002231，拟终止上市

Core Viewpoint - *ST Aowei is facing a severe financial crisis, with a projected net loss for 2025 and a potential delisting from the Shenzhen Stock Exchange due to failing trading indicators [1][3][5]. Financial Performance - The company expects a net profit for 2025 to be between -266 million yuan and -133 million yuan, representing a year-on-year decline of 188.41% to 476.82% [3]. - The non-recurring net profit attributable to shareholders is projected to be between -230 million yuan and -115 million yuan, with a year-on-year decrease of 97.03% to 294.05% [3]. - Total profit is anticipated to be between -340 million yuan and -170 million yuan, showing a significant decline [3]. Reasons for Losses - The decline in revenue is attributed to the suspension of operations at its subsidiary, Donghe Xin New Materials, and a reduction in the scale of its communication equipment manufacturing business [3]. - Issues with the second-largest shareholder and related party fund occupation have led to significant uncertainty in debt recovery, prompting the company to recognize large credit impairment losses [3]. - The illegal disposal of inventory by a subsidiary has resulted in further asset losses, exacerbating the financial situation [3]. Company Background - *ST Aowei has faced a series of operational challenges since its listing in 2008, including internal control failures and unsuccessful business transformations [4]. - The company was placed under delisting risk warning in April 2024 due to an audit report that could not express an opinion on its financial statements [4]. - Despite attempts to pivot to trade business in 2024, the actual revenue generated was significantly below expectations, leading to further financial distress [4]. Market Performance - Since the second half of 2025, *ST Aowei's stock price has been in a continuous decline, with multiple instances of trading halts [5]. - As of January 29, 2026, the stock price was reported at 0.6 yuan per share, with a total market capitalization of only 208 million yuan, well below the regulatory threshold of 500 million yuan [5]. Regulatory Actions - On January 29, 2026, *ST Aowei received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing due to failing trading indicators [6][7]. - The company has the right to request a hearing or submit written statements within five trading days of receiving the notice [7].