TIANSHAN BIO(SZ:300313) Jing Ji Guan Cha Wang·2026-02-12 04:34Core Viewpoint - The stock price of Tianshan (300313.SZ) has recently hit a 60-day low due to ongoing losses, cash flow pressures, and delisting risks [1] Group 1: Performance and Operational Situation - The 2025 performance forecast indicates expected revenue between 170 million to 220 million yuan, representing a year-on-year growth of approximately 23% to 59%, with net assets projected to turn positive at 27 million to 35 million yuan; however, the net profit attributable to shareholders is still expected to be a loss of 16 million to 23 million yuan [2] - In the first three quarters of 2025, revenue was only 58.48 million yuan, with a significant increase in the fourth quarter to over 110 million yuan, accounting for more than 60% of the annual revenue, raising concerns about the sustainability of this "last-minute revenue" [2] - The third quarter report for 2025 shows a debt ratio of 83.93%, with continuous negative cash flow from operating activities; despite a 40.50% year-on-year revenue increase in the first quarter, the single-quarter net profit loss was 4.96 million yuan, and cash reserves decreased by 28.07% [3] Group 2: Financial Situation - On February 10, 2026, the net outflow of main funds was 10.09 million yuan, accounting for 28.36% of the day's transaction volume; by February 12, the stock price fell to 7.21 yuan, with a cumulative decline of 11.43% over five days, and technical indicators showed a bearish trend [4] Group 3: Industry Policy and Environment - The domestic beef market's downturn directly impacts the company's livestock business profits, while the GEM delisting rules impose strict requirements on continuous losses, revenue authenticity, and audit opinions; although the company temporarily avoided some delisting indicators through fourth-quarter business expansion, market skepticism about its sustainability remains [5]