Mei Ri Jing Ji Xin Wen·2026-01-13 11:21Core Viewpoint - The company *ST Yanshi (600696) is facing potential delisting due to triggering the delisting red line, with a projected revenue of less than 300 million yuan for 2025 and negative net profits, marking it as the first A-share stock expected to be forcibly delisted this year [1][4]. Financial Performance - For the first three quarters of 2025, *ST Yanshi reported a total revenue of 34.76 million yuan and a net loss of 112 million yuan [4]. - The stock price has seen a dramatic decline, with a single-quarter drop of 50.51% in Q4 2025, following heightened delisting risk expectations [4]. Market Reactions - The stock experienced a three-day limit-up rally from January 8 to January 12, 2026, driven by market speculation about a potential restructuring, but subsequently fell to a limit-down on January 12, closing at 3.04 yuan per share, a drop of over 94% from its historical high of 51.66 yuan [4][10]. Brand and Legal Issues - The company lost the "Guijiu" trademark due to a legal dispute, necessitating a complete rebranding, which could severely impact sales [10]. - Ongoing legal issues, including contract disputes and the criminal measures against the actual controller, have hindered restructuring efforts [10]. Shareholder Information - As of September 30, 2025, the company had a total of 25,525 shareholders [7]. Strategic Outlook - The company is reportedly seeking strategic investors and optimizing its resources, but the actual controller's legal troubles pose significant challenges to any potential restructuring [10].