ST亚振2025年业绩预告披露，面临退市风险

Core Viewpoint - ST Yazhen (stock code: 603389) is facing significant challenges, including a projected net loss for 2025 and potential delisting risks due to financial performance, with key developments expected in early 2026 [1][2][3]. Financial Performance - ST Yazhen forecasts a net loss attributable to shareholders of 30 million to 45 million yuan for the year 2025, indicating a narrowing of losses year-on-year [2]. - The expected operating revenue for 2025 is projected to be between 480 million and 530 million yuan, showing significant growth compared to the previous year [2]. - The final financial data will be confirmed in the audited annual report, which is crucial for determining if the company can lift the delisting risk warning [2]. Recent Events - On January 30, 2026, ST Yazhen announced the risk of potential termination of its stock listing due to financial indicators reaching delisting standards in 2024 [3]. - The stock has been under delisting risk warning since May 6, 2025, and if the audited annual report does not meet the criteria for lifting the warning, the stock may be delisted [3]. - The company plans to apply for the removal of the warning after the annual report is disclosed, but the outcome remains uncertain [3]. Business and Technical Development - In 2025, ST Yazhen entered the zircon-titanium ore mining sector through the acquisition of Guangxi Zirconium Industry Technology Co., establishing a dual business model of "home furnishings + zircon-titanium ore" [4]. - This transformation is mentioned as a supporting factor in the earnings forecast, but the effectiveness of subsidiary integration and the new business's contribution to profitability require further observation [4]. - Changes in corporate governance following the entry of controlling shareholder Wu Tao may impact the company's long-term strategy [4].