炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月12日晚，*ST岩石（即上海贵酒）披露，公司预计2025年度营业收入不足3亿元且扣非前后净利润均 为负，将触及财务类终止上市情形。 这是今年首只明确预计将被强制退市的A股股票。 在12日晚的退市消息出炉后，13日开盘后*ST岩石迅速一字跌停，报3.04元/股，股价距离历史高位51.66 元/股蒸发超80%。 按照交易所的规定，2025年度经审计营业收入低于3亿元且利润总额、净利润或者扣除非经常性损益后 的净利润孰低者为负值的，公司股票将因触及财务类退市情形被终止上市。 2025年前三季度，*ST岩石实现营收3476.21万元，归母净利润约-1.12亿元。要在最后一个季度扭转局势 可能性极低。 上海贵酒实控人韩啸，其父为海银财富实控人韩宏伟。2023年12月，海银财富因涉嫌非法集资爆雷，资 金链断裂。2024年4月，上交所查明上海贵酒2017年至2020年的年度报告存在虚假记载，对公司及实控 人韩啸等人予以公开谴责，韩啸后被采取刑事强制措施，控股股东和一致行动人所持股权被全部司法冻 结。 2024年以来，上海贵酒进入了自由落体模式—— ...

*ST岩石（600696）响起"退市警报"！ 1月12日晚，*ST岩石公告，经公司财务部门初步测算，预计公司2025年度营业收入低于3亿元，且利润 总额、净利润或者扣除非经常性损益后的净利润孰低者为负值。 *ST岩石表示，根据《上海证券交易所股票上市规则》的相关规定，2025年度经审计营业收入低于3亿 元且利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值的，公司股票将因触及财务类退 市情形被终止上市。 根据*ST岩石此前公告，2025年前三季度，公司累计实现营业收入3476.21万元，实现归属于上市公司股 东的净利润-1.12亿元。 *ST岩石全称为上海贵酒股份有限公司，其"前身"系在资本市场颇有知名度的匹凸匹。2018年12月，公 司以228.24万元的价格收购了贵州贵酒云电子商务有限公司85%的股权，该公司为一家白酒销售线上平 台，公司打算以此为切入点试水白酒销售行业。 2021年，*ST岩石主动调整和收缩了融资租赁及商业保理业务，全力推进白酒业务发展。当年公司实现 营收6.03亿元，归母净利润6192.82万元。2022年，公司进一步聚焦白酒行业，当年营业收入超过10亿 元。 2023年是*S ...

*ST岩石（600696）最新公告。 1月12日晚间，*ST岩石发布《关于2025年度业绩预亏暨公司股票可能被终止上市的提示性公告》。 公告显示，经公司财务部门初步测算，预计公司2025年度营业收入低于3亿元，且利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值。根 据相关规定，公司股票将触及财务类终止上市情形。 此外，公司2024年度财务报告被中兴财光华会计师事务所（特殊普通合伙）出具了带与持续经营相关重大不确定性的保留意见的审计报告，目前公司审计 工作正在推进中，保留意见涉及事项尚未有效消除，后续能否消除存在重大不确定性。根据《上海证券交易所股票上市规则》的相关规定，如公司2025年 度财务报告被出具保留意见、无法表示意见、否定意见或内部控制报告被出具否定意见、无法表示意见等，公司股票将因触及财务类退市情形被终止上 市。 值得注意的是，截至发稿，*ST岩石股价已经连续录得3个涨停，公司今日亦发布股票交易异常波动公告，除了前述提及的公司股票或将触及财务类终止 上市情形，还有以下风险： 公司控股股东上海贵酒企业发展有限公司及其一致行动人合计持有公司216,740,245股已全部被司法冻结，占公司总股本 ...

*ST岩石（600696）（600696）最新公告。 1月12日晚间，*ST岩石发布《关于2025年度业绩预亏暨公司股票可能被终止上市的提示性公告》。 公告显示，经公司财务部门初步测算，预计公司2025年度营业收入低于3亿元，且利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值。根 据相关规定，公司股票将触及财务类终止上市情形。 此外，公司2024年度财务报告被中兴财光华会计师事务所（特殊普通合伙）出具了带与持续经营相关重大不确定性的保留意见的审计报告，目前公司审计 工作正在推进中，保留意见涉及事项尚未有效消除，后续能否消除存在重大不确定性。根据《上海证券交易所股票上市规则》的相关规定，如公司2025年 度财务报告被出具保留意见、无法表示意见、否定意见或内部控制报告被出具否定意见、无法表示意见等，公司股票将因触及财务类退市情形被终止上 市。 值得注意的是，截至发稿，*ST岩石股价已经连续录得3个涨停，公司今日亦发布股票交易异常波动公告，除了前述提及的公司股票或将触及财务类终止 上市情形，还有以下风险： 公司控股股东上海贵酒企业发展有限公司及其一致行动人合计持有公司216,740,245股已全部被司法冻 ...

*ST岩石（600696）最新公告。 1月12日晚间，*ST岩石发布《关于2025年度业绩预亏暨公司股票可能被终止上市的提示性公告》。 此外，公司2024年度财务报告被中兴财光华会计师事务所（特殊普通合伙）出具了带与持续经营相关重大不确定性的保留意见的审计报告，目前 公司审计工作正在推进中，保留意见涉及事项尚未有效消除，后续能否消除存在重大不确定性。根据《上海证券交易所股票上市规则》的相关规 定，如公司2025年度财务报告被出具保留意见、无法表示意见、否定意见或内部控制报告被出具否定意见、无法表示意见等，公司股票将因触及 财务类退市情形被终止上市。 值得注意的是，截至发稿，*ST岩石股价已经连续录得3个涨停，公司今日亦发布股票交易异常波动公告，除了前述提及的公司股票或将触及财 务类终止上市情形，还有以下风险： 公告显示，经公司财务部门初步测算，预计公司2025年度营业收入低于3亿元，且利润总额、净利润或者扣除非经常性损益后的净利润孰低者为 负值。根据相关规定，公司股票将触及财务类终止上市情形。 责编：万健祎 校对： 王锦程 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 ...

Core Viewpoint - A total of 178 companies in the Shanghai and Shenzhen stock markets are at risk of triggering financial delisting indicators based on their Q3 reports, indicating a potential for delisting risk warnings if their Q4 performance does not improve [2][3]. Financial Indicators - Among the 178 companies, 145 are from the main board with "net profit loss + revenue below 300 million" criteria, while 33 are from the Sci-Tech Innovation Board and Growth Enterprise Market with "net profit loss + revenue below 100 million" [3]. - Specific companies like Shahe Co., China High-Tech, and Renzhi Co. reported revenues of 20.86 million, 62.97 million, and 68.54 million respectively, indicating significant shortfalls from the 300 million revenue threshold [3][4]. Company Actions - Companies are taking various measures to "self-rescue," including mergers, asset sales, and restructuring efforts to improve their financial standings [6]. - Shahe Co. is planning a major asset restructuring to acquire 70% of Shenzhen Jinghua Display Electronics Co., which has shown strong profitability in recent years [6]. - ST Lingda is attempting to undergo bankruptcy restructuring, having reported a revenue of 89.09 million, which is close to the 100 million target for the year [7]. Regulatory Environment - The new delisting regulations stipulate that companies failing to meet specific financial criteria will face delisting risk warnings, with the potential for mandatory delisting if conditions do not improve [2][4]. - The regulatory environment has become stricter, prompting companies to adopt more standardized approaches to maintain their listings [2]. Market Trends - As companies approach the end of the fiscal year, there is an increased urgency to secure large contracts, as seen with Hopu Co. signing a 520 million contract for energy storage systems [8][9].

Core Viewpoint - The company faces significant risks of being delisted due to allegations of financial misconduct, including inflated revenue and profits from 2020 to 2023, as identified by the China Securities Regulatory Commission (CSRC) [11][14][15]. Financial Performance - For the first nine months of 2025, the company's aesthetic biomedical business generated revenue of 303.61 million yuan, an increase of 52.78% compared to the previous year [21]. - The pharmaceutical business reported revenue of 468.06 million yuan, a decrease of 55.79% year-on-year, with the pharmaceutical manufacturing segment contributing 345.22 million yuan and the pharmaceutical commerce segment 122.84 million yuan [21]. Regulatory Issues - The company received a notice from the CSRC on July 13, 2025, indicating potential administrative penalties for falsely reporting financial data, which could lead to mandatory delisting [12][14]. - The company has been under investigation since February 26, 2025, for suspected violations of information disclosure laws [13]. Shareholder and Stock Status - The company's controlling shareholder's shares are fully pledged or subject to judicial restrictions, raising concerns about liquidity and control [18]. - The stock has been placed under risk warning due to the ongoing investigation and potential delisting risks [12][16]. Other Operational Risks - The company reported a net loss of 87.47 million yuan for the first three quarters of 2025, a decline of 294.03% compared to the same period last year [18]. - There are unresolved issues regarding non-operational fund occupation by related parties, with significant amounts reported as of the end of 2023 [17].

Core Viewpoint - The company, Yuancheng Environment Co., Ltd., is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosures in financial reports, which poses significant risks of forced delisting due to major violations [1][3]. Financial Risks - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss attributable to shareholders of 126.80 million yuan, which may lead to delisting risks if the annual report does not meet the requirements set by the Shanghai Stock Exchange [2]. - The company is subject to a risk warning due to its financial performance, and if the 2025 annual report does not meet the delisting criteria, the company's stock may be terminated from listing [2]. Operational Status - As of the announcement date, the company's business activities are reported to be operating normally, and the CSRC's investigation is ongoing without any conclusive findings yet [3]. - The company and its controlling shareholder are cooperating with the CSRC's investigation and will provide monthly updates on the progress of the investigation as required by the stock listing rules [3]. Risk Warnings - The company faces uncertainties regarding its ability to continue operations and liquidity risks, with multiple bank accounts frozen, totaling a significant amount in restricted funds [2].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. faces significant risks of forced delisting due to major violations and financial issues, including false reporting of revenue and profits from 2020 to 2023 [4]. Group 1: Major Violation Delisting Risk - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for falsely inflating operating income, costs, and profits, which may lead to forced delisting [4]. - The company’s stock has been under risk warning since July 14, 2025, due to the potential for major violations leading to termination of listing [1][4]. Group 2: Financial Delisting Risk - The 2024 financial report received a disclaimer of opinion from the auditing firm, triggering financial delisting risks under the Shanghai Stock Exchange rules [1][2]. - The company is currently under risk warning due to financial issues, including the inability to express an opinion on internal controls [2]. Group 3: Other Risk Warnings - The company is facing additional risk warnings due to non-operational fund occupation by related parties, which violates stock exchange regulations [2]. - The company has also encountered operational risks, including a contract termination with a medical product distributor, affecting sales [2]. Group 4: Investor Advisory - The company urges investors to be cautious and rational in their investment decisions, especially given the recent abnormal stock price fluctuations that do not align with deteriorating fundamentals [4].

Group 1 - *ST Huaron announced a suspension of trading due to a potential change in control, as Zhejiang Hengshun Investment Co., Ltd. and Shanghai Tianji Investment Co., Ltd. are planning a share transfer agreement that may lead to a change in control of the company [1] - The trading suspension will begin on August 5, 2025, and is expected to last no more than two trading days to ensure fair information disclosure and protect investor interests [1] - *ST Huaron's audited net profit for the fiscal year 2024, after deducting non-recurring gains and losses, was negative, with operating revenue below 300 million yuan after excluding unrelated business income [1] Group 2 - The company is expected to report a net loss attributable to shareholders of between -4 million yuan and -2.7 million yuan for the first half of 2025, with a net profit after deducting non-recurring gains and losses estimated between -4.2 million yuan and -2.8 million yuan [2] - Due to the financial situation, *ST Huaron's stock is subject to delisting risk warnings as per the Shanghai Stock Exchange regulations [2] - As of the latest trading session, *ST Huaron's stock closed at 6.42 yuan, reflecting a 5.07% increase [3]