Core Viewpoint - A number of companies that were on the brink of delisting are attempting to escape their predicament through bankruptcy restructuring, with *ST Dongyi being the latest to remove its delisting risk warning after completing its restructuring plan [1][4]. Group 1: Companies Successfully Restructured - As of January 26, *ST Dongyi is the ninth company since 2026 to complete its restructuring and remove the delisting risk warning [4]. - The companies that have successfully removed the delisting risk warning include *ST Dongyi, *ST Jiaotou, *ST Meigu, *ST Xinyan, *ST Yatai, *ST Sansheng, ST Zhongzhuang, ST Mingjiahui, and ST Ningke [4][6]. - Only three companies, ST Zhongzhuang, ST Mingjiahui, and ST Ningke, have fully removed the delisting risk warning, but they still face other risk warnings [6]. Group 2: Remaining Risks and Challenges - The majority of the nine companies still carry ST or *ST labels, indicating ongoing risks, with only three having temporarily escaped the delisting risk [6]. - ST Ningke faces multiple risk warnings, including uncertainties regarding its subsidiary's production status and a qualified audit report for 2024 [6][7]. - ST Zhongzhuang has issues such as frozen bank accounts and a history of financial misreporting, while ST Mingjiahui's risks are relatively simpler, primarily linked to its audit report [6][7]. Group 3: Path to Recovery - The path to recovery from delisting is complex, with companies needing to address multiple issues, including financial, internal control, and historical problems [8][9]. - Successful examples, such as Zhongli Group, demonstrate that with proactive restructuring and compliance efforts, companies can return to normal operations and remove delisting risks [11][12]. - In 2025, over 50 companies managed to remove risk warnings through strategic adjustments and operational improvements, showcasing a trend of recovery in the A-share market [13][14]. Group 4: Factors Influencing "Hat Removal" - Companies with stable fundamentals and effective restructuring are more likely to succeed in removing delisting risks [1][15]. - Three categories of companies are identified as having a higher probability of "hat removal": those with good fundamentals affected by short-term factors, those that can quickly rectify business issues, and those that strengthen governance and internal controls [15].

岁末年初，一批曾站在退市悬崖边的上市公司，正试图通过破产重整挣脱"枷锁"。 1月26日，*ST东易撤销因重整事项被实施的退市风险警示，成为2026年以来第9家完成重整计划、从而 移除相关退市风险的公司。然而，摘掉"破产重整"这顶帽子，并不意味着它们已彻底安全。 这9家"松绑"公司大多仍戴着ST或*ST的标识。真正得以"摘星"（即撤销退市风险警示）的仅ST中装、 ST名家汇、ST宁科三家，且它们身上还背负着其他风险警示，整改之路依然漫长。 脱星摘帽之路从来不易，破产重整只是起点而非终点。2025年，中利集团凭借整改+重整双轮驱动，成 为年内全面脱星摘帽的样本；超50家企业则通过剥离低效资产、布局新赛道等主动求变，成功撤销风险 警示。 受访人士指出，基本面稳健、整改高效或精准破局的企业更易突围。事实证明，只要找准路径、真抓实 干，退市边缘的脱困重生并非遥不可及。 9家公司破产重整自救 具体来看，ST宁科仍涉及三项其他风险警示：其子公司处于停产状态，未来能否恢复持续、正常生产 经营尚存不确定性；信永中和会计师事务所对公司2024年度财务报表出具了带持续经营重大不确定性段 落的无保留意见审计报告；ST宁科还于2025 ...

Core Viewpoint - The recent increase in companies successfully removing their ST (Special Treatment) status indicates a more stable process of delisting than initially feared, with nearly 40 companies achieving this since early 2025, compared to only a few in the same period last year [2][5]. Group 1: Delisting Process and Company Actions - The delisting process has been smooth, largely due to proactive self-rescue efforts by listed companies [2]. - Nearly 40 companies have successfully "脱星摘帽" (removed ST status) since early 2025, a significant increase from just over ten in the same period last year [4][5]. - Common issues leading to ST status included underperformance, negative net assets, long-term fund occupation by major shareholders, internal control problems, and administrative penalties [3]. Group 2: Characteristics of Successful Companies - Companies that successfully removed their ST status often improved their operational conditions, profitability, and internal controls, demonstrating a capacity for recovery [3][10]. - A notable increase in companies removing ST status occurred after May 6, with 14 companies achieving this in just 30 days, attributed to the completion of annual reports and audits [6]. - Many of the companies that "脱星摘帽" had undergone restructuring, addressing previous issues and improving their financial health [7]. Group 3: Future Implications and Market Signals - The surge in companies successfully removing ST status sends a positive signal to the market, indicating improved governance and operational efficiency [10]. - This trend may enhance investor confidence and encourage other companies to strengthen their management and governance practices, ultimately improving the overall quality of listed companies [10].