BANGJIE SHARE(SZ:002634) Shang Hai Zheng Quan Bao·2026-01-30 20:32Core Viewpoint - Zhejiang Bangjie Holdings Group Co., Ltd. is at risk of being delisted due to negative net assets and negative net profits for the upcoming fiscal year, which may lead to the implementation of risk warnings on its stock trading [1][2][3]. Group 1: Financial Performance - The company estimates that by the end of 2025, the net assets attributable to shareholders will be between -900.1551 million and -600.1551 million (unaudited) [2]. - The projected net profit for 2025 is expected to be between -1.2 billion and -900 million, with the net profit after excluding non-recurring gains and losses estimated to be between -1.08 billion and -780 million [3][11]. - The company has reported negative net profits for the last three fiscal years, and the 2024 financial report included a significant uncertainty regarding its ability to continue as a going concern [3][11]. Group 2: Regulatory Compliance - According to the Shenzhen Stock Exchange's listing rules, if the company’s audited net assets are negative, it will face delisting risk warnings after the 2025 annual report is disclosed [1][4]. - The company is required to issue risk warning announcements if it anticipates conditions that may lead to delisting or other risk warnings, with specific timelines for disclosure [2][4]. Group 3: Operational Challenges - The company is facing significant operational challenges, primarily due to debt pressures from its photovoltaic subsidiary and production halts, leading to substantial fixed costs [11]. - The company is currently undergoing a pre-restructuring process, although it remains uncertain whether it will enter formal restructuring proceedings [5][15].