又一股被强制退市，一字跌停！股价蒸发8成

Core Viewpoint - *ST Yanshi (Shanghai Gui Jiu) is expected to face forced delisting due to projected revenue below 300 million yuan and negative net profit for the fiscal year 2025 [1][4]. Financial Performance - For the first three quarters of 2025, *ST Yanshi reported revenue of 34.76 million yuan and a net profit of approximately -112 million yuan, indicating a low likelihood of reversing the situation in the final quarter [7]. - The company is projected to experience an 80% year-on-year revenue decline in 2024, with losses exceeding 200 million yuan, and further significant revenue shrinkage in 2025 [8]. Market Reaction - Following the announcement of the delisting risk, *ST Yanshi's stock price dropped to 3.04 yuan per share, representing a more than 80% decline from its historical high of 51.66 yuan [4]. - Despite the delisting risk, some investors continue to speculate on the stock, with a cumulative price fluctuation of 12% over three trading days [9]. Company Background - The actual controller of Shanghai Gui Jiu, Han Xiao, is linked to Haiyin Wealth, which faced a financial crisis due to illegal fundraising activities [8]. - The company has been under scrutiny for false reporting in its annual reports from 2017 to 2020, leading to public condemnation and legal actions against its actual controller [8]. Sales Strategy - Shanghai Gui Jiu has initiated a discount sales strategy through live streaming, offering products that were once priced at 1,819 yuan for as low as a few hundred yuan [9].