Zhong Guo Jing Ji Wang·2026-02-05 08:10Core Viewpoint - *ST Zhengping is facing significant financial challenges, with projected losses for 2025 and potential risks of delisting due to negative net assets [1][2][4] Financial Projections - The company anticipates a total profit loss for 2025 between -450 million yuan and -360 million yuan, with a net profit attributable to shareholders expected to be between -430 million yuan and -340 million yuan [1] - The projected operating revenue for 2025 is estimated to be between 950 million yuan and 1.35 billion yuan, with adjusted revenue (excluding non-core business income) expected to be between 940 million yuan and 1.34 billion yuan [1] Net Asset Concerns - *ST Zhengping estimates its net assets at the end of 2025 to be between 250 million yuan and 370 million yuan, but this is subject to change pending the completion of the annual audit [2] - There is a significant risk that the net assets could be negative, which would trigger delisting regulations under the Shanghai Stock Exchange rules [2][4] Audit and Compliance Issues - The auditing firm, Zhongrui Cheng, has indicated that they cannot confirm the positive net asset projection due to ongoing audit procedures, which raises concerns about the company's financial stability [3] - The company has not yet resolved the non-standard audit opinion from 2024, which could affect the 2025 financial report [4] Historical Financial Performance - In 2024, *ST Zhengping reported an operating revenue of 1.36 billion yuan, with a total profit loss of -546.71 million yuan and a net profit attributable to shareholders of -483.93 million yuan [3] - The company has faced challenges in maintaining positive audit opinions, which could lead to further financial scrutiny and potential delisting [4] Fundraising History - Since its listing in 2016, *ST Zhengping has raised a total of 941 million yuan through two fundraising rounds [5] - The company raised 440 million yuan through a non-public offering in 2021, with net proceeds of 435 million yuan after deducting issuance costs [5]