ST景谷面临退市风险警示，重大诉讼与资产出售引关注

Stock Performance - ST Jinggu expects to be subject to delisting risk warning after the disclosure of the 2025 annual report, with an estimated net profit attributable to shareholders ranging from -265 million to -215 million yuan, and operating revenue below 300 million yuan, triggering relevant provisions of the Shanghai Stock Exchange listing rules [1] Recent Events - Cangzhou Bank has filed a lawsuit against ST Jinggu's former subsidiary, Huiyin Wood Industry, for a financial loan contract dispute involving 148 million yuan, seeking joint liability from ST Jinggu. The company denies providing guarantees, but the court has accepted the case, which may impact the company's debt risk [2] Project Progress - The company completed the major asset sale of 51% equity in Huiyin Wood Industry to its controlling shareholder, Zhou Dafu Investment, for 133 million yuan on December 22, 2025. Huiyin Wood Industry will no longer be included in the consolidated financial statements, but there are risks of delays in business registration changes. Zhou Dafu Investment has also gifted 51% equity in Boda Digital Technology to enhance the company's ongoing operational capacity, requiring attention to integration progress [3] Financial Condition - The expected loss in 2025 is primarily due to the suspension of operations at Huiyin Wood Industry and significant impairment provisions, with revenue in the first three quarters down 58.77% year-on-year [4] - On November 25, 2025, the company received an inquiry letter from the Shanghai Stock Exchange regarding the draft of a major asset restructuring, involving issues of prudence in prior acquisitions, with the response situation needing close monitoring [4]