Sou Hu Cai Jing·2026-01-20 17:25Core Viewpoint - The A-share market is facing a wave of delisting risks as multiple companies report significant losses and fail to meet revenue standards, leading to potential ST (Special Treatment) designations and delisting warnings. Group 1: Company Performance and Financials - Tianjian Technology announced a net profit loss of 249.8 million yuan and revenue of only 142 million yuan for 2025, indicating a high likelihood of being subjected to ST delisting risk warnings after the annual report [1] - ST Aowei has seen its stock price drop to 0.89 yuan, with a total market value of only 309 million yuan, remaining below the 1 yuan face value for three consecutive trading days and below the 500 million yuan threshold for 12 days [3] - ST Changyao is facing severe challenges, with its stock price at 0.44 yuan and a total market value of 154 million yuan, marking it as the lowest in both price and market value in the A-share market [4] - ST Lifang reported a net profit loss of 62.2 million yuan for the first three quarters of 2025, with expectations of continued negative net profit for the full year [7] Group 2: Regulatory and Legal Issues - ST Changyao received a notice from the CSRC regarding administrative penalties for false reporting, with inflated revenues of 215 million yuan, 284 million yuan, and 234 million yuan over three years [6] - ST Lifang is under investigation for inflating revenues by 638 million yuan and costs by 628 million yuan through various fraudulent activities, facing potential fines totaling 40 million yuan for responsible parties [6] - Dongtong Tui has entered a delisting preparation period, with its stock price plummeting by 59.27% on the first trading day of this period due to false disclosures in annual reports from 2019 to 2022 [8]