025, and may face termination of listing if financial data continues to meet delisting criteria[12]. - The annual auditor has indicated uncertainty regarding the recoverability of a loan converted from an investment payment, which could impact the audit opinion[4]. - The company emphasizes the importance of monitoring investment risks due to the potential for significant financial implications if the loan recovery does not progress[13]. Financial Data Status - The company has not yet finalized its financial data, and the figures provided are preliminary estimates subject to change upon audit[10].

股票代码：600381 股票简称：*ST 春天 公告编号：2026-002 青海春天药用资源科技股份有限公司 2025 年度业绩预亏暨风险提示公告 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法律责任。 重要内容提示： 本期业绩预告适用于《上海证券交易所股票上市规则》第 9.2.3 条规定的股票 已被实施退市风险警示的情形。 公司存在终止上市风险：本期业绩预告的数据均未经审计。公司股票已于 2025 年 4 月 30 日被实施退市风险警示，如公司 2025 年度经审计的相关财务数据仍触及《上 海证券交易所股票上市规则》规定的财务类退市指标或存在其他不能消除退市风险警 示的情况，公司股票将终止上市，敬请广大投资者注意投资风险。 经财务部门初步测算，公司预计 2025 年度实现利润总额-3,130.00 万元至 -4,680.00 万元，预计归属于上市公司股东的净利润为-4,400.00 万元至-5,950.00 万 1 股票代码：600381 股票简称：*ST 春天 公告编号：2026-002 年审会计师出具的专项说明显示，"截至本专项 ...

地 址：深圳市福田区鹏程一路广电金融中心11F 电 话：+86-755-88605026 www.zdcpa.com 关 于 青 海 春 天 药 用 资 源 科 技 股 份 有 限 公 司 2 0 2 5 年 度 业 绩 预 告 情 况 的 专 项 说 明 政旦志远核字第 260000013 号 青海春天药用资源科技股份有限公司全体股东： 第1页 政旦志远核字第 260000013 号退市风险警示有关情形消除预审计情况的专项说明 我们注意到，青海春天向宜宾听花预付的投资款截至 2025 年 11 月 已到期，经双方协商，该投资款已转为借款并收取利息。在此，需着 重指出的是，若截至 2025 年度审计报告出具前，此笔由投资款转化 而来的借款在回收方面未能取得实质性进展，这将极大影响我们对该 笔借款可回收性的专业判断。基于审计准则要求，在此种情形下，我 们预计将对青海春天的财务报表发表无法表示意见的审计报告。 本专项说明仅供青海春天披露 2025 年度业绩预告时使用，不得 用作其他用途。由于使用不当所造成的后果，与执行本业务的注册会 计师和会计师事务所无关。 政旦志远（深圳）会计师事务所 （特殊普通合伙） 中国注 ...

Group 1 - The food processing sector increased by 0.41% on January 22, with Jiaoda Onlly leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the food processing sector showed various performance, with Jiaoda Onlly closing at 6.93, up 4.52%, and Hai Xin Food at 6.81, up 2.10% [1] Group 2 - The food processing sector experienced a net outflow of 28.83 million yuan from main funds, while retail investors saw a net inflow of 51.78 million yuan [2] - The trading volume and turnover for key stocks varied, with Jiaoda Onlly having a trading volume of 190,700 shares and a turnover of 131 million yuan [1][2] - The stock performance of several companies showed mixed results, with some stocks like ST Chuntian and Xianle Health declining by 1.39% and 1.27% respectively [2] Group 3 - Main fund inflows were observed in stocks like Jiaoda Onlly with a net inflow of 14.38 million yuan, while retail investors showed a net inflow of 11.80 million yuan [3] - Stocks such as Shuanghui Development and Jinzi Ham also saw significant main fund inflows of 11.39 million yuan and 10.64 million yuan respectively [3] - The overall sentiment in the food processing sector appears mixed, with some stocks attracting retail interest despite main fund outflows [3]

Core Insights - The food processing sector experienced a decline of 0.82% on January 21, with Bright Meat Industry leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Sector Performance - The food processing sector's individual stock performance showed varied results, with *ST Chuntian leading with a rise of 4.85% to a closing price of 4.32 [1] - Other notable gainers included Qianwei Yangchu, which rose by 2.48% to 45.48, and Weizhi Xiang, which increased by 1.43% to 30.56 [1] Stock Trading Data - Bright Meat Industry saw a significant decline of 6.18%, closing at 6.53, with a trading volume of 573,900 shares and a transaction value of 376 million [2] - Other stocks like Baba Foods and Kangbiter also faced declines of 3.47% and 2.34%, respectively [2] Capital Flow Analysis - The food processing sector experienced a net outflow of 61.68 million from institutional investors, while retail investors saw a net inflow of 78.20 million [2] - Individual stock capital flows indicated that *ST Chuntian had a net inflow of 17.58 million from institutional investors, while retail investors contributed a net inflow of 772.11 thousand [3]

Group 1 - The core point of the article is that *ST Chuntian (sh600381) reached its daily limit with a price of 4.33 yuan, reflecting a 5.1% increase and a total market capitalization of 2.542 billion yuan [1] Group 2 - The potential reasons for *ST Chuntian's limit-up include its dual business segments: the liquor fast-moving consumer goods sector and the health sector focused on the research, production, and sales of Cordyceps products. The gradual recovery of the consumer market is expected to support demand in both sectors, contributing to performance growth [2] - The company is set to release its annual report on April 21, 2026, and there are optimistic market expectations regarding its performance. A strong annual report could positively impact the stock price, leading investors to position themselves in advance, thus driving the stock price up [2] - Recent market trends show that both the liquor and health sectors have gained momentum, with related stocks performing well, creating a sectoral synergy effect. Data from Dongfang Caifu indicates that there has been a notable inflow of funds into these sectors, contributing to *ST Chuntian's limit-up [2] - Technical analysis from Tonghuashun indicates signs of capital inflow on the day of the limit-up, reflecting market interest and optimism towards the stock, although specific technical indicators are not provided [2]

三、控股股东质押风险 公司控股股东西藏荣恩科技有限公司累计质押 11,362 万股，占其持股总数的 60.24%，占公司总股本的 19.35%。控股股东及其一致行动人合计质押 14,376 万股，占 其持股总数的 58.59%，占公司总股本的 24.49%。公司控股股东质押比例较高，敬请广 大投资者注意投资风险。 股票代码：600381 股票简称：*ST 春天 公告编号：2026-001 青海春天药用资源科技股份有限公司 关于股票交易风险提示的公告 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法律责任。 近期，青海春天药用资源科技股份有限公司（以下简称"公司"）股价剔除大盘整 体因素后的实际波动幅度较大，特别提醒广大投资者注意二级市场交易风险，相关提 示如下： 一、二级市场交易的风险 公司股票 2026 年 1 月 14 日、1 月 15 日连续两个交易日涨停。截至 2026 年 1 月 15 日收盘，公司股价剔除大盘整体因素后的实际波动幅度较大。公司特别提醒广大投 资者注意二级市场交易风险，理性决策，审慎投资。 二、公司股票存在被终 ...

Market Overview - The food processing sector increased by 0.28% on January 12, with Hai Xin Food leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Top Performers - Hai Xin Food (002702) closed at 7.62, up by 3.25% with a trading volume of 913,900 shares and a transaction value of 682 million [1] - Other notable gainers include: - Gai Shi Food (920826) at 14.45, up by 3.14% [1] - Kang Bi Te (920429) at 15.95, up by 3.04% [1] - Xi Wang Food (000639) at 3.42, up by 2.70% [1] - Hui Fa Food (603536) at 11.74, up by 2.18% [1] Underperformers - Qian Wei Yang Chu (001215) closed at 45.60, down by 3.33% with a trading volume of 62,200 shares and a transaction value of 286 million [2] - Other notable decliners include: - Ba Bi Food (605338) at 31.39, down by 2.52% [2] - Xian Le Health (300791) at 24.39, down by 1.45% [2] Capital Flow - The food processing sector experienced a net outflow of 131 million from institutional investors, while retail investors saw a net inflow of 111 million [2] - Notable capital flows include: - Anjiu Food (603345) had a net inflow of 62.62 million from institutional investors [3] - Gai Shi Food (920826) saw a net inflow of 24.97 million from institutional investors [3] - Tang Chen Bei Jian (300146) had a net inflow of 14.78 million from institutional investors [3]