Zheng Quan Shi Bao·2026-01-14 05:28Core Viewpoint - The announcement of potential delisting risks for *ST Wanfang and *ST Yanshi has led to significant declines in their stock prices, highlighting the financial struggles of these companies and the broader implications for similar stocks in the market [1][3]. Financial Performance - *ST Wanfang expects its 2025 annual revenue to be below 300 million yuan, with either total profit or net profit (after deducting non-recurring gains and losses) projected to be negative, which could trigger delisting under Shenzhen Stock Exchange rules [1][3]. - *ST Yanshi has also announced similar expectations for 2025, indicating a revenue shortfall and negative net profits, leading to a similar stock price decline [2][3]. - Among the *ST stocks, 26 companies reported revenues below 200 million yuan and negative net profits in their 2025 Q3 reports, indicating widespread financial distress [3]. Stock Market Reaction - Following the announcements, *ST Wanfang's stock fell to 4.57 yuan per share, a decrease of 4.99%, with over 660,000 shares sold at the limit down price [1][2]. - *ST Yanshi's stock also experienced a limit down on the day following its announcement, reflecting investor concerns about its financial health [2][3]. Broader Market Implications - The financial struggles of *ST Wanfang and *ST Yanshi may signal increased risks for other *ST stocks, particularly as the 2025 annual performance forecasts approach [3]. - Companies like *ST Huke and *ST Chuangxing reported revenues below 50 million yuan in their 2025 Q3 reports, further indicating the potential for delisting risks across the sector [3]. - The average decline for stocks that faced forced delisting in 2025 was over 70%, with some stocks dropping more than 80%, emphasizing the severe impact of financial instability on stock performance [5].