Group 1 - *ST Aonong (603363.SH) issued its fifth risk warning on March 28, 2025, regarding the potential termination of its stock listing if it fails to meet the criteria set by the Shanghai Stock Exchange for the 2024 fiscal year [1] - *ST Jiayu (300117.SZ) released its tenth risk warning on March 28, 2025, indicating that its stock has closed below 1 yuan for eighteen consecutive trading days, facing the risk of termination of listing [1] - *ST Gongzhi (000584.SZ) announced its fifth risk warning on March 28, 2025, stating that its stock may be terminated if it falls under the conditions specified in the Shenzhen Stock Exchange listing rules for the 2024 fiscal year [1] Group 2 - *ST Furun (600070.SH) issued a risk warning on March 28, 2025, about the potential termination of its stock listing due to its stock price being below 1 yuan and market capitalization below 500 million yuan, having closed below 1 yuan for eleven consecutive trading days [1] - *ST Xulan (000040.SZ) published its tenth risk warning on March 28, 2025, noting that its stock has also closed below 1 yuan for eighteen consecutive trading days, facing termination risk [2] - *ST Pengbo (600804.SH) released a risk warning on March 28, 2025, indicating that if its 2024 financial report receives a qualified opinion, disclaimer, or adverse opinion, the Shanghai Stock Exchange may decide to terminate its listing [2]

Core Viewpoint - *ST Dayao (603963.SH) is set to be delisted from the Shanghai Stock Exchange on March 21 due to negative net profit and revenue below 100 million yuan in 2023, marking a significant decline in its financial health since its IPO in 2017 [1][2][4]. Financial Performance - The company's market capitalization is currently 259 million yuan, the lowest among A-share listed companies [2]. - Since its peak revenue of 401 million yuan in 2018, *ST Dayao has experienced a continuous decline in revenue for six consecutive years, dropping below 100 million yuan in 2023 [5]. - The company has reported losses for three consecutive years from 2021 to 2023 [5]. Delisting Circumstances - The Shanghai Stock Exchange has decided to terminate the company's listing without a delisting adjustment period due to its failure to meet financial performance standards [1][4]. - The company has triggered both financial and trading-related delisting criteria, making it one of the few companies in A-share market to face such circumstances [2][4]. - The company’s stock price fell below the 5 billion yuan threshold, leading to a trading-related delisting decision after 20 consecutive trading days of market capitalization below this level [4][6]. Management and Control Issues - The company's controlling shareholder, Yang Junxiang, faced legal issues that hindered his ability to fulfill his duties, impacting the company's management [3][4]. - Following Yang's investigation, his family members took over the management responsibilities, but the company missed its last opportunity for self-rescue [3][4]. Future Outlook - With the new delisting regulations set to take effect in 2025, the revenue threshold for delisting will increase to 300 million yuan, further complicating *ST Dayao's ability to meet compliance standards [6]. - The company is projected to report negative profits and revenues between 62 million to 74 million yuan for 2024, far below the new revenue threshold [6][9].