Biocause Pharma(SZ:000627) 券商中国·2025-07-11 13:10Core Viewpoint - Tianmao Group, once a prominent player in the market, is facing delisting risks due to financial reporting issues and declining performance [1][4][9]. Financial Reporting Issues - Tianmao Group has been unable to release its financial reports on time, leading to a risk warning and subsequent stock suspension [3][4]. - The company announced on April 28 that it could not disclose its 2024 annual report and 2025 Q1 report by the scheduled date due to incomplete information [3]. - As of July 8, the stock was officially marked with a delisting risk warning, and the stock name changed to "*ST Tianmao" [2][4]. Performance Decline - In 2023, Tianmao Group reported a revenue of 49.699 billion yuan, a slight increase of 0.17% year-on-year, but a net loss of 0.652 billion yuan, reversing from a profit of 0.274 billion yuan in 2022 [5]. - The 2024 Q3 report indicated a revenue drop of 18.43% year-on-year, with a net loss of 0.333 billion yuan [5]. - The company projected a revenue of 40-43 billion yuan for 2024, down from 49.699 billion yuan in 2023, with expected losses between 0.5 billion and 0.75 billion yuan [5]. Core Asset and Business Structure - Tianmao Group's core asset is Guohua Life Insurance, which has been a significant contributor to its profits since 2014 [6]. - Guohua Life reported a net loss of 1.155 billion yuan in 2023, marking a turning point for the company [7]. - The insurance business faced challenges due to low interest rates, leading to increased reserve provisions [8]. Market Reactions and Future Outlook - Following the stock's resumption of trading on July 8, the share price continued to decline, closing at 2.23 yuan per share on July 11 [10]. - The company is committed to completing its financial reports and improving communication with stakeholders [11].