岩石股份披星戴帽落定：三十年来十度更名，暴雷后新增2万多名股东

Core Viewpoint - Rock Co., Ltd. (stock code 600696) is facing delisting risk due to financial performance issues, including a revenue of 285 million yuan and a net loss of 217 million yuan in the previous year, leading to a change in stock name to *ST Rock from April 23 [1][2][3] Financial Performance - In 2023, Rock Co., Ltd. reported a revenue of 285 million yuan, which is less than 300 million yuan, and a net loss of 217 million yuan, triggering delisting risk warnings [1][12] - By 2024, the company's revenue has shrunk to less than 20% of the previous year's figures, with significant declines in various product categories, with sales revenue dropping to 268 million yuan [2][12] Shareholder Dynamics - Despite the company's financial troubles, the number of shareholders increased from 23,834 at the end of 2023 to 45,972 by the end of 2024, nearly doubling [3][14] - As of March 2025, there are still over 44,000 shareholders holding Rock Co., Ltd. shares, indicating some investors are betting on a turnaround or potential acquisition [3][14] Corporate History and Changes - Rock Co., Ltd. has undergone ten name changes over its 30-year history, reflecting various ownership and operational shifts, including a transition to the liquor industry in 2018 [5][6] - The company previously achieved significant growth in liquor sales, with revenue rising from less than 60 million yuan to over 1 billion yuan in just a few years, but this growth has since reversed [6][12] Management and Operational Issues - The company has faced significant management turnover, with key executives leaving and the actual controller being detained by police, leading to operational instability [2][8] - Rock Co., Ltd. has also seen a drastic reduction in its distributor network, with 3,693 distributors leaving, leaving only 772 by the end of the previous year [13] Market Position - As of April 22, 2024, Rock Co., Ltd. has a market capitalization of approximately 2.7 billion yuan [15]