Zheng Quan Ri Bao·2026-02-02 16:47Core Insights - A number of *ST companies are at risk of delisting due to failing to meet financial performance indicators for 2025, with four companies expected to fall below the thresholds for revenue and net profit [1][2][4] Group 1: Companies at Risk of Delisting - Four *ST companies, including *ST Jinglun, *ST Yanshi, *ST Wanfa, and *ST Guohua, are projected to have operating revenue below 300 million yuan and negative net profit, triggering delisting indicators [1][2] - *ST Jinglun anticipates a net profit loss of 39.5 million to 45.5 million yuan for 2025, with adjusted revenue expected to be around 86 million yuan [2] - *ST Guohua expects a net profit loss between 20 million to 40 million yuan, with adjusted revenue ranging from 197 million to 296 million yuan [3] Group 2: Financial Indicators and Audit Opinions - The delisting criteria are primarily based on a combination of net profit and revenue, with the four companies failing to meet the "negative net profit + revenue below 300 million yuan" criteria [2][3] - *ST Wanfa and *ST Yanshi are also facing dual delisting risks due to negative financial indicators and potential non-standard audit opinions for their 2024 financial statements [3][6] Group 3: Market Reactions and Regulatory Environment - The recent delisting risks reflect a market-oriented and legal reform in the delisting system, emphasizing the need for companies to focus on core operations and improve quality [1][4] - There is a growing concern regarding companies that barely meet financial thresholds but may still face audit uncertainties, indicating high delisting risks [5][6] - The presence of non-standard audit opinions has become a significant delisting "red line," indicating deeper issues such as financial misrepresentation and internal control failures [6][7]