Bauing Decoration(SZ:002047) Sou Hu Cai Jing·2026-01-30 08:25Core Viewpoint - *ST Baoying (stock code: 002047) has issued a significant risk warning, indicating the possibility of being delisted due to financial difficulties [1][3]. Financial Performance - The company estimates a net profit attributable to shareholders for the year 2025 to be between 49 million and 63 million yuan, but the net profit after deducting non-recurring gains and losses is expected to be a loss ranging from -43 million to -29 million yuan [3]. - Projected operating revenue for 2025 is estimated to be between 720 million and 890 million yuan, while the equity attributable to shareholders is expected to be only between 41 million and 55 million yuan by the end of 2025 [3]. Risk of Delisting - The company's stock has been under "delisting risk warning" and "other risk warning" since April 28, 2025. If the audited net assets at the end of 2025 are negative, it will trigger mandatory delisting conditions as per the Shenzhen Stock Exchange's regulations [3]. Company Background - *ST Baoying, officially known as Shenzhen Baoying Construction Holding Group Co., Ltd., was established on April 30, 1993, and was listed on the Shenzhen Stock Exchange on May 31, 2005. The company is headquartered in Futian District, Shenzhen, Guangdong Province [3]. - The main business focuses on the design and construction of comprehensive building decoration and renovation projects, with decoration and renovation revenue accounting for 61.06%, construction engineering for 29.92%, and other businesses for 9.02% [3]. Leadership Changes - In August 2025, the former chairman, Lv Haitao, resigned due to personal reasons, and Li Peng succeeded him as chairman. Li Peng, born in 1980, holds a bachelor's degree in civil engineering from Northeast University and is a senior engineer in construction management [4]. Market Outlook - Given the critical situation of net assets nearing the warning line, the market will closely monitor whether *ST Baoying can reverse its fortunes before the annual report audit to avoid delisting [5].