CNLIGHT(SZ:002076) Jing Ji Guan Cha Wang·2026-02-12 02:46Core Viewpoint - ST Xingguang (002076) faces a dual situation of potential delisting risk and the expectation of being removed from the special treatment list in 2026, with its new energy business growth being a highlight, but operational quality and audit results remain critical [1] Group 1: Performance and Business Situation - The company's 2025 performance forecast indicates that the adjusted operating revenue is expected to be between 340 million to 370 million yuan, exceeding the Shenzhen Stock Exchange's delisting threshold of 300 million yuan, but the net profit attributable to shareholders is still expected to be a loss of 3 million to 6 million yuan [2] - If the audited 2025 annual report confirms that the company meets the delisting removal conditions, the delisting process is expected to be completed between late May and mid-June 2026, with the stock name potentially changing from "ST Xingguang" to "Xingguang Co., Ltd." [2] - Due to failing to meet financial indicators in 2024, the company's stock has been subject to delisting risk warnings, and if the 2025 annual report audit reveals relevant conditions under the Shenzhen Stock Exchange's listing rules, the exchange may decide to terminate the listing [3] Group 2: Business Development - The major shareholder is stabilizing operations through shareholding increases, interest-free loans, and debt restructuring [4] - The new energy business has deepened its layout, with lithium battery equipment revenue increasing by 121.33% year-on-year in the first three quarters of 2025, and on January 19, 2026, the company hit the daily limit due to winning a 22.95 million yuan equipment procurement project [4] Group 3: Recent Company Situation - The uncertainty of the audit is crucial, as obtaining a standard unqualified audit report for the 2025 annual report is vital [5] - The operational quality is under scrutiny, with a non-recurring net profit loss of 10.96 million yuan in the first three quarters of 2025, and a net cash flow from operating activities of -24.31 million yuan, raising concerns about the sustainability of profitability [5]