Biocause Pharma(SZ:000627) 第一财经·2025-08-11 13:31Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the Shenzhen Stock Exchange, pending approval from shareholders, following a series of financial difficulties and regulatory warnings [3][4][6]. Financial Performance - The company has reported continuous net profit losses in recent years, with a projected loss of 500 million to 750 million yuan for the 2024 fiscal year [4][13]. - From 2021 to 2023, *ST Tianmao's revenue remained relatively stable, with figures of approximately 49.58 billion yuan in 2021, 49.62 billion yuan in 2022, and 49.70 billion yuan in 2023, while net profits showed a significant decline from 4.71 billion yuan in 2021 to a loss of 6.52 billion yuan in 2023 [11][12]. Debt and Financial Health - The company's asset-liability ratio has exceeded 85%, reaching 87.37% as of September 30, 2024, indicating a high level of debt relative to its assets [12]. - As of August 8, 2025, *ST Tianmao's major shareholders, including its controlling shareholder, hold 66.78% of the shares, just meeting the two-thirds threshold required for the delisting vote [7][8]. Regulatory and Operational Challenges - The company faced a delisting risk warning due to its inability to disclose the 2024 annual report and the 2025 first-quarter report within the legal timeframe, leading to a suspension of its stock [4][10]. - Following a two-month suspension, the company was placed under delisting risk warning, which could lead to mandatory delisting if it fails to meet reporting requirements [10][11]. Shareholder Dynamics - The upcoming shareholder meeting will be crucial, as the approval of the delisting proposal requires a two-thirds majority vote from shareholders, excluding major shareholders and executives [6][8]. - The company has offered a cash option to dissenting shareholders at a price of 1.60 yuan per share, as part of its delisting strategy [8].