Core Viewpoint - *ST Lanhuang is at a critical juncture for "shell protection" as it faces the risk of being delisted if it fails to meet financial performance criteria in 2025, following three consecutive years of losses from 2022 to 2024 [1][5]. Financial Performance Summary - The company forecasts a revenue of 400 million to 460 million yuan for 2025, with a net profit attributable to shareholders expected to be between -62 million and -90 million yuan, indicating a year-on-year increase of 9.88% to 37.92% in losses [2][5]. - The expected revenue for 2025 represents a significant increase, with a projected doubling of revenue compared to previous years, driven by a strong performance in the fourth quarter [2][4]. - In the first three quarters of 2025, the company achieved approximately 219 million yuan in revenue, suggesting that the fourth quarter could see revenue between 181 million and 241 million yuan, reflecting a year-on-year increase of over 455% [3][4]. Industry Context - The fourth quarter is typically a low season for the beer industry, making the projected revenue growth for *ST Lanhuang particularly noteworthy [4]. - The company has been actively expanding its beer and beverage business beyond the Northwest region, increasing brand promotion and online sales, which has contributed to revenue growth despite rising sales expenses [4][7]. - The beverage sector has become increasingly competitive, with major players like Qingdao Beer and Yanjing Beer also entering the beverage market, making it a challenging environment for *ST Lanhuang's strategy of "beverage transformation" [7]. Historical Performance - From 2022 to 2024, the company's revenues were approximately 266 million, 241 million, and 211 million yuan, all below the 300 million yuan threshold, with cumulative losses of about 176 million yuan [5][6]. - The beverage business accounted for a relatively low percentage of total revenue during this period, with fluctuations in its contribution [7]. Strategic Moves - To counteract declining performance, *ST Lanhuang has made strategic investments in beverage companies, including the establishment of Lanzhou Yellow River (Chongqing) Beverage Co., Ltd. and acquiring a stake in Wuzhong Yiwang Juice Co., Ltd. [6][7].

Group 1 - The company *ST Lanhuang (000929.SZ) has stated that there are no plans to establish sales branches in Xi'an and Nanjing in the first quarter of this year [1]

Core Viewpoint - The Chinese beer industry is experiencing a decline in production, with a notable decrease in both the monthly and cumulative production figures for 2025, indicating potential challenges for companies in the sector [1]. Industry Summary - As of December 2025, China's beer production reached 2.23 million kiloliters, reflecting a year-on-year decrease of 8.7% [1]. - The cumulative beer production in China for the year 2025 was 35.36 million kiloliters, showing a slight decline of 1.1% compared to the previous year [1]. - The report by Zhiyan Consulting highlights the market dynamics and competitive strategies in the non-alcoholic beer sector from 2026 to 2032, suggesting a focus on emerging trends and consumer preferences [1]. Company Summary - Listed companies in the beer sector include Zhujiang Beer (002461), Chongqing Beer (600132), Yanjing Beer (000729), Lanzhou Huanghe (000929), and Huichuan Beer (600573), all of which may be impacted by the declining production trends [1].

Core Viewpoint - Lanzhou Huanghe Enterprise Co., Ltd. is at risk of being delisted due to negative financial performance, including negative profit totals and revenues below 300 million yuan for the fiscal year 2024 [2][9]. Financial Performance Summary - The company reported that for the fiscal year 2024, the total profit, net profit, and net profit after deducting non-recurring gains and losses were all negative, with revenues below 300 million yuan [2][9]. - The preliminary estimates for the fiscal year 2025 indicate a total profit ranging from -219 million yuan to -163 million yuan, a net profit attributable to shareholders ranging from -90 million yuan to -62 million yuan, and revenues between 400 million yuan and 460 million yuan [9][15]. Regulatory Compliance Summary - According to the Shenzhen Stock Exchange Listing Rules, the company is required to issue a risk warning announcement regarding potential delisting if it meets certain negative financial criteria [3][10]. - The company has issued its first risk warning announcement regarding potential delisting, as mandated by the regulations [11][12]. Risk Factors Summary - The company may face delisting if it continues to show negative financial results, including negative audited profits and revenues below 300 million yuan for the fiscal year 2025 [3][8]. - Other conditions that could lead to delisting include negative net assets, adverse audit opinions, and failure to disclose required financial reports [4][5][6].

Core Viewpoint - *ST Lanhuang (000929.SZ) expects a net profit attributable to shareholders of the listed company to be between -90 million and -62 million yuan for 2025, with a net profit excluding non-recurring gains and losses projected to be between -128 million and -100 million yuan, and operating revenue estimated at 400 million to 460 million yuan [1] Group 1: Financial Projections - The company anticipates a net profit of -90 million to -62 million yuan for 2025 [1] - The net profit after excluding non-recurring gains and losses is expected to be between -128 million and -100 million yuan [1] - Operating revenue is projected to be in the range of 400 million to 460 million yuan [1] Group 2: Business Strategy - The company is actively expanding its beer and beverage business beyond the northwest region, focusing on brand promotion and online sales [1] - Sales expenses are expected to increase year-on-year, with significant growth in online sales revenue [1] - Investments in Huanghe (Wuzhong) Beverage Co., Ltd. and Huanghe (Chongqing) Beverage Co., Ltd. aim to enhance the beverage business's contribution to revenue growth [1]

兰州黄河企业股份有限公司 关于股票可能被终止上市的风险提示公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 证券代码：000929 证券简称：*ST 兰黄 公告编号：2026-003 3. 截至本公告披露日，公司 2025 年年度报告编制及审计相关工作正 在进行中，2025 年度财务数据未最终确定，公司可能触及的终止上市情 形如下表所示： | 具体情形 | 是否适用（对可能触及的打勾） | | --- | --- | | 经审计的利润总额、净利润、扣除非经常性损益后 | | | 的净利润三者孰低为负值，且扣除后的营业收入低 | √ | | 于 3 亿元。 | | | 经审计的期末净资产为负值。 | | | 财务会计报告被出具保留意见、无法表示意见或者 | | | 否定意见的审计报告。 | | | 追溯重述后利润总额、净利润、扣除非经常性损益 | | | 后的净利润三者孰低为负值，且扣除后的营业收入 | | | 低于 3 亿元；或者追溯重述后期末净资产为负值。 | | | 财务报告内部控制被出具无法表示意见或者否定意 | | | 见的审计报告。 ...

Financial Projections - The estimated net profit for 2025 is projected to be between -90 million to -62 million CNY, representing a year-over-year increase of 9.88% to 37.92% compared to -99.87 million CNY in the previous year[4] - Total profit is expected to range from -219 million to -163 million CNY, a decline of 94.57% to 44.82% from -112.56 million CNY in the previous year[4] - Revenue is projected to be between 400 million to 460 million CNY, compared to 210.53 million CNY in the previous year[5] - The net profit after deducting non-recurring gains and losses is expected to be between -128 million to -100 million CNY, a decrease of 63.77% to 27.95% from -78.16 million CNY in the previous year[4] - Basic earnings per share are projected to be between -0.4884 to -0.3365 CNY, compared to -0.5376 CNY in the previous year[4] Business Expansion - The company plans to expand its beer and beverage business beyond the Northwest region, increasing brand promotion and online sales, which has led to a rise in sales expenses[7] - The company has invested in Huanghe (Wuzhong) Beverage Co., Ltd. and Huanghe (Chongqing) Beverage Co., Ltd. to increase the beverage business's contribution to revenue growth[7] Risk Factors - The company faces risks of delisting due to negative net profit and revenue below 300 million CNY as per the Shenzhen Stock Exchange listing rules[9] Performance Communication - The company has communicated with the accounting firm regarding the performance forecast, and there are no significant discrepancies[6] - The final audited results for 2025 will be disclosed in the annual report, and there is uncertainty regarding the actual performance[8]

Market Overview - The non-white liquor sector experienced a decline of 0.31% compared to the previous trading day, with *ST Lanhuang leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the non-white liquor sector included: - Guyue Longshan (600059) with a closing price of 9.72, up 3.96% and a trading volume of 481,300 shares [1] - ST Xifa (000752) closed at 11.35, up 3.56% with a trading volume of 65,300 shares [1] - Huaiqian Beer (600573) closed at 12.07, down 0.74% with a trading volume of 62,800 shares [2] - The overall trading volume and turnover for the non-white liquor sector were significant, with major stocks showing varied performance [1][2] Capital Flow - The non-white liquor sector saw a net outflow of 91.04 million yuan from institutional investors, while retail investors contributed a net inflow of 16.87 million yuan [2] - The capital flow for specific stocks indicated: - Guyue Longshan had a net inflow of 21.72 million yuan from institutional investors [3] - *ST Lanhuang experienced a net outflow of 6.46 million yuan from institutional investors [3] Summary of Key Stocks - The following stocks had notable capital movements: - Guyue Longshan (600059): Institutional net inflow of 21.72 million yuan, retail net outflow of 49.43 million yuan [3] - *ST Lanhuang (000929): Institutional net outflow of 6.46 million yuan, retail net inflow of 7.77 million yuan [3] - ST Xifa (000752): Minor institutional net inflow of 0.48 million yuan, with retail investors showing a slight net inflow [3]

Core Viewpoint - The non-liquor sector experienced a slight increase of 0.18% on January 23, with *ST Lanhuang leading the gains, while the overall market indices also showed positive movement [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4136.16, up by 0.33% [1]. - The Shenzhen Component Index closed at 14439.66, up by 0.79% [1]. - The non-liquor sector stocks showed varied performance, with *ST Lanhuang rising by 2.72% to a closing price of 10.96 [1]. Group 2: Stock Performance - The top performers in the non-liquor sector included: - *ST Lanhuang: 10.96, +2.72%, trading volume of 49,400 shares, turnover of 54.08 million [1]. - Zhongxin Niya: 6.34, +1.44%, trading volume of 87,300 shares, turnover of 54.87 million [1]. - Huijuan Beer: 12.16, +0.16%, trading volume of 51,800 shares, turnover of 62.91 million [1]. - Conversely, stocks like Weilang Co. and ST Xifa saw declines of 2.12% and 1.88%, respectively [2]. Group 3: Capital Flow - The non-liquor sector experienced a net outflow of 23.53 million from institutional funds and 36.39 million from speculative funds, while retail investors contributed a net inflow of 59.92 million [2]. - Notable capital flows included: - Qingdao Beer: -35.13 million from institutional funds, with a retail outflow of -49.91 million [3]. - *ST Yedao: +5.45 million from institutional funds, with a retail inflow of +1.50 million [3].

Core Viewpoint - The non-baijiu sector experienced a 0.72% increase on January 22, with Weilong Co., Ltd. leading the gains, while the Shanghai Composite Index rose by 0.14% and the Shenzhen Component Index increased by 0.5% [1] Group 1: Market Performance - The closing price of Weilong Co., Ltd. was 7.07, with a rise of 6.00% and a trading volume of 181,700 shares, amounting to a transaction value of 127 million yuan [1] - Other notable performers included CITIC Neya with a closing price of 6.25, up 5.57%, and Mogaoguan Co. at 5.84, up 1.92% [1] - The overall trading volume in the non-baijiu sector showed varied performance, with some stocks like Feike Beer and Jinfeng Wine also recording positive gains [1] Group 2: Capital Flow - The non-baijiu sector saw a net outflow of 18.218 million yuan from institutional investors and 35.8685 million yuan from retail investors, while there was a net inflow of 54.0864 million yuan from individual investors [2] - The capital flow data indicates that while institutional and speculative funds withdrew, retail investors were actively buying into the sector [2] Group 3: Individual Stock Analysis - Chongqing Beer experienced a net outflow of 16.9419 million yuan from institutional investors, while retail investors contributed a net inflow of 1.2597 million yuan [3] - Weilong Co., Ltd. had a net inflow of 14.4287 million yuan from institutional investors, but faced a net outflow of 1.19562 million yuan from retail investors [3] - Qingdao Beer saw a net inflow of 11.5279 million yuan from institutional investors, indicating strong institutional interest despite retail outflows [3]