Zheng Quan Shi Bao·2026-01-12 22:54Core Viewpoint - *ST岩石 is facing a potential delisting warning due to projected financial difficulties, with expected revenue for 2025 falling below 300 million yuan and negative profit figures [1][4]. Financial Performance - For the first three quarters of 2025, *ST岩石 reported cumulative revenue of 34.76 million yuan and a net profit attributable to shareholders of -112 million yuan [4]. - In 2021, the company achieved revenue of 603 million yuan and a net profit of 61.93 million yuan, while in 2022, revenue exceeded 1 billion yuan [4]. - The company experienced significant growth in 2023, with revenue surpassing 1.6 billion yuan and a net profit exceeding 87 million yuan [4]. - However, in 2024, revenue drastically declined to 285 million yuan due to a drop in white liquor sales [4]. Audit and Compliance Issues - The 2024 financial report received a qualified opinion from the auditing firm, citing major uncertainties regarding the company's ability to continue as a going concern [5]. - The audit report highlighted issues such as significant declines in revenue, negative operating cash flow, and a current ratio indicating that current liabilities exceed current assets [5]. - The company is currently undergoing an audit process, and the resolution of the issues raised in the qualified opinion remains uncertain [5][6]. Management and Operational Challenges - The company has faced operational challenges, including staff reductions and halted production and construction activities due to financial constraints [5]. - The actual controller of *ST岩石, 韩啸, has been subjected to criminal measures due to allegations of illegal fundraising related to 海银财富管理有限公司 [6]. Market Reaction - Despite the looming delisting warning and operational issues, *ST岩石's stock experienced a limit-up on January 12, with a market capitalization of approximately 1.1 billion yuan [6].