TAM(SH:603789) Shang Hai Zheng Quan Bao·2026-01-30 22:32Core Viewpoint - The company, Xingguang Agricultural Machinery Co., Ltd., is at risk of being delisted due to negative financial performance, specifically a projected net loss for the fiscal year 2025 [2][3][11]. Group 1: Reasons for Potential Delisting - The company was placed under delisting risk warning on May 6, 2025, due to its audited net profit being negative and its operating revenue falling below 300 million yuan after excluding non-core business income [2][3]. - According to the Shanghai Stock Exchange Listing Rules, the company may face delisting if its 2025 annual report meets certain negative criteria, including receiving a qualified or adverse audit opinion [3][21]. - The company has issued its first risk warning announcement regarding potential delisting, urging investors to be cautious [5]. Group 2: Financial Performance Forecast - Preliminary estimates indicate that the company expects a total profit loss of between 70 million yuan and 100 million yuan for 2025, with a net profit attributable to shareholders projected to be between -135 million yuan and -90 million yuan [7][11]. - The expected operating revenue for 2025 is estimated to be between 350 million yuan and 400 million yuan, with core business revenue projected to be between 310 million yuan and 350 million yuan [7][14]. - The anticipated net assets at the end of 2025 are expected to range from 100 million yuan to 150 million yuan [7][14]. Group 3: Historical Financial Context - In the previous year, the company reported a total profit loss of 168.39 million yuan and a net profit loss attributable to shareholders of 174.64 million yuan [16]. - The operating revenue for the previous year was 269.39 million yuan, with core business revenue at 256.37 million yuan [17]. Group 4: Business Challenges - The company has faced high comprehensive costs, particularly in the agricultural machinery sector, which has been affected by industry fluctuations and market competition [19]. - The introduction of new business segments has not yet compensated for losses in the agricultural machinery sector, leading to overall financial losses [19].