破发股*ST观典连亏两年 2022转板上市中信证券保荐

Core Viewpoint - *ST Guandian (688287.SH) has announced a projected loss for the year 2025, indicating continued financial difficulties for the company, with significant declines in revenue and net profit expected compared to previous years [1][2]. Financial Performance - The company expects a total profit of approximately -189 million yuan for 2025, with a net profit attributable to shareholders of approximately -185 million yuan, indicating ongoing losses compared to the previous year [1]. - For 2024, the company reported an operating revenue of 90 million yuan, a year-on-year decrease of 57.58%, and a net profit attributable to shareholders of -136 million yuan [2]. - The expected operating revenue for 2025 is around 123 million yuan, with the possibility of revenue from non-core business activities being less than 100 million yuan, which poses a risk of triggering financial delisting standards [1]. Stock Market Activity - Guandian Defense was listed on the Beijing Stock Exchange and later transferred to the Sci-Tech Innovation Board, with a total share capital of 237.51 million shares at the time of the transfer [3]. - The stock opened at a reference price of 21.88 yuan per share after the transfer but is currently in a state of decline [3]. Corporate Actions - The company has undergone several capital increases and dividend distributions, including a cash dividend of 0.05 yuan per share and a capital reserve increase of 0.3 shares per share in 2021, and a cash dividend of 0.06 yuan per share with a capital reserve increase of 0.2 shares per share in 2022 [4].