Yuancheng(SH:603388) Mei Ri Jing Ji Xin Wen·2025-11-09 01:31Core Viewpoint - *ST Yuancheng is facing multiple delisting risks due to its market capitalization falling below 500 million yuan and stock price dropping below 1 yuan, which could lead to forced delisting from the stock exchange [1][2][3] Financial Performance - In the first three quarters of the year, the company reported revenue of 102 million yuan and a net loss attributable to shareholders of 143 million yuan [7] - For the third quarter alone, revenue was 20.14 million yuan, a year-on-year decrease of 54.70%, with a net loss of 16.34 million yuan [7] - Revenue figures for the years 2022 to 2024 were 294 million yuan, 274 million yuan, and 146 million yuan respectively, with net losses of 65.48 million yuan, 162 million yuan, and 325 million yuan [7] Delisting Risks - As of November 7, the company's total market capitalization was 199 million yuan, having been below 500 million yuan for 19 consecutive trading days, which will trigger forced delisting after 20 days [2][3] - The stock price closed at 0.61 yuan on November 7, having been below 1 yuan for 10 consecutive trading days, which also contributes to the delisting risk [3] - The company has received multiple warnings regarding delisting, including a notice from the China Securities Regulatory Commission about significant violations leading to potential forced delisting [9][10] Regulatory Issues - The company has been found to have false records in its annual reports from 2020 to 2022, which included inflated project costs and revenues [9][10] - The company is facing penalties totaling 37.45 million yuan and potential market bans for key personnel due to these violations [10] Operational Challenges - The company has been experiencing a continuous decline in business performance and has been in a state of loss for several years [8] - There are concerns regarding the company's ability to continue as a going concern, with issues such as overdue fundraising and liquidity risks [10]