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].

Group 1 - The core viewpoint of the article highlights a positive shift in the real estate and domestic demand sectors related to liquor, with Moutai's market-oriented transformation stimulating incremental demand, leading to a continuous rise in wholesale prices and a recovery in industry valuations [1][3]. - The Wind liquor index experienced a weekly increase of 4.17%, with several stocks in the sector rising over 5% [1][3]. - Moutai's wholesale price has rebounded significantly, with the price of Feitian Moutai rising from the year's low to around 1700 yuan, contributing to a strong market rebound [3][5]. Group 2 - Despite the overall increase in liquor stock prices, some stocks like *ST Yanshi and Yanghe Co. saw declines due to performance concerns, indicating a mixed recovery in the sector [1][6]. - *ST Yanshi's stock price has been volatile, with a significant drop of 5.63% over the week, and the company has issued a risk warning regarding its financial situation, projecting revenues below 300 million yuan for 2025 [6][7]. - Yanghe Co. reported a projected net profit for the year of 2.116 billion to 2.524 billion yuan, slightly below market expectations, and adjusted its dividend policy, which may reduce its attractiveness as a dividend stock [7].

证券代码：600696 证券简称：*ST岩石 公告编号：2026－012 上海贵酒股份有限公司 ● 公司控股股东上海贵酒企业发展有限公司及其一致行动人合计持有公司 216,740,245 股已全部被司法冻结，占公司总股本的 64.80%。 ● 经公司核实，截至本公告披露日，公司控股股东不存在应披露而未披露的重大 信息，包括但不限于重大资产重组、上市公司收购、业务重组、破产重整等重大事项。 一、公司股票预计将触及财务类终止上市 公司预计 2025 年度营业收入低于 3 亿元，且利润总额、净利润或者扣除非经常 性损益后的净利润孰低者为负值，请见公司于 2026 年 1 月 24 日披露的《上海贵酒 1 关于股票交易及股票可能被终止上市的风险提示公告 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： ● 上海贵酒股份有限公司（以下简称"公司""上海贵酒公司"）近日股价波动较 大，且于 2026 年 1 月 29 日及 1 月 30 日连续涨停。公司已于近期多次披露了有关公 司股票交易异常波动公告、澄清公告及公司股票将被 ...

Group 1 - ST Yingfituo experienced a significant stock price fluctuation, initially dropping to 2.19 CNY per share before rising to 2.43 CNY, marking a 5.19% increase with a trading range of 10.39% and a total market value of 2.913 billion CNY [1] - Following three consecutive days of decline, investors reacted positively to the stock's recovery, expressing surprise and excitement over the price rebound [2] - ST Yingfituo announced a projected net loss of 240 million to 310 million CNY for 2025, with expected net assets of -65 million to -130 million CNY by the end of 2025, indicating a potential delisting risk due to negative net assets [2] Group 2 - ST Yanshi also saw a similar stock price surge, reaching 2.18 CNY per share, following a significant price fluctuation [3] - The company projected an annual revenue of less than 300 million CNY for 2025, with both pre-tax and post-tax net profits expected to be negative, leading to a potential termination of its listing due to financial issues [3]

证券代码：600696 证券简称：*ST岩石 公告编号：2026－011 上海贵酒股份有限公司 关于股票交易风险提示公告 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： ● 上海贵酒股份有限公司（以下简称"公司""上海贵酒公司"）近日股价波动较 大，且于 2026 年 1 月 29 日涨停。公司已于近期多次披露了有关公司股票交易异常 波动公告、澄清公告及公司股票将被终止上市的风险提示公告。 ● 公司控股股东上海贵酒企业发展有限公司及其一致行动人合计持有公司 216,740,245 股已全部被司法冻结，占公司总股本的 64.80%。 ● 经公司核实，截至本公告披露日，公司控股股东不存在应披露而未披露的重大 信息，包括但不限于重大资产重组、上市公司收购、业务重组、破产重整等重大事项。 ● 根据《上海贵酒股份有限公司 2025 年度业绩预亏公告》，公司预计 2025 年 度营业收入不足 3 亿元且扣非前后净利润均为负。根据《上海证券交易所股票上市 规则》（以下简称"《股票上市规则》"），公司股票将因触及财务类退市情形 ...

尤振专审字[2026]第0030号 上海贵酒股份有限公司全体股东: 关于对上海贵酒股份有限公司 2025 年度退市风险警示情形消除 预审计情况的专项说明 尤振专审字[2026]第 0030 号 the state 关于上海贵酒股份有限公司 2025年度退市风险警示情形消除预审计情况的专项说明 中国注册会计师: (项目合伙人) 我们接受委托,对上海贵酒股份有限公司(以下简称"上海贵酒公司")2025年度 财务报表进行审计。截至本专项说明出具日,我们的审计工作尚在进行中,对财务报 表的审计意见尚未形成。 根据《上海证券交易所上市公司自律监管指南第1号 -- 公告格式》的相关规定, 上海贵酒公司编制了 2025年度业绩预告。编制和对外披露业绩预告,并确保其真实性、 准确性和完整性是上海贵酒公司管理层的责任。 上海贵酒公司因 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。根据上海贵酒公司作出的 2025 年的业绩预告, 预计 2025 年度利润总额、净利润、扣除非经常性损益后的净利润孰低者 ...

Core Viewpoint - The A-share liquor sector experienced a significant surge, with the liquor ETF rising by 10.08% and the China Securities Liquor Index increasing by 9.79% on January 29, driven by macroeconomic expectations and seasonal factors related to the upcoming Spring Festival [1][2]. Group 1: Market Performance - 20 liquor companies saw stock price increases, with 18 reaching the daily limit, including notable gains from Kweichow Moutai (8.61% increase) and others like Jinzhongzi Liquor and Huangtai Liquor, both around 10% [1][2]. - The wholesale price of Feitian Moutai has been rising, surpassing 1600 yuan, indicating a market recovery signal as the product remains sold out on official platforms [3]. Group 2: Expert Insights - Experts attribute the price increase to a combination of Moutai's proactive price control and seasonal demand, suggesting that the liquor sector is a target for capital investment due to its cyclical nature [4]. - The overall industry is under pressure, with several companies forecasting significant declines in net profit, indicating a challenging competitive landscape and increased inventory issues [4]. Group 3: Future Outlook - Analysts suggest that the proactive inventory adjustments by liquor manufacturers and the stabilization of high-end liquor prices could lead to a healthier market development [5]. - The upcoming Spring Festival is expected to boost demand, with the liquor sector seen as a value opportunity for investors, despite the need for cautious optimism regarding long-term trends [5].

*ST岩石盘中涨停，上演"地天板"，成交额2662万元。 | < W | | | *ST岩石(600696) | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 交易中 01-29 14:24:25 | | | | | | 2.08 | | 额2662万 股本 3.34亿 市盈 -2.7 万得 | | | | | | +0.10 | +5.05% | 换 4.04% 市值16.96亿 市净 2.42 益口 | | | | | | 分时 | 五日 | 日K 周K 月K 甲多 ◎ | | | | | | 叠加 | | 盘口 | 均价:1.97 | | 资金 | | | 2.08 | | 5.05% 卖5 | | | 0 | | | | | 34 | | | 0 | | | | | 三2 | | | 0 | | | | | 253 | | | 0 | | | 1.98 | | 0.00% == 1 | | | 0 | | | | | 251 | | 2.08 | 16168 | | | | | 买2 | | 2.07 | 1023 | | | | | ...

* S T 岩 石 盘 中 涨 停，上 演 " 地 天 板 "，成 交 额 2 6 6 2 万 元 。 | < W | | *ST岩石(600696) | | | | --- | --- | --- | --- | --- | | | | 交易中 01-29 14:24:25 | | | | 2.08 | | 额2662万 股本 3.34亿 市盈 -2.7 | | 万得 | | +0.10 | +5.05% | 换 4.04% 市值16.96亿 市净 2.42 | | 盘口 | | 分时 | 五日 | 日K 周K 月K 更多 © | | | | 是加 | | 均价:1.97 盘口 | | 资金 | | 2.08 | | 5.05% 卖5 | | 0 | | | | 524 | | 0 | | 1.98 | | 323 | | O | | | | 22 | | 0 | | | | 0.00% 卖1 | | 0 | | | | ਨੇ 1 | 2.08 16168 | | | | | द्रों 2 | 2.07 | 1023 | | | | 买3 | 2.06 | 683 | | | | 554 | 2.05 | ...