禾信仪器：2025年预亏近九千万，营收不及亿触及退市红线首次风险提示 收监管工作函

Core Viewpoint - HeXin Instruments (688622.SH) announced a significant expected loss for the fiscal year 2025, with a projected net profit attributable to shareholders of approximately -89 million yuan, representing a substantial year-on-year decline of 93.52% [1] Financial Performance Summary - The expected net profit after deducting non-recurring gains and losses is approximately -93 million yuan, a year-on-year decrease of 47.39% [1] - The anticipated operating revenue is 97 million yuan, a decline of over 50% year-on-year, with core business revenue expected to be around 90 million yuan, falling below 100 million yuan [1] Factors Influencing Performance - The significant decline in performance is attributed to three main factors: 1. The core product market for environmental online monitoring mass spectrometers is undergoing a deep adjustment due to government procurement cycle impacts, and new product revenues have not compensated for the decline in traditional business. Additionally, the company has voluntarily abandoned some high-risk orders, leading to revenue contraction [1] 2. Asset impairment, with the company recognizing impairment provisions for inventory and certain long-term assets [1] 3. A reduction in government subsidies and the reversal of deferred tax assets, which have negatively impacted profits [1] Regulatory Implications - Due to the preliminary assessment indicating that the lower of the two net profit figures (before and after deductions) is negative, and the operating revenue excluding non-core income is below 100 million yuan, the company has triggered a delisting risk warning as per the Shanghai Stock Exchange's regulations. This may lead to a *ST designation following the disclosure of the 2025 annual report [1]