突发！商业航天牛股，可能被*ST！

Core Viewpoint - Tianjian Technology is facing a significant risk of delisting due to expected negative net profit and revenue below 300 million yuan in 2025, following a price adjustment for military products [2][3]. Financial Performance - The company anticipates a non-recurring net profit of approximately -201 million yuan for 2025, with a revenue adjustment of about 256 million yuan [2]. - In the first half of 2025, Tianjian Technology reported revenue of 67.63 million yuan, a year-on-year decline of 29.26%, and a net profit of -6.58 million yuan compared to 11.17 million yuan in the previous year [3]. - By the third quarter of 2025, revenue further decreased to 11.41 million yuan, down 71.23% year-on-year, with a net profit of -18.98 million yuan [4]. Historical Context - Since its listing in 2020, the company has struggled to maintain revenue above 300 million yuan, achieving this milestone only in 2022 [5]. - The net profit has been on a downward trend from 111 million yuan in 2021 to 1.6 million yuan in 2024 [7]. Industry Comparison - Despite being a high-tech enterprise in a niche market, Tianjian Technology's performance contrasts sharply with the booming commercial aerospace sector, which has seen an 80.10% increase in stock prices as of December 25, 2025 [7]. - The company's stock price has recently surged, with a year-to-date increase of over 60%, reaching 43.59 yuan per share as of December 29, 2025 [7].