ST四环发布2025年业绩预告，亏损收窄但退市风险仍存

Core Viewpoint - ST Sihuan is expected to report a net loss of 30 million to 40 million yuan for the fiscal year 2025, with a warning of delisting risk due to negative net profit and revenue below 300 million yuan in 2024 [1][3] Group 1: Earnings Forecast - The company anticipates a net profit loss of 30 million to 40 million yuan for 2025, with a non-recurring net profit loss of 33 million to 46 million yuan [1] - The projected operating revenue is between 330 million to 350 million yuan [1] - The company has issued a delisting risk warning, effective from April 30, 2025, if the 2025 report triggers specific conditions under the Shenzhen Stock Exchange listing rules [1] Group 2: Stock Performance - ST Sihuan's stock price has shown a downward trend, closing at 2.55 yuan on February 12, 2026, a decrease of approximately 2.3% from 2.61 yuan on February 6, 2026 [2] - The stock experienced a trading range fluctuation of 12.28% during this period [2] - On February 11, 2026, the trading volume reached 30.37 million yuan, with a turnover rate of 1.15%, indicating active trading [2] Group 3: Financial Analysis - The 2025 earnings forecast indicates a reduction in losses compared to 2024, where the loss was 110 million yuan, but the company's fundamentals remain under pressure [3] - Revenue growth is primarily attributed to the sales of seedlings by a wholly-owned subsidiary, while the smart hardware and software business has declined by over 80% [3] - The company has made an impairment provision of 82 million yuan for goodwill and other assets [3]