SBT(SH:600608) Shang Hai Zheng Quan Bao·2025-11-05 19:41Core Viewpoint - The company faces a risk of delisting due to negative financial performance, with specific thresholds outlined for revenue and profit metrics that could trigger this outcome [2][5][16] Group 1: Financial Performance - In 2024, the company's operating revenue was 17.23 million, with a total profit of -7.24 million and a net profit attributable to shareholders of -5.68 million [2][5] - For the first three quarters of 2025, the company reported operating revenue of 5.44 million, total profit of 0.20 million, and a net profit attributable to shareholders of 0.11 million, while the net profit after deducting non-recurring gains and losses was -0.24 million [2][5] Group 2: Delisting Risk - The company was placed under a delisting risk warning (*ST) on April 30, 2025, due to the negative financial results for 2024 [2][5] - If the annual profit total, net profit, or net profit after deducting non-recurring gains and losses for 2025 is negative and operating revenue is below 300 million, the company will face delisting according to the Shanghai Stock Exchange rules [2][5][16] Group 3: Other Risks - Historical issues with the former controlling shareholder, Nanjing Sweet Group, have resulted in fund occupation that has not yet been resolved, posing additional risks [2][16] - The company has not ruled out the possibility of needing to increase bad debt provisions due to unrecovered prepayments from major suppliers [6][16] Group 4: Shareholder Issues - The transfer of shares to Kunming Dianyuyou Investment Holding Co., Ltd. has not been completed due to share freezing issues, although payment for the shares has been made [8][9] - The controlling shareholder and shareholders holding more than 5% of the company’s stock have shares that are subject to pledges, markings, and freezes [11]