年报披露季退市新规显威，20家公司因财务不达标面临风险警示

Core Viewpoint - The new delisting regulations have significantly impacted the A-share market, with many companies facing delisting risks due to negative net profits and revenues below 300 million yuan, marking a shift towards stricter financial criteria for maintaining listings [1][2][6]. Group 1: Delisting Risks - As of April 28, 2024, six companies were issued delisting risk warnings, primarily due to financial criteria violations [2]. - A total of 20 companies are facing delisting risks, with most falling under the category of "negative net profit and revenue below 300 million yuan" [1][2]. - The new regulations have raised the revenue threshold for delisting from 100 million yuan to 300 million yuan, intensifying the elimination of underperforming companies [2][6]. Group 2: Specific Company Cases - Companies such as *ST Jianyi and *ST Baoying have been warned due to negative net assets projected for the end of 2024, alongside other financial issues [2][3]. - *ST Gengxing reported a loss exceeding 200 million yuan in various profit metrics, with a revenue of only 246 million yuan, leading to a negative net asset situation [3]. - Other companies like *ST Hengli and *ST Lingda have revenues below 100 million yuan and are also facing negative net asset warnings [4][6]. Group 3: Future Delisting Projections - It is anticipated that 30 to 40 companies may be delisted by 2025 due to stricter financial criteria [1][6]. - The number of delistings in 2024 is projected to reach 52, a historical high, with expectations for further increases in 2025 [9]. - The trend of delisting is expected to normalize, with a potential rise in the delisting rate from 1% towards 10%, similar to U.S. markets [9].