Guandian Defense(SH:688287) Xin Lang Cai Jing·2026-02-11 19:49Core Viewpoint - The company, Guandian Defense Technology Co., Ltd., is at risk of being delisted due to negative financial performance, including a projected total profit of approximately -189 million yuan for 2025 and revenue below 1 billion yuan after excluding non-core business income [10][11]. Group 1: Reasons for Potential Delisting - The company was placed under delisting risk warning on April 30, 2025, due to the audited total profit and net profit (whichever is lower) for 2024 being negative, and revenue after excluding non-core business income being below 1 billion yuan [2][4]. - If the company does not meet the criteria to lift the delisting risk warning or fails to apply for its removal within the specified timeframe, its stock may face termination of listing [5]. Group 2: Financial Performance and Audit Issues - The company’s preliminary estimates for 2025 indicate a total profit of approximately -189 million yuan and a net profit attributable to shareholders of approximately -185 million yuan, continuing the trend of losses compared to the previous year [10]. - The auditing firm, Zhongxi CPA, has issued a special report indicating that non-standard audit opinions related to the company have not been resolved, which may lead to a non-standard opinion on the 2025 financial statements if sufficient audit evidence is not obtained [3][7]. Group 3: Other Relevant Matters - The company has acknowledged the existence of non-operational fund occupation by its actual controller, which has led to additional risk warnings being implemented since November 4, 2024 [7][8]. - As of April 26, 2025, the company had 96.9472 million yuan in non-operational funds occupied, which has since been repaid in full [8].