ST熊猫面临退市风险，非标审计意见成核心障碍

Company Fundamentals - The company faces severe delisting risks, with significant uncertainties in its resolution path [1] - The 2024 financial statements received an audit report with a disclaimer of opinion, and the issues related to the non-standard opinion have not been resolved [1] - The annual audit firm, Liananda, indicated that if sufficient audit evidence cannot be obtained to prove the issues have been resolved, a non-standard opinion is expected for the 2025 financial statements [1] Regulatory Situation - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure [2] - If the investigation concludes that there are significant illegal activities, the company may trigger mandatory delisting conditions [2] Recent Performance - The company expects to turn a profit in 2025, with a net profit attributable to shareholders projected between 14 million and 21 million [3] - However, the expected operating revenue is between 210 million and 260 million, which, while above the 300 million delisting threshold, still carries uncertainty as the annual audit firm has not confirmed if the revenue will exceed this threshold [3] Future Development - To avoid delisting, the company must meet several conditions before the 2025 annual report is disclosed: the 2025 financial statements must receive a standard unqualified audit opinion; the CSRC investigation must not find significant illegal activities; and the audited 2025 financial statements must not trigger financial delisting indicators such as negative net profit and operating revenue below 300 million [4] - Currently, there has been no substantial progress reported on these critical matters [4]