*ST春天营收不足3亿元面临退市，听花酒难撑转型重任

Core Viewpoint - *ST Chuntian is on the brink of delisting, primarily due to its unsuccessful transition and reliance on the high-end liquor brand "Tinghua," which has not gained traction in the competitive market [1][3]. Financial Performance - In the first three quarters of 2025, the company achieved approximately 213 million yuan in revenue, with a net loss attributable to shareholders of 2.83 million yuan and a non-recurring net loss of 5.89 million yuan [4]. - If the 2025 revenue falls below 300 million yuan and both total profit and non-recurring net profit are negative, the company will face delisting risks [4]. - The company previously managed to avoid ST status from 2020 to 2023 but faced significant challenges in 2024 [4]. Business Challenges - The decline of *ST Chuntian is attributed to the cessation of its flagship product, the Extreme Grass 5X, due to regulatory changes, leading to a rapid shrinkage of its business scale [6]. - The company has ventured into liquor distribution since 2018, launching the high-end brand "Tinghua" in late 2020, but it has struggled to establish a foothold in the mainstream market [7]. - In the first three quarters of 2025, the liquor segment generated 87.68 million yuan in revenue, with significant reliance on a few major clients [7]. Accounts Receivable and Prepayments - The company reported a low collection rate of 24.1% for its winter worm summer grass sales, with outstanding receivables amounting to 67.89 million yuan as of September 30 [8]. - There are significant prepayment issues, with approximately 140 million yuan in prepayments to suppliers and 100 million yuan in investment prepayments, raising concerns about potential impairment risks [9][10]. Strategic Adjustments - In response to its precarious situation, *ST Chuntian is actively seeking changes, including modifying its business scope and articles of association [11][12]. - Proposed changes include expanding into the processing and wholesale of edible agricultural products and engaging in investment activities [13][14]. - The adjustments may indicate preparations for future capital actions and a potential expansion into new sectors, although the liquor business remains a critical focus [15][16].