Core Viewpoint - Mogao Co., Ltd. (600543) is facing potential delisting risk due to expected losses and revenue shortfalls, leading to a significant decline in stock price [1][2] Recent Events - The company announced on January 30, 2026, that it expects a net profit for 2025 to be between -100 million to -120 million yuan, with operating revenue excluding specific income below 300 million yuan [2] - The potential delisting risk warning (ST) is based on the Shanghai Stock Exchange's listing rules and will depend on the audited results of the 2025 annual report [2] Performance and Operations - The company plans to disclose the 2025 annual report by the end of April 2026, which will confirm the extent of losses and revenue details [3] - The decline in performance is primarily attributed to a deep adjustment in the wine industry, decreased demand for cough medicine, and pressure on the biodegradable materials business [3] Stock Performance - On February 2, 2026, the company's stock hit the daily limit down due to concerns over expected losses and delisting risks, with a drop of 5.67% [4] - Market confidence has been affected by performance expectations, as evidenced by a 2.01% decline in stock price on February 12, 2026 [4] Company Situation - The controlling shareholder, Gansu Agricultural Reclamation Group, has previously increased its stake and established a capital operation team to promote mergers and restructuring to improve operations [5] - The restructuring attempt in 2024 was terminated, and the feasibility of a new plan in 2025 remains to be seen [5] Industry Policy and Environment - The wine, pharmaceutical, and biodegradable materials sectors are facing intensified competition and regulatory pressures, which may continue to impact the company's performance in 2026 [6]

证券代码：600543 证券简称：莫高股份 公告编号：临2026-05 一、本次质量控制复核人变更基本情况 大信所为公司2025年度审计机构，原指派李洪先生作为质量控制复核人，为公司提供审计服务。因大信 所内部工作调整，现委派付勇先生担任公司2025年年报审计项目质量控制复核人。 二、变更后的质量控制复核人基本情况 1. 基本信息：付勇先生，2009年取得注册会计师执业资格，2015年开始从事上市公司审计工作，2014年 12月开始在大信所执业。承办过重庆港、远达环保等证券业务的审计工作。近三年复核过的上市公司包 括中设咨询。未在其他单位兼职。 甘肃莫高实业发展股份有限公司 关于2025年度审计机构变更项目质量控制复核人的公告 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。 甘肃莫高实业发展股份有限公司（以下简称"公司"）于2025年4月25日召开第十一届董事会第二次会 议，审议通过了《关于续聘会计师事务所的议案》，同意续聘大信会计师事务所（特殊普通合伙）（以 下简称"大信所"）为公司2025年度财务报告和内部控制的审计机构（ ...

（文章来源：证券日报） 证券日报网讯 2月12日，莫高股份发布公告称，公司2025年度审计机构大信会计师事务所内部调整，原 质量控制复核人李洪变更为付勇，继续负责年报审计，变更不影响审计进度与质量。 ...

二、变更后的质量控制复核人基本情况 证券代码：600543 证券简称：莫高股份 公告编号：临 2026-05 甘肃莫高实业发展股份有限公司 关于 2025 年度审计机构变更项目质量控制复核人的公告 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。 甘肃莫高实业发展股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第 十一届董事会第二次会议，审议通过了《关于续聘会计师事务所的议案》，同意续聘 大信会计师事务所（特殊普通合伙）（以下简称"大信所"）为公司 2025 年度财务报告 和内部控制的审计机构（具体内容详见公司《关于续聘会计师事务所的公告》，公告 编号：临 2025-23）。该事项已经公司 2025 年 6 月 18 日召开的 2024 年年度股东大会 审议通过。 近日，公司收到大信所《关于变更甘肃莫高实业发展股份有限公司 2025 年度项 目质量控制复核人员的函》，因大信所内部工作调整，原质量控制复核人李洪先生不 再担任公司 2025 年年报项目质量控制复核人，大信所委派付勇先生接替李洪先生作 为项目质量 ...

Group 1 - The core viewpoint of the news is that Mogao Co., Ltd. has experienced a decline in stock price and significant decreases in revenue and net profit for the year 2025 [1] - As of February 12, the stock price of Mogao Co., Ltd. was 5.36 yuan per share, with a market capitalization of 1.721 billion yuan [1] - The company has seen a year-to-date stock price increase of 0.94%, but a decline of 2.90% over the past 20 days and 18.17% over the past 60 days [1] Group 2 - Mogao Co., Ltd. was established on December 29, 1995, and listed on March 24, 2004, with its main business involving grape cultivation and wine production and sales [1] - The revenue composition of the company includes: membrane bags 45.95%, biodegradable materials and products 24.97%, pharmaceuticals 12.71%, and agriculture planting and processing 8.13% [1] - As of September 30, the number of shareholders was 21,900, a decrease of 18.04% from the previous period, while the average circulating shares per person increased by 22.02% to 14,652 shares [1] Group 3 - For the period from January to September 2025, Mogao Co., Ltd. reported operating revenue of 143 million yuan, a year-on-year decrease of 36.49%, and a net profit attributable to the parent company of -49.87 million yuan, a year-on-year decrease of 83.10% [1] - The company has distributed a total of 41.9765 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [2]

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]

Group 1 - The core issue is that Mogao Co., Ltd. has hit the daily limit down, with a price of 5.29 yuan, reflecting a decline of 5.67% and a total market value of 1.708 billion yuan [1] - The company is facing significant operational challenges, with a projected loss of 100 to 120 million yuan for 2025, a revenue drop of approximately 40% to below 300 million yuan, and multiple subsidiaries reporting continuous losses [2] - The company is at risk of being delisted, having reached the warning threshold for delisting, which could severely damage its reputation and lead to a sell-off by investors [2] Group 2 - The industry environment is unfavorable, particularly for the company's main businesses in wine and pharmaceuticals, which are under pressure from deep industry adjustments [2] - Market confidence has been significantly shaken due to a sharp decline in net profit for the third quarter of 2025 and a pessimistic outlook for future performance, leading to noticeable capital outflows [2]

Core Viewpoint - Mogao Co., Ltd. (600543.SH) has announced an expected net loss of 100 million to 120 million yuan for the fiscal year 2025 [1] Group 1 - The company anticipates a net loss attributable to shareholders of the parent company ranging from 100 million to 120 million yuan for the year 2025 [1] - If the audited total profit, net profit, or net profit after deducting non-recurring gains and losses is negative and the operating income is below 300 million yuan, the company's stock will face delisting risk warning from the Shanghai Stock Exchange after the disclosure of the 2025 annual report [1]

Core Viewpoint - Mogao Co., Ltd. (600543.SH) has announced a projected net loss of 100 million to 120 million yuan for the fiscal year 2025 [1] Financial Performance - The company expects a net loss attributable to shareholders of the parent company between 100 million yuan and 120 million yuan for 2025 [1] - If the audited total profit, net profit, or net profit after deducting non-recurring gains and losses is negative and the operating revenue is below 300 million yuan, the company's stock will face delisting risk warning from the Shanghai Stock Exchange after the 2025 annual report is disclosed [1]

Core Viewpoint - Mogao Co., Ltd. has announced a projected net loss for the year 2025, estimating a net profit attributable to shareholders of approximately -120 million to -100 million yuan, and a net profit excluding non-recurring gains and losses of approximately -103 million to -83 million yuan [1] Industry Summary - The domestic wine industry is undergoing a deep adjustment, with both production and consumption of wine continuing to decline, leading to lower-than-expected sales for the company [1] - The cough medicine sector is experiencing a decrease in market demand, resulting in a decline in both volume and price for the company's main product, Compound Licorice Tablets, which has negatively impacted profitability [1] - The biodegradable materials sector, while supported by national policies as an emerging industry, faces challenges due to an incomplete upstream and downstream industrial chain and pressure on product prices, leading to a decrease in the production and sales volume of PBAT compared to the previous year [1] Financial Impact - Based on the current operational status and future forecasts, the company anticipates recognizing impairment losses on certain fixed assets, inventory, and accounts receivable for the year 2025, which will affect the net profit by approximately 36 million yuan [1] - Additionally, the company plans to scrap certain productive biological assets in 2025, further impacting the financial results [1]