Zheng Quan Shi Bao·2026-01-12 12:45Core Viewpoint - *ST Rock (600696) has announced a preliminary forecast indicating a significant decline in revenue and potential delisting due to financial issues in 2025 [2][4]. Financial Performance - The company expects its 2025 annual revenue to be below 300 million yuan, with total profit, net profit, or net profit after deducting non-recurring gains and losses expected to be negative [2]. - The 2024 financial report received a qualified opinion from the auditing firm, indicating major uncertainties regarding the company's ability to continue as a going concern [4]. Stock Market Implications - Due to the anticipated financial performance, the company's stock may face delisting under financial criteria as per the Shanghai Stock Exchange regulations [4]. - As of the report, *ST Rock's stock price has experienced three consecutive trading limit increases, despite the looming delisting risk [4]. Shareholder Issues - The controlling shareholder, Shanghai Guijiu Enterprise Development Co., Ltd., and its concerted parties have had a total of 216,740,245 shares judicially frozen, representing 64.80% of the company's total share capital [4]. Legal Matters - The actual controller of the company, Mr. Han Yao, has been subjected to criminal coercive measures due to the illegal fundraising activities of Haiyin Wealth Management Co., Ltd. [5].