四家酒企“保壳”焦灼：若保不住，能被人借“壳”吗？

Core Viewpoint - The "shell protection" situation for four wine stocks facing delisting risks is not optimistic, with varying performance in their financial results and uncertain paths ahead for maintaining their listings [1][3]. Group 1: Financial Performance of *ST Stocks - *ST ChunTian shows relatively clearer prospects for "shell protection," with a revenue of 1.24 billion, down 26.62% year-on-year, but a net profit of 1.316 million, indicating a turnaround despite a second-quarter loss [3]. - *ST YanShi reported a significant revenue drop of 85.22% to 28.25 million, with a net loss of 67.77 million, highlighting severe financial distress due to multiple pressures [4]. - *ST LanHuang's revenue fell by 15.82% to 96.84 million, with a net loss of 11.91 million, attributed to intensified market competition despite initial profit in the first quarter [4]. - *ST YeDao experienced a revenue decline of 26.62% to 89.21 million and a net loss of 16.41 million, struggling to recover despite restructuring efforts [5]. Group 2: Shell Selling and Borrowing Opportunities - There are discussions about the potential for "shell selling" among these four companies, as they may seek to maintain their listing status while meeting the needs of unlisted wine companies [6][7]. - *ST YanShi is considered to have a significant chance of being "borrowed," with its chairman indicating a search for strategic investors amid legal challenges [7]. - The process of "borrowing shells" is complicated by strict regulatory measures, making it as challenging as an IPO, with potential rejections from regulatory bodies [8]. Group 3: Future Prospects and Self-Rescue Efforts - Analysts suggest that while the current outlook for these four *ST wine stocks is bleak, some may have self-rescue potential, particularly *ST YeDao if its herbal liquor can achieve consolidation [9]. - The upcoming performance forecasts for the third quarter will be crucial in assessing the ongoing "shell protection" efforts of these companies [9].