触发退市风险条件！“童鞋第一股”ST起步连亏6年

Core Viewpoint - ST Qibu (603557) has announced a projected net loss for the fiscal year 2025, estimating a loss between 128 million to 178 million yuan, primarily due to intensified competition in the textile and apparel industry and deteriorating conditions for downstream distributors [1][5]. Financial Performance - The company expects a net profit attributable to shareholders of between -128 million to -178 million yuan for 2025, with a net profit excluding non-recurring gains and losses projected at -118 million to -168 million yuan [1][5]. - ST Qibu anticipates total operating revenue for 2025 to be between 150 million to 200 million yuan, with the same range applicable for revenue after excluding unrelated business income [1][5]. Risk of Delisting - The company may face a risk warning for delisting if the audited profit total, net profit, or net profit excluding non-recurring gains and losses is negative, and if the operating revenue falls below 300 million yuan [1][5]. - The stock may be marked with "*ST" after the disclosure of the 2025 annual report if these conditions are met [5]. Historical Performance - ST Qibu has reported losses for five consecutive years from 2020 to 2024, with cumulative losses amounting to approximately 1.789 billion yuan [6][7]. - The company's debt-to-asset ratio was reported at a high of 88.95% as of the end of the third quarter of 2025 [7]. Market Reaction - On January 29, the stock experienced a temporary surge, reaching a limit up, and was trading at 2.67 yuan per share, with a market capitalization of 1.665 billion yuan [7]. - The stock price has significantly declined from over 30 yuan at the time of listing, reflecting a market value reduction of approximately 17.8 billion yuan over the years [10].