Jingfeng Pharmaceutical(SZ:000908) Shang Hai Zheng Quan Bao·2025-04-10 19:04Core Viewpoint - Hunan Jingfeng Pharmaceutical Co., Ltd. is facing the risk of being delisted due to negative net assets and other financial issues, prompting the sixth risk warning announcement regarding potential termination of its stock listing [1][19]. Group 1: Reasons for Delisting Risk Warning - The company’s stock was placed under delisting risk warning on May 6, 2024, due to negative net assets reported in the 2023 annual report [2][3]. - The internal control audit report for 2023 issued by Da Xin Accounting Firm contained a negative opinion, leading to additional risk warnings [3][5]. - The company has reported negative net profits for the last three accounting years, raising concerns about its ability to continue as a going concern [3][14]. Group 2: Financial Performance and Projections - As of the announcement date, the company anticipates a positive net asset value by the end of 2024, based on preliminary calculations [4]. - The company expects that the net profit, after deducting non-recurring gains and losses, will still be negative for 2024 [14]. - The company has not yet resolved the significant uncertainty regarding its ability to continue operations, as indicated by the audit report [14]. Group 3: Debt and Restructuring Issues - The company has entered a pre-restructuring process, but there is uncertainty about whether it will successfully enter formal restructuring [15][16]. - The company has not repaid the principal and interest on the "16 Jingfeng 01" bond, totaling 295 million yuan, and has reached a debt waiver agreement for part of this amount [17]. - If the restructuring is unsuccessful, the company may face bankruptcy, which would lead to delisting risks [16][17]. Group 4: Regulatory Compliance and Announcements - The company is required to issue risk warning announcements every ten trading days following the initial warning due to regulatory requirements [2][18]. - This announcement marks the sixth risk warning regarding the potential termination of the company's stock listing [19].