*ST天山可能被终止上市

Core Viewpoint - *ST Tianshan is facing significant financial challenges, with projected net losses and declining revenues for 2025, alongside risks of delisting due to poor performance [1][2] Financial Projections - The company expects a net profit attributable to shareholders for 2025 to be between -23 million to -16 million yuan [1] - Projected operating revenue for 2025 is estimated to be between 145 million to 185 million yuan [1] - The expected equity attributable to shareholders for 2025 is forecasted to be between 27 million to 35 million yuan [1] Previous Financial Performance - For 2024, the net profit attributable to shareholders was reported at -65.94 million yuan, with operating revenue of 92.28 million yuan [1] - The net asset value attributable to shareholders for 2024 was -3.78 million yuan [1] Stock Status and Risks - The company's stock has been under delisting risk warning since April 30, 2025, due to poor financial performance [1] - If the company meets specific criteria outlined in the Shenzhen Stock Exchange rules, it may face termination of its listing [1] Business Operations - The company’s livestock business continues to incur losses due to a sluggish domestic beef market [2] - Despite the losses, the company has managed to significantly reduce its losses year-on-year through improved procurement management, cost optimization, and enhanced breeding management [2] - The company experienced losses in its slaughtering and fresh meat business in the first half of the year, but operational improvements in the second half have set a foundation for potential future profitability [2] - The overall decline in the beef market has led the company to make impairment provisions for biological assets, inventory, and certain long-term assets, impacting net profit for the reporting period [2]