600265，将被*ST！

Core Viewpoint - ST Jinggu expects significant losses in 2025, with projected total profit ranging from -400 million to -345 million yuan, and net profit attributable to shareholders expected to be between -265 million and -215 million yuan [1][5]. Financial Performance Summary - In 2024, ST Jinggu reported a total profit of -95.51 million yuan and a net profit attributable to shareholders of -72.87 million yuan, with a net profit after excluding non-recurring gains and losses of -145 million yuan. The company's operating revenue was 447 million yuan, with adjusted operating revenue of 444 million yuan after excluding unrelated business income [4]. - For 2025, the company anticipates operating revenue between 175 million and 205 million yuan, with adjusted operating revenue expected to be between 145 million and 165 million yuan, indicating a decline below 300 million yuan [5]. Risk Factors and Corporate Actions - The company faces delisting risk due to projected negative net profit and operating revenue below 300 million yuan, which will trigger a warning under the Shanghai Stock Exchange listing rules [5]. - ST Jinggu's significant losses are attributed to its major subsidiary, Tangxian Huiyin Wood Industry Co., Ltd., facing legal issues that led to asset freezes and operational shutdowns, resulting in declining revenue and profits [5][6]. - To mitigate risks, ST Jinggu has transferred 51% of Huiyin Wood's equity to its controlling shareholder, Chow Tai Fook Investment, as part of a major asset restructuring [6]. Strategic Outlook - The company plans to focus on its forestry core business, expand into new markets, enhance management and cost control, and improve profitability and competitiveness in the engineered wood business. Additionally, ST Jinggu aims to explore strategic transformation opportunities to cultivate new businesses with growth potential and strong profitability [7].