Shanghai Guijiu (SH:600696) 证券时报·2026-01-12 12:37Core Viewpoint - *ST Rock (600696) is facing significant financial challenges, with projected revenue for 2025 expected to be below 300 million yuan, leading to potential delisting risks due to financial criteria [2][4]. Financial Performance - The company anticipates a total revenue of less than 300 million yuan for the fiscal year 2025, with both total profit and net profit expected to be negative [2]. - The 2024 financial report received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm, indicating major uncertainties regarding the company's ability to continue as a going concern [4]. Delisting Risks - If the 2025 financial report receives a qualified opinion, or if there are negative opinions on internal controls, the company may face delisting under the Shanghai Stock Exchange rules [4]. - The stock has already experienced three consecutive trading halts, indicating volatility and investor concern [4]. Shareholder Issues - The controlling shareholder, Shanghai Guijiu Enterprise Development Co., Ltd., and its concerted parties have had 64.80% of their shares (216,740,245 shares) judicially frozen [4]. - The actual controller, Mr. Han Xiao, is under criminal coercive measures due to an investigation related to illegal fundraising by Haiyin Wealth Management Co., Ltd. [4].