又一股被强制退市，*ST岩石一字跌停！股价蒸发8成

Core Viewpoint - *ST Yanshi (Shanghai Gui Jiu) is expected to face financial delisting due to projected revenue below 300 million yuan and negative net profits for the fiscal year 2025 [1][9]. Financial Performance - The company reported revenue of 34.76 million yuan for the first three quarters of 2025, with a net profit of approximately -112 million yuan [5][13]. - The stock price plummeted to 3.04 yuan per share, a decline of over 80% from its historical high of 51.66 yuan [3][11]. Regulatory Context - According to exchange regulations, if the audited revenue for 2025 is below 300 million yuan and either total profit or net profit (after excluding non-recurring gains and losses) is negative, the stock will be delisted [5][13]. Company Background - The actual controller of Shanghai Gui Jiu, Han Xiao, is linked to Han Hongwei, the actual controller of Haiyin Wealth, which faced a financial crisis due to illegal fundraising activities [6][14]. - The company has been under scrutiny since April 2024 for false reporting in annual reports from 2017 to 2020, leading to public condemnation and legal actions against its executives [6][14]. Market Activity - Despite the impending delisting, some investors continue to trade the stock, with a cumulative price deviation of 12% over three consecutive trading days [14]. - The company has initiated aggressive discount sales through live-streaming, with products previously priced at 1,819 yuan now available for as low as 200 yuan [14].