航天宏图：2025年业绩预亏或致股票被实施退市风险警示

Core Viewpoint - The company, Aerospace Hongtu, anticipates a net loss of approximately 1.03 billion yuan for 2025, with a non-recurring net profit loss of around 1.08 billion yuan, indicating significant financial challenges ahead [1] Financial Projections - The estimated net asset at the end of 2025 is projected to be around -280 million yuan, suggesting potential insolvency issues [1] - Due to the ongoing audit, these figures carry a degree of uncertainty, and the final financial data will be confirmed in the official annual report [1] Risk of Delisting - If the net assets are confirmed to be negative, the company may face a delisting risk warning after the 2025 annual report is disclosed [1] - In the event of triggering a warning scenario, the company's stock will be suspended from trading starting from the date of the annual report disclosure, with the Shanghai Stock Exchange implementing measures within five trading days [1]