Mei Ri Jing Ji Xin Wen·2026-01-19 06:32Core Viewpoint - *ST Aowei is facing significant financial distress, with its stock price hitting a record low and potential delisting risks due to market capitalization falling below 5 billion yuan and share price below 1 yuan [1][4]. Financial Performance - In 2024, the company reported a revenue of 291 million yuan, with a net profit loss of 50 million to 75 million yuan, significantly lower than the previously forecasted revenue of 450 million to 520 million yuan [5][4]. - For the first three quarters of 2025, the company experienced a staggering 87.01% year-on-year decline in revenue, with a net profit loss of 188 million yuan, marking a 988% drop compared to the previous year [8]. Stock Market Situation - As of January 19, 2026, *ST Aowei's stock price was at 0.89 yuan per share, having hit the daily limit down for four consecutive trading days, indicating severe market distress [1]. - The company has been under a delisting risk warning since April 2025, with its stock trading under the "*ST" designation due to financial irregularities [3][4]. Operational Challenges - The company's key metal processing business has been halted due to supplier debt disputes and the occupation of funds by its second-largest shareholder, Shanghai Donghexin, leading to operational disruptions [6][7]. - As of the end of 2024, approximately 208 million yuan of funds were occupied, with only 60.045 million yuan repaid by the second-largest shareholder, leaving a significant outstanding balance of 189 million yuan [7]. Regulatory Issues - The company has faced regulatory scrutiny from the Liaoning Securities Regulatory Bureau due to inaccuracies in financial disclosures and performance forecasts, resulting in administrative penalties [4][5].