（文章来源：证券日报） 证券日报网讯 2月26日，天箭科技在互动平台回答投资者提问时表示，公司具体的产能、交付、财务及 订单数据属于未公开披露信息。为保证信息披露的公平性，建议查阅公司后续发布的定期报告及公告。 ...

Regulatory Measures - On February 16, 2026, the China Securities Regulatory Commission (CSRC) issued multiple regulatory measures, leading to warning letters for three leading securities firms and investigations into four listed companies, including a major player in the chip industry [1][7] - The sudden regulatory storm has exacerbated the already fragile Hong Kong stock market, with the Hang Seng Technology Index experiencing a significant drop [1] Securities Firms Under Warning - The first firm, Caitong Securities, received a warning due to inadequate internal controls in its bond business, failing to properly execute risk management processes and conduct thorough due diligence [3] - The second firm, Pacific Securities, faced similar issues with its bond and asset-backed securities business, lacking proper oversight and failing to track core enterprise operations [5] - The third firm, Zhongtian Guofu Securities, was warned for insufficient internal controls in its bond business, reflecting compliance and risk management vulnerabilities [6] Companies Under Investigation - The first company under investigation is the chip leader, Ingechip, for suspected violations of information disclosure laws, specifically misleading statements made during a self-Q&A session on a public platform [7] - The second company, Tianfeng Securities, is being investigated for failing to timely disclose significant shareholding changes and historical violations related to financing and undisclosed related-party transactions [8] - The third company, Tianji Co., is under investigation for irregularities in goodwill impairment testing and financial disclosures [10] - The fourth company, Lansi Heavy Industry, is facing scrutiny due to the investigation of its vice president for alleged misconduct, creating uncertainty for the company [10] Stocks at Risk of Delisting - Seven stocks have been flagged for delisting risks, with Jiuyou Co. projecting a net loss of approximately 19 million yuan for 2025, falling below the 300 million yuan revenue threshold [12] - Tianjian Technology faces delisting risks due to retrospective adjustments in military product pricing, leading to projected negative net profits and revenues below 300 million yuan [12] - ST Jinling is at risk of delisting with projected negative net assets and is undergoing restructuring, which could lead to bankruptcy if unsuccessful [15][16] - HeXin Instruments anticipates negative net profits and revenues below 100 million yuan, triggering delisting warnings under specific rules [18] - ST Quanwei expects negative net profits and net assets below zero, meeting multiple delisting criteria [19] - ST Zhangjiajie is facing significant losses and has been accepted for restructuring, raising concerns about its ongoing viability [20] - ST Lifang is at risk of mandatory delisting due to financial fraud over three consecutive years, with a notice of potential delisting already issued [22] Conclusion - The recent regulatory actions reflect a clear shift in enforcement focus, emphasizing the importance of compliance and accurate information disclosure across the capital market [26]

Core Viewpoint - Tianjian Technology announced an expected loss for the fiscal year 2025, with total profit loss projected between 170 million to 242 million yuan, and net profit attributable to shareholders expected to be between 176 million to 250 million yuan [1] Financial Projections - The company anticipates a total profit loss of 170 million to 242 million yuan for 2025 [1] - Net profit attributable to shareholders is expected to be a loss of 176 million to 250 million yuan [1] - The projected operating revenue is expected to be between -141 million to -201 million yuan, with the same figures for the adjusted operating revenue [1] Regulatory Implications - Following the disclosure of the 2025 annual report, the company's stock may face delisting risk warnings as per regulations [1] - If certain conditions are met, the company's stock will be suspended for one day, and after resumption, it will be subject to delisting warnings [1]

成都天箭科技股份有限公司 证券代码：002977 证券简称：天箭科技 公告编号：2026-010 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： 成都天箭科技股份有限公司（以下简称"公司"）预计 2025 年度的扣除非 经常性损益后的净利润为负值，且扣除后的营业收入低于 3 亿元。根据《深圳证 券交易所股票上市规则》的相关规定，在公司 2025 年年度报告披露后，公司股 票交易可能被实施退市风险警示（股票简称前冠以"*ST"字样）。 根据《深圳证券交易所股票上市规则》第 9.3.3 条的规定，上市公司预计将 出现第 9.3.1 条第一款第一项至第三项情形的，应当在相应的会计年度结束后一 个月内，披露公司股票交易可能被实施退市风险警示的风险提示公告，并在披露 年度报告前至少再披露两次风险提示公告。 公司已于 2025 年 1 月 20 日在巨潮咨询网（www.cninfo.com.cn）披露了《关 于公司股票交易可能被实施退市风险警示的提示性公告》（公告编号：2026-006）， 现将相关风险第二次提示如下： 一、公司股票交易可能被实施退市风险警示的 ...

Core Viewpoint - Tianjian Technology (002977) is at risk of being delisted from the Shenzhen Stock Exchange due to an expected net profit loss in 2025 and negative revenue after deductions, which may trigger a risk warning for delisting [1] Group 1: Performance and Financial Situation - The company plans to disclose its 2025 annual report in April 2026, and the financial data and audit opinions in this report will directly impact the trading status of its stock, serving as a critical basis for assessing company risk [2] - The main risks faced by the company include fluctuations in performance due to military product pricing adjustments and cash flow pressure from long sales collection cycles, which may continue to affect financial health in 2026 [4] Group 2: Company Strategy and Outlook - In its performance forecast, the company indicated that it will focus on the finalization and mass production of new model products in 2026, as well as accelerate the research and development of new technologies to enhance core competitiveness [3] - The company's layout in commercial aerospace and other fields may influence its long-term operational performance [3]

成都天箭科技股份有限公司（以下简称"公司"）于 2026 年 1 月 22 日召开 了 2026 年第一次临时股东会会议，审议通过了《关于补选第三届董事会独立董 事的议案》，选举刘秀先生为公司第三届董事会独立董事。 截至公司《关于召开 2026 第一次临时股东会的通知》发出之日，刘秀先生 尚未取得独立董事资格证书。刘秀先生书面承诺参加最近一期独立董事培训，并 取得深圳证券交易所认可的独立董事资格证书。 近日，公司董事会收到独立董事刘秀先生的通知，刘秀先生已按照相关规定 参加了深圳证券交易所举办的上市公司独立董事任前培训（线上），并取得了由 深圳证券交易所创业企业培训中心颁发的《上市公司独立董事培训证明》。 特此公告！ 成都天箭科技股份有限公司 董事会 2026 年 2 月 5 日 证券代码：002977 证券简称：天箭科技 公告编号：2026-009 成都天箭科技股份有限公司 关于独立董事取得独立董事培训证明的公告 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。 ...

Core Viewpoint - The low-altitude economy sector is showing mixed results for 2025, with 22 companies expected to be profitable while another 22 are projected to incur losses, indicating a significant divergence in performance within the industry [3]. Performance Forecast Summary Profit Growth - 11 companies are expected to report profit increases, with notable projections including: - Xinzhi Group (002664.SZ) and Shangluo Electronics (300975.SZ) anticipating several-fold increases in net profit [4]. - Weihai Guangtai (002111.SZ), Tongyu Heavy Industry (300185.SZ), and Guangyang Co. (002708.SZ) expecting over 50% growth in net profit [4]. - Wan Feng Aowei (002085.SZ) and Zongshen Power (001696.SZ) also forecasted net profit growth [4]. Losses - 22 companies are projected to incur losses, with several notable cases: - Zhongtian Rocket (003009.SZ) and Andavil (300719.SZ) have shifted from profit to loss [7]. - Haige Communication (002465.SZ) is investing heavily in R&D, leading to increased costs and a projected loss [7]. - Companies like Aerospace Power (600343.SH) and Sihua Electronics (600990.SH) are also expected to continue reporting losses [8]. Industry Insights - The low-altitude economy's contribution to overall profits remains limited, with most revenue still coming from aircraft manufacturing and infrastructure construction [3]. - Companies like Wan Feng Aowei are leveraging their low-altitude business to drive profit growth, supported by strong orders in general aviation aircraft manufacturing and strategic acquisitions [5]. - The industry is witnessing a shift towards commercial applications of low-altitude technologies, with companies preparing for a significant commercialization phase in 2026 [9][10]. Strategic Developments - Companies are increasingly focusing on integrating low-altitude infrastructure and management platforms, as seen with Suzhou Keda's strategic investments in civil aviation infrastructure [11]. - The emphasis on R&D and market expansion in emerging fields like low-altitude economy is evident, with companies aiming to enhance their competitive edge through innovative solutions [7][11].

Core Viewpoint - The A-share market is undergoing a new wave of "delisting risk inspection" as companies disclose their 2025 annual performance forecasts, with over 20 companies already indicating potential delisting risk warnings due to financial indicators not meeting standards, major violations, or abnormal audit opinions [1][9]. Financial Indicators Not Meeting Standards - According to the latest rules from the Shanghai and Shenzhen Stock Exchanges, main board companies will trigger financial delisting risk warnings if their "net profit for the most recent accounting year is negative and operating revenue is below 300 million yuan" or if "net assets at the end of the period are negative" [2][10]. - Companies such as Bayi Steel, Shuaifeng Electric, Tianjian Technology, Yijing Optoelectronics, and Huaxia Happiness have announced that their stocks may face delisting risk warnings due to financial issues [2][10]. Specific Company Financial Issues - Bayi Steel expects its net assets to be between -1.76 billion yuan and -1.95 billion yuan by the end of 2025, which will trigger delisting risk warnings [3][11]. - Yijing Optoelectronics anticipates a net asset of -68 million to -130 million yuan for 2025, also leading to potential delisting risk warnings [3][11]. - Huaxia Happiness is expected to have negative net assets by the end of 2025, which may result in delisting risk warnings [3][11]. Revenue and Profit Shortfalls - Shuaifeng Electric forecasts a total profit loss of between -57 million and -38 million yuan for 2025, with a net profit loss of -62 million to -43 million yuan, and operating revenue expected to be between 21 million and 25 million yuan, below the 300 million yuan threshold [4][12]. - Tianjian Technology projects a total profit loss of between -170 million and -242 million yuan for 2025, with a net profit loss of -176 million to -250 million yuan, and negative operating revenue expected [4][12]. Internal Control Issues - Companies like Digital People and Tianye Co. face potential delisting risk warnings due to unresolved internal control issues highlighted in their audit reports for 2024 [5][13][14]. - Digital People received a negative opinion on its internal controls, which could lead to delisting risk warnings if similar issues persist in 2025 [5][13]. Importance of 2025 Audit Opinions - For companies already under delisting risk warnings, the audit opinions for 2025 will be critical. For instance, *ST Panda has indicated that unresolved non-standard audit opinions may lead to further delisting risks if not addressed [7][15]. - *ST Zhengping has also warned that unresolved audit issues could result in termination of listing if not rectified by the 2025 audit report [7][16].

Core Viewpoint - Tianjian Technology is expected to report a net loss of 176 to 250 million yuan for 2025, with negative operating revenue, triggering the *ST clause from the Shenzhen Stock Exchange [1] Group 1: Financial Performance - The significant loss is primarily due to the unique pricing mechanism in the military industry, resulting in an 11-year price gap between the company's product pricing and the military's approved prices, necessitating a retrospective adjustment of approximately 260 million yuan in operating revenue for 2025 [1] - The adjustment affects three main product models of Tianjian Technology, with the earliest contracts dating back to 2014 [1] - Historical data shows that military enterprises typically have a pricing adjustment cycle of 3-5 years, with some exceptions like Hengyu Xintong and Galaxy Electronics, which experienced adjustment cycles of 8 and 19 years respectively, leading to significant revenue reductions [1] Group 2: Stock and Market Impact - The company will announce the risk warning for delisting alongside its 2025 annual report, with trading of its stock suspended for one day after the announcement [2] - The future of Tianjian Technology's delisting will depend on its financial performance in 2026, with recent trends showing a continuous decline in operating revenue [2] - The company reported a historical low gross margin of 40% for the first three quarters of 2025, and its contract liabilities decreased by 25.2% from the end of 2023 [2] Group 3: Strategic Response - In response to the challenges posed by the delisting risk, the company plans to focus on the development and mass production of new models and products while accelerating the research and validation of new technologies [2] - The company aims to strengthen its core product competitiveness and improve operational efficiency through strategic planning and management [2] - The fate of Tianjian Technology is not only dependent on its transformation efforts but also on the capital market's ability to price industry risks [2]

Core Viewpoint - The A-share market is experiencing a surge in performance forecasts, with several companies issuing "*ST" warnings, indicating potential delisting risks due to negative net assets [1][2]. Group 1: Company Announcements - Ba Yi Steel announced on January 25 that its stock may face delisting risk warnings due to expected negative net assets of between -1.95 billion to -1.76 billion yuan by the end of 2025 [2][3]. - As of January 26, a total of seven companies have disclosed potential "*ST" warnings, with five of them indicating negative net assets [2][3]. Group 2: Financial Projections - The five companies with expected negative net assets include Ba Yi Steel, ST Saiwei, Huaxia Happiness, Yijing Photovoltaic, and ST Huapeng, all of which are projected to have negative net assets by the end of 2025 [3][4]. - Huaxia Happiness is expected to report the largest loss, with projections ranging from -16 billion to -24 billion yuan, while Ba Yi Steel anticipates a loss of -1.85 billion to -2.05 billion yuan [5][6]. Group 3: Market Impact - Following the announcement, Ba Yi Steel's stock price fell to the limit down price of 3.24 yuan per share, resulting in a total market capitalization of 4.967 billion yuan [2][6]. - The overall market sentiment is affected as all seven companies are projected to report net losses for 2025, indicating a challenging financial environment [5][6].