Baota Industry(SZ:000595) Jing Ji Guan Cha Wang·2026-02-13 03:50Core Viewpoint - ST Baoshi (000595) is under market scrutiny due to performance forecasts, delisting risks, and stock price volatility, with expectations of turning a profit in 2025 but still facing negative net profit after adjustments [1][2]. Performance and Operating Conditions - On January 28, 2026, ST Baoshi announced a performance forecast, expecting a net profit attributable to shareholders of between 69 million to 90 million yuan for 2025, marking a turnaround from losses, primarily due to significant asset restructuring and gains from asset disposals [2]. - However, the adjusted net profit remains negative, projected between -64 million to -91 million yuan, with expected operating revenue between 650 million to 680 million yuan [2]. Recent Events - As of January 29, 2026, ST Baoshi is under delisting risk warning due to 2024 financial indicators, but the 2025 performance forecast suggests it may meet conditions for lifting the warning, including adjusted operating revenue exceeding 300 million yuan and a positive net profit [3]. - The final outcome will depend on the formal disclosure of the 2025 annual report, expected in April 2026, and subsequent review by the exchange [3]. Stock Performance - On January 30, 2026, ST Baoshi's stock hit the daily limit down, falling by 4.98%, with a total market capitalization of approximately 6.741 billion yuan [4]. - The decline is attributed to unresolved delisting risk warnings, major shareholder reductions, and financial risks, such as guarantees exceeding net assets [4]. Capital Movements - Data from January 2026 indicates that ST Baoshi's main capital is experiencing a net outflow, with a reported outflow of 70.881 million yuan as of the week ending January 16, reflecting cautious short-term investor sentiment [5]. - Market sentiment is influenced by expectations surrounding the transition to new energy and the ongoing delisting risk, potentially leading to further stock price fluctuations [5].