ST景谷拉响退市警报：并购“踩雷”，周大福投资接盘

Core Viewpoint - ST Jinggu is facing significant financial challenges, with projected losses for 2025 and a risk of delisting if performance does not improve [1][4][8]. Financial Performance - In 2025, ST Jinggu expects a total profit of between -400 million to -345 million yuan, with a net profit attributable to shareholders ranging from -265 million to -215 million yuan [7][8]. - The company's revenue is projected to be between 175 million to 205 million yuan, with core business revenue estimated at 145 million to 165 million yuan, which is below the 300 million yuan threshold [6][8]. Business Developments - ST Jinggu has struggled with losses for several years and attempted to turn around its fortunes by acquiring a 51% stake in Huiyin Wood Industry for over 200 million yuan in 2022, which initially led to a profitable year in 2023 [2][20]. - However, Huiyin Wood Industry has since incurred losses, negatively impacting ST Jinggu's overall performance, leading to the divestment of this asset to its controlling shareholder, Zhou Dafu Investment [3][17]. Asset Management - The acquisition of Huiyin Wood Industry resulted in a goodwill of 91.95 million yuan, but due to unmet performance targets, ST Jinggu had to write down goodwill by 83.32 million yuan in 2024 [16]. - ST Jinggu has also received a new asset, a 51% stake in Shanghai Boda Intelligent Technology Co., which was gifted by Zhou Dafu Investment, although this new asset's financial viability is uncertain [22][23]. Market Position - The company is currently navigating a precarious financial situation, with insufficient revenue and ongoing operational challenges, raising concerns about its ability to sustain itself in the market [5][21].