LANGOLD(SZ:002305) Shang Hai Zheng Quan Bao·2026-02-12 19:29Core Viewpoint - The company, Nanguo Real Estate Co., Ltd., is at risk of being delisted due to negative net assets and has issued a second risk warning regarding potential termination of its stock listing [2][3]. Group 1: Risk of Delisting - The company disclosed on April 29, 2025, that its stock would be subject to delisting risk warnings due to a negative net asset value of -1.753 billion yuan as of the end of the 2024 fiscal year [3][4]. - According to the Shenzhen Stock Exchange's listing rules, if the company meets certain negative financial criteria in the following fiscal year, its stock may be terminated from listing [3][8]. - The company is required to issue risk warning announcements every ten trading days until the annual report is disclosed, following the initial warning [2][3]. Group 2: Financial Performance and Restructuring - The company completed a significant asset sale to its controlling shareholder, China Power Construction Real Estate Group, for 1 yuan, with the assessed value of the assets being approximately -2.934 billion yuan [10]. - This restructuring aims to divest from real estate development and leasing, focusing instead on urban operation services, thereby enhancing asset quality and sustainable profitability [10]. - A preliminary performance forecast for 2025 indicates a potential increase in capital reserves by approximately 3.7 billion yuan, which may turn the company's equity from negative to positive [11].