1月12日晚间，*ST岩石（600696.SH）发布业绩预亏公告称，经财务部门初步测算，公司2025年度营业 收入预计低于3亿元，且利润总额、净利润或扣除非经常性损益后的净利润孰低者为负值，已触及《上 海证券交易所股票上市规则》规定的财务类退市情形，公司股票面临终止上市风险。这一公告不仅揭示 了当前经营的绝境，更将2024年以来席卷公司的系列危机推向了顶点。 回溯*ST岩石的资本市场历程，其本身就是一部频繁转型与更名的动荡史。公司前身为福建豪盛，1993 年登陆上交所，早期涉足建筑陶瓷、房地产等领域。2017年海银系入主后，逐步剥离原有业务， 2018 年收购贵州贵酒云电子商务有限公司85%股权，切入白酒行业。 此后，公司通过对章贡酒业、长江实业股权的收购及注入高酱酒业资产，逐步聚焦酱香型白酒赛道，形 成了以上海贵酒、君道贵酿、高酱等为核心的品牌矩阵。 （注：本文系AI工具辅助创作完成，不构成投资建议。） 责任编辑：AI观察员 1月12日晚间，*ST岩石（600696.SH）发布业绩预亏公告称，经财务部门初步测算，公司2025年度营业 收入预计低于3亿元，且利润总额、净利润或扣除非经常性损益后的净利润孰低者为 ...

Core Viewpoint - The news highlights the risk of delisting for certain companies, specifically *ST WanFang and *ST YanShi, due to their projected financial performance in 2025, which is expected to fall below the thresholds set by the Shenzhen Stock Exchange for continued listing [2][4]. Group 1: Company Announcements - *ST WanFang announced that its estimated revenue for 2025 will be below 300 million yuan, with either total profit or net profit expected to be negative, triggering potential delisting [2]. - *ST YanShi similarly projected that its 2025 revenue will not reach 300 million yuan, with both pre-tax and post-tax net profits expected to be negative, also risking delisting [4]. Group 2: Stock Performance - Following the announcements, both *ST WanFang and *ST YanShi experienced a limit down in their stock prices, with *ST WanFang closing at 4.57 yuan per share, down 4.99% [2]. - The overall market sentiment towards *ST stocks has turned cautious, with investors advised to be wary of similar companies as the 2025 annual performance forecasts approach [4]. Group 3: Financial Data and Risks - A total of 26 *ST stocks reported revenues below 200 million yuan in their 2025 Q3 reports, with both *ST WanFang and *ST YanShi included in this group [4]. - Companies like *ST HuKe and *ST ChuangXing reported revenues of less than 50 million yuan in their 2025 Q3 reports, indicating severe financial distress [4]. - The average decline for stocks facing forced delisting in 2025 has exceeded 70%, with some stocks dropping over 80% [6]. Group 4: Capital Structure Concerns - Certain companies, such as *ST HuaRong, reported asset-liability ratios nearing 92%, while others like *ST BuSen and *ST YeDao exceeded 80%, indicating poor capital structures [5]. - *ST AoWei's stock price has dropped over 22% since the beginning of 2026, nearing the critical threshold of 1 yuan per share, which could lead to further delisting risks [5].

Core Viewpoint - The company *ST Yanshi (600696) is facing potential delisting due to triggering the delisting red line, with a projected revenue of less than 300 million yuan for 2025 and negative net profits, marking it as the first A-share stock expected to be forcibly delisted this year [1][4]. Financial Performance - For the first three quarters of 2025, *ST Yanshi reported a total revenue of 34.76 million yuan and a net loss of 112 million yuan [4]. - The stock price has seen a dramatic decline, with a single-quarter drop of 50.51% in Q4 2025, following heightened delisting risk expectations [4]. Market Reactions - The stock experienced a three-day limit-up rally from January 8 to January 12, 2026, driven by market speculation about a potential restructuring, but subsequently fell to a limit-down on January 12, closing at 3.04 yuan per share, a drop of over 94% from its historical high of 51.66 yuan [4][10]. Brand and Legal Issues - The company lost the "Guijiu" trademark due to a legal dispute, necessitating a complete rebranding, which could severely impact sales [10]. - Ongoing legal issues, including contract disputes and the criminal measures against the actual controller, have hindered restructuring efforts [10]. Shareholder Information - As of September 30, 2025, the company had a total of 25,525 shareholders [7]. Strategic Outlook - The company is reportedly seeking strategic investors and optimizing its resources, but the actual controller's legal troubles pose significant challenges to any potential restructuring [10].

Core Viewpoint - Shanghai Gui Jiu (stock code "*ST Yan Shi (600696)") has announced a pre-loss forecast, expecting revenue for 2025 to be less than 300 million yuan, with both net profit and net profit after deducting non-recurring gains and losses projected to be negative, indicating a potential forced delisting from the A-share market [1][2][3] Financial Performance - The company reported a significant decline in performance, with revenue dropping from a peak of 1.629 billion yuan in 2023 to 285 million yuan in 2024, and less than 40 million yuan in the first three quarters of 2025 [3] - For the first three quarters of 2025, the company achieved a cumulative revenue of only 34.76 million yuan, with a net profit of -112 million yuan and a net profit after deducting non-recurring gains and losses of -67 million yuan [2] Legal and Operational Challenges - The company is facing multiple crises, including the criminal coercive measures taken against its actual controller, Han Xiao, and ongoing lawsuits, leading to a strained financial situation [1][2] - The company has been reported to have overdue wages and debts, with a significant reduction in the number of distributors, dropping by 3,693 in 2024 [2][3] Inventory and Sales Strategy - To alleviate financial pressure, the company has initiated a "1 yuan clearance" sale for its products, including core items, through live streaming platforms [4] - As of mid-2025, the company's inventory amounted to 489 million yuan, representing 24.72% of total assets, prompting the implementation of a discount sales plan for slow-moving products [4] Trademark and Legal Issues - In October 2025, the company lost a trademark infringement case against Guizhou Gui Jiu Group, which may require it to change its name and cease using the "Gui Jiu" designation, significantly impacting its operations [5] - The company has also faced asset freezes, with approximately 4.3823 million yuan in bank deposits frozen or seized, indicating ongoing financial instability [6]

Group 1 - The liquor sector experienced a decline of 0.9% on January 13, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] - Major liquor stocks showed mixed performance, with Wuliangye down 0.51% to 108.00 and Moutai down 0.86% to 1411.00 [1] Group 2 - The liquor sector saw a net outflow of 8.17 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.19 billion yuan [2] - The top stocks by net inflow included Wuliangye with a net inflow of 46.20 million yuan from institutional investors, while *ST Rock had a net outflow of 38.73 million yuan [3] - Retail investors showed a preference for stocks like Moutai and Gujing Gongjiu, with net inflows of 15.08 million yuan and 15.08 million yuan respectively [3]

Group 1 - The company *ST Rock has announced a preliminary estimate indicating a projected revenue of less than 300 million yuan for the fiscal year 2025, with total profit, net profit, or net profit after deducting non-recurring gains and losses expected to be negative [1] - According to the Shanghai Stock Exchange listing rules, if the audited revenue for 2025 is below 300 million yuan and the lowest of total profit, net profit, or net profit after deducting non-recurring gains and losses is negative, the company's stock may be delisted due to financial criteria [1] - Additionally, Shanghai Guijiu has recently launched a clearance live broadcast with a significant discount, selling its 2023 53-degree 500ml product at 67 yuan per bottle [1]

1月12日晚间，*ST岩石（600696）发布公告称，公司2025年前三季度累计实现营业收入3476.21万元， 实现归属于上市公司股东的净利润为亏损1.12亿元左右。经公司财务部门初步测算，预计公司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。 *ST岩石 表示，根据《上海证券交易所股票上市规则》的相关规定，2025年度经审计营业收入低于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的，公司股票将因触及财务类退市情形被 终止上市。 *ST岩石同时称，公司保留意见所涉事项能否消除存在重大不确定性，可能触及财务类终止 上市情形。 据公告，*ST岩石2024年度财务报告被中兴财光华会计师事务所（特殊普通合伙）出具了带 与持续经营相关重大不确定性的保留意见的审计报告。目前公司审计工作正在推进中，保留意见涉及事 项尚未有效消除，后续能否消除存在重大不确定性。根据《上海证券交易所股票上市规则》的相关规 定，如*ST岩石2025年度财务报告被出具保留意见、无法表示意见、否定意见或内部控制报告被出具否 定意见、无法表示意见等，公司股票将因触及财务类退市 ...

Group 1 - Weiteou signed a strategic cooperation agreement with Qiteng Robotics to focus on safety upgrades in high-risk industries, leveraging new materials and robotics [1] - Dongfang Caifu's subsidiary received approval from the CSRC to issue subordinate bonds totaling up to 20 billion yuan [2] - Haibo Zhongke's controlling shareholder plans to reduce holdings by up to 2.98% of the company's shares [3] Group 2 - Shengyang Technology's subsidiary FTA is expanding into the foreign satellite internet terminal business, which is still in the early commercialization stage [4] - Cangge Mining expects a net profit increase of 43.41%-53.1% for 2025, projecting a profit of 3.7-3.95 billion yuan [5] - Jinlongyu plans to invest approximately 1.2 billion yuan to build a production line for solid-state batteries with an annual capacity of 2 GWh [6] Group 3 - Shengda Resources intends to acquire a 55% stake in Guangxi Laibin Jinshi Mining for 269.5 million yuan [7] - Zhifei Biological's CA111 injection has entered Phase I clinical trials, targeting diabetes and weight loss treatment [8] - Qusleep Technology's specific shareholders plan to reduce their holdings by up to 2.58% of the company's shares [9] Group 4 - Innovation Medical's subsidiary has a product expected to generate revenue of 114,000 yuan in 2025 [11] - Blue Ocean Cursor noted that AI-driven revenue currently constitutes a small portion of overall revenue [12] - *ST Yanshi anticipates a loss for the 2025 fiscal year, with revenue expected to be below 300 million yuan [13] Group 5 - ST Yishite will lift risk warnings and change its stock name, resuming trading on January 14 [14] - Shaoyang Hydraulic clarified that its products do not directly serve commercial aerospace clients [15] - Boss Electric plans to invest 100 million yuan in Youte Smart Kitchen to deepen strategic cooperation [16] Group 6 - Guo An Da's controlling shareholder plans to reduce holdings by up to 3% of the company's shares [17] - *ST Mingjia has lifted the delisting risk warning following the completion of its restructuring plan [18] - Haixiang Pharmaceutical signed an innovative drug cooperation agreement with Wanbangde Pharmaceutical [19] Group 7 - Palm Holdings plans to transfer stakes in two project companies for debt compensation, amounting to 258 million yuan [20] - Bohai Leasing's subsidiary Avolon is projected to have a fleet of 1,132 aircraft by the end of 2025 [21] - Zhenyou Technology reported that satellite internet revenue accounted for approximately 7.15% of total revenue in the first three quarters of 2025 [22] Group 8 - Blue Arrow Electronics intends to acquire at least 51% of Chengdu Xinyi Technology [23] - Shunhao Co. stated that its investment in Tianshu Chuangxin will have a minimal impact on its 2025 performance [24][25] - Baichuan Co.'s deputy general manager plans to reduce holdings by up to 0.65% of the company's shares [26] Group 9 - Zhewen Interconnect reported that its GEO business has not yet formed a mature profit model [27] - XW Communication's controlling shareholder plans to reduce holdings by up to 1% of the company's shares [28] - Electric Science Digital indicated that its satellite communication products are not its main business [29] Group 10 - Bojun Technology expects a net profit increase of 35%-65% for 2025, projecting a profit of 828-1,012 million yuan [30] - Rongchang Bio signed a licensing agreement for the RC148 drug with AbbVie, with an initial payment of 650 million USD [31] - Guoxin Technology's state investment fund plans to reduce holdings by up to 2.37% of the company's shares [32] Group 11 - Hengxuan Technology's controlling shareholder plans to reduce holdings by up to 3% of the company's shares [33][34] - *ST Chengchang announced a stock suspension for investigation due to abnormal trading [35] - Zhongji Xuchuang's subsidiary plans to issue warrants to incentivize its core team [36] Group 12 - Zhuoshengwei expects a net loss of 255-295 million yuan for 2025 [37] - Pingtan Development anticipates a loss for the 2025 fiscal year [38] - Nanjing Bank's major shareholder increased its stake by 123.472 million shares [39] Group 13 - Jingao Technology expects a net loss of 4.5-4.8 billion yuan for 2025 [40] - Mingyang Smart plans to acquire control of Dehua Company, with stock suspension [41] - Vanadium Titanium Co. anticipates a loss for the 2025 fiscal year [42][43] Group 14 - Tianzhihang announced a delay in its "Smart Medical Center Construction Project" [44]

中兴财光华会计师事务所（特殊普通合伙）对公司2024年度财务报告出具带与持续经营相关重大不确定 性的保留意见审计报告，这已是公司连续第三年被出具保留意见。 与此同时，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的216,740,245股公司股份已全 部被司法冻结，占公司总股本的64.80%，据了解，控股股东股份冻结与此前并购章贡酒业、长江实业 的合同纠纷相关，相关标的业绩未达预期且引发系列债务争议。 公司在公告中表示，目前审计工作正在推进中，2024年度审计报告保留意见涉及事项尚未有效消除，若 2025年度财务报告继续被出具非标准审计意见或内部控制报告存在重大问题，将进一步触发退市条件。 2026年1月12日晚间，*ST岩石（600696.SH）发布《关于2025年度业绩预亏暨公司股票可能被终止上市 的提示性公告》，经财务部门初步测算，公司2025年度营业收入预计低于3亿元，且利润总额、净利润 或扣除非经常性损益后的净利润孰低者为负值，已触及《上海证券交易所股票上市规则》规定的财务类 退市情形，公司股票面临终止上市风险。 公开资料显示，*ST岩石前身为福建豪盛，1993年在上交所上市，早期涉足建筑陶 ...

Core Viewpoint - *ST岩石 is facing a potential delisting warning due to projected financial difficulties, with expected revenue for 2025 falling below 300 million yuan and negative profit figures [1][4]. Financial Performance - For the first three quarters of 2025, *ST岩石 reported cumulative revenue of 34.76 million yuan and a net profit attributable to shareholders of -112 million yuan [4]. - In 2021, the company achieved revenue of 603 million yuan and a net profit of 61.93 million yuan, while in 2022, revenue exceeded 1 billion yuan [4]. - The company experienced significant growth in 2023, with revenue surpassing 1.6 billion yuan and a net profit exceeding 87 million yuan [4]. - However, in 2024, revenue drastically declined to 285 million yuan due to a drop in white liquor sales [4]. Audit and Compliance Issues - The 2024 financial report received a qualified opinion from the auditing firm, citing major uncertainties regarding the company's ability to continue as a going concern [5]. - The audit report highlighted issues such as significant declines in revenue, negative operating cash flow, and a current ratio indicating that current liabilities exceed current assets [5]. - The company is currently undergoing an audit process, and the resolution of the issues raised in the qualified opinion remains uncertain [5][6]. Management and Operational Challenges - The company has faced operational challenges, including staff reductions and halted production and construction activities due to financial constraints [5]. - The actual controller of *ST岩石, 韩啸, has been subjected to criminal measures due to allegations of illegal fundraising related to 海银财富管理有限公司 [6]. Market Reaction - Despite the looming delisting warning and operational issues, *ST岩石's stock experienced a limit-up on January 12, with a market capitalization of approximately 1.1 billion yuan [6].