Core Viewpoint - *ST Bosen (002569) is facing a potential change in control due to significant matters being planned by its controlling shareholder, leading to a temporary suspension of its stock trading for up to two trading days starting March 16, 2026 [1]. Group 1: Company Suspension and Control Change - The company announced that its stock will be suspended from trading due to a major matter that may result in a change of control [1]. - The suspension is expected to last no more than two trading days [1]. Group 2: Financial Performance and Risks - The company has reported a risk of delisting, with a forecasted revenue for 2025 between 120 million to 170 million yuan, and a net profit ranging from 9 million to 13 million yuan [4]. - The 2024 audit report indicated that the company has triggered delisting risk warnings due to negative profit figures and insufficient revenue [5]. - If the 2025 audited financials meet certain criteria, the company’s stock may face termination of listing [5].

Core Viewpoint - The article discusses the imminent risk of delisting faced by several ST companies in the A-share market as they approach the annual report disclosure season, highlighting both companies that are likely to exit and those attempting to recover [3]. Group 1: Companies Facing Delisting Risks - *ST Jinglun has announced a risk of delisting due to its market capitalization falling below 500 million yuan, with a closing price of 1.01 yuan and a total market value of 497 million yuan as of March 9 [5][6]. - The company is expected to report a negative net profit for 2025, with its adjusted operating revenue projected to be 86.22 million yuan, below the 300 million yuan threshold, leading to potential delisting [9]. - *ST Haiyuan has also issued a risk warning, with projected revenues for 2025 between 350 million and 380 million yuan, but expected losses of 214 million to 178 million yuan, which may trigger delisting warnings [12]. Group 2: Companies Potentially Avoiding Delisting - *ST Dazheng has indicated that it may avoid delisting, with projected revenues for 2025 between 335 million and 350 million yuan, and an audit report suggesting that financial indicators related to delisting risks may be resolved [14][16]. - *ST Dongyi is undergoing a restructuring process, with expected net assets for 2025 between 720 million and 1.067 billion yuan, which may help it avoid delisting [17]. - *ST Jinke has projected a net profit of 30 billion to 35 billion yuan for 2025, but also anticipates a negative net profit of 29 billion to 35 billion yuan when excluding non-recurring gains, leading to uncertainty regarding its delisting status [18][19].

Core Viewpoint - ST Jinggu is facing significant financial challenges, with projected losses for 2025 and a risk of delisting if performance does not improve [1][4][8]. Financial Performance - In 2025, ST Jinggu expects a total profit of between -400 million to -345 million yuan, with a net profit attributable to shareholders ranging from -265 million to -215 million yuan [7][8]. - The company's revenue is projected to be between 175 million to 205 million yuan, with core business revenue estimated at 145 million to 165 million yuan, which is below the 300 million yuan threshold [6][8]. Business Developments - ST Jinggu has struggled with losses for several years and attempted to turn around its fortunes by acquiring a 51% stake in Huiyin Wood Industry for over 200 million yuan in 2022, which initially led to a profitable year in 2023 [2][20]. - However, Huiyin Wood Industry has since incurred losses, negatively impacting ST Jinggu's overall performance, leading to the divestment of this asset to its controlling shareholder, Zhou Dafu Investment [3][17]. Asset Management - The acquisition of Huiyin Wood Industry resulted in a goodwill of 91.95 million yuan, but due to unmet performance targets, ST Jinggu had to write down goodwill by 83.32 million yuan in 2024 [16]. - ST Jinggu has also received a new asset, a 51% stake in Shanghai Boda Intelligent Technology Co., which was gifted by Zhou Dafu Investment, although this new asset's financial viability is uncertain [22][23]. Market Position - The company is currently navigating a precarious financial situation, with insufficient revenue and ongoing operational challenges, raising concerns about its ability to sustain itself in the market [5][21].

Core Viewpoint - ST Xinhua Jin is facing severe operational and compliance challenges, highlighted by an investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations and a significant non-operational fund occupation of 406 million yuan by its controlling shareholder, which remains unpaid [1][2]. Group 1: Company Financial Situation - The company anticipates a net loss of between 95 million yuan and 142 million yuan for the fiscal year 2025, primarily due to impairment tests on certain assets and goodwill [2]. - As of February 13, 2026, the total pledged shares of ST Xinhua Jin amount to 43.13%, equating to 18.5 million shares across nine pledges [2]. Group 2: Compliance and Regulatory Issues - The controlling shareholder, Lu Jin Group, and its indirect controlling shareholder, Xinhua Jin Group, have been ruled by the court to undergo bankruptcy restructuring, complicating the recovery of the occupied funds [1][3]. - The company has a narrow time window to implement a viable solution to address the fund occupation issue, including ensuring the full repayment of occupied funds and improving internal control mechanisms [2]. Group 3: Market and Industry Context - The case of ST Xinhua Jin reflects a broader issue in the A-share market regarding the long-standing problem of major shareholders misappropriating company funds, undermining market fairness and health [3]. - Regulatory authorities have intensified their crackdown on such behaviors, adopting a "zero tolerance" approach to protect investor interests and maintain market order [3].

Core Viewpoint - The company, Zhengping Road and Bridge Construction Co., Ltd., is facing significant trading risks and potential delisting due to negative net assets and non-standard audit opinions, which could lead to substantial losses for investors [1][3][4]. Group 1: Trading Risks - The company's stock experienced a cumulative increase of 121.56% from September 1, 2025, to February 26, 2026, with alternating periods of trading halts, indicating high trading risk [1]. - From January 6 to 9, 2026, the stock hit the upper limit for four consecutive trading days, with a total increase of 20.74%, followed by a decline of 24.96% over seven days from January 12 to 29, 2026 [2]. Group 2: Financial Health and Delisting Risks - The company has a significant risk of delisting due to negative net assets, with a reported net asset of only 280 million yuan as of the end of the third quarter of 2025 [3]. - The company’s accounts receivable amount to 1.12 billion yuan, and contract assets are 2.175 billion yuan, raising concerns about potential credit risks and the possibility of large impairment losses [3]. - The company is under scrutiny for potentially undisclosed debts that could further impact its financial standing and lead to a negative net asset situation [6]. Group 3: Audit and Compliance Issues - The company is at risk of receiving a non-standard audit opinion for the 2025 financial report if issues from the 2024 audit are not resolved [4]. - The internal control audit for 2024 received a negative opinion, and if the 2025 audit also results in a negative opinion, the company may face mandatory delisting under the Shanghai Stock Exchange rules [5]. Group 4: Restructuring and Legal Risks - The company is undergoing a pre-restructuring process, but there is uncertainty regarding the completeness and accuracy of the debt claims submitted, which may affect the restructuring outcome [6]. - The company’s mining rights are subject to potential freezing due to ongoing litigation, which could further complicate its operational capabilities [9]. Group 5: Operational Challenges - The company’s subsidiary lacks sufficient mining capacity and resources for future development, leading to significant uncertainty regarding the ability to generate revenue from mining operations [8].

Core Viewpoint - The company is facing significant financial challenges, including a risk of delisting due to potential failure to meet financial criteria in 2025, with ongoing audits to determine its financial status [1] Financial Performance - The company's stock experienced a limit-up in 2026, indicating a significant price increase, but has shown considerable volatility recently [1] - As of the end of Q3 2025, the company reported a receivable balance of 702 million yuan, with an impairment provision of 447 million yuan [1] Operational Risks - There are concerns regarding the adjustment of main business revenue and the unclear flow of other receivables, which may impact cash collection [1] - Employee advance payments amounting to 14.7021 million yuan have raised questions about their reasonableness [1]

Core Viewpoint - ST Chuntian (600381.SH) is facing significant regulatory scrutiny due to potential violations related to revenue recognition, financial health, and related party transactions, which could lead to delisting risks [1][2][4]. Regulatory Concerns - The Shanghai Stock Exchange issued a regulatory letter on February 6, 2026, focusing on three main issues: compliance of revenue recognition, verification of deducted revenue, and risks associated with fund occupation [1]. - The company reported a substantial increase in revenue for Q4 2025, estimated between 130 million to 158 million yuan, which accounts for nearly 40% of the annual total, raising questions about its legitimacy [1]. - The company is required to provide evidence of matching cash flow, goods flow, and terminal sales to rule out any related party transactions or attempts to evade delisting [1]. Financial Health and Delisting Risks - The company is at risk of financial delisting if its deducted revenue falls below 300 million yuan and if it reports a negative net profit, projected between -44 million to -59.5 million yuan for 2025 [2]. - An audit opinion could lead to delisting if the company fails to recover loans, resulting in an audit report that cannot express an opinion [3]. - Regulatory scrutiny may escalate to delisting if significant illegal activities, such as fund occupation, are confirmed [4]. Audit and Compliance - The annual audit firm has indicated uncertainty regarding the company's ability to eliminate delisting risks, and the company must respond to the regulatory letter within ten trading days [5]. Stock Performance - The stock price has experienced a continuous decline since January 28, 2026, following the announcement of expected losses and delisting risks, with a closing price of 3.16 yuan and a total market value of 1.855 billion yuan [6]. - As of February 24, 2026, the stock price slightly rebounded to 3.12 yuan, but it remains approximately 11% lower than the early February peak, with a trading range fluctuation of 17.09% [6]. Market Sentiment - On February 24, 2026, there was a net outflow of 2.4076 million yuan from institutional investors, while retail investors saw a net inflow of the same amount, indicating significant market divergence [7]. Compliance History - The company has a history of disclosure violations, having been publicly reprimanded by the Shanghai Stock Exchange in June 2025 for inaccuracies in its 2024 earnings forecast, highlighting internal control failures [8]. - The sustainability of the company's business is in question, with ongoing doubts about revenue recognition in its cordyceps business and intense competition in its liquor business, leading to growth bottlenecks across its three main sectors [8]. Key Timelines - The company must complete its response to the regulatory letter by late February 2026, with the 2025 audit report expected to be disclosed by the end of April, which will directly impact the stock's listing status [8].

Core Viewpoint - The company is taking measures to address delisting risks through asset sales, shareholder support, and financial optimization, but risks are not fully mitigated [1] Company Projects - The company plans to sell a 10% stake in Beicarte Steel Wire to Beicarte for 161 million yuan, which will provide cash flow for debt repayment and working capital. The target company reported a loss of 48 million yuan from January to September 2025, and the sale will help divest loss-making assets and reduce annual related transactions exceeding 300 million yuan, thereby simplifying operations [1] - The accounting treatment of the stake will delay the impact on financial results, with the sale not affecting 2025's operating results but reducing other comprehensive income by 17.1028 million yuan. The transaction's profit and loss will be recognized in 2026, temporarily avoiding further deterioration of 2025's net assets [1] Funding Movements - In December 2025, the controlling shareholder, Hongsheng Group, donated 85 million yuan to the company, directly increasing net assets to alleviate insolvency pressure. As of September 2025, the company's net assets were -5.5431 million yuan, and if the transaction is completed without the donation, the pro forma net assets would drop to -226.458 million yuan [2] Financial Condition - The company's ability to continue operations needs improvement, with an expected net profit loss of 60 million to 90 million yuan in 2025, despite a year-on-year reduction in losses. Revenue for the first three quarters was only 205 million yuan, a year-on-year decrease of 24.06%. If annual revenue falls below 300 million yuan or net assets remain negative, delisting risk warnings may be triggered [3] - The company has a high debt ratio of 95.07% and a current ratio of only 0.42, indicating weak short-term debt repayment capability. There is uncertainty regarding whether the cash from asset sales will effectively cover debts [3] Future Development - The asset sale requires approval from the shareholders' meeting and regulatory bodies. If the process goes smoothly, the cash injection may alleviate liquidity issues; however, any obstacles could exacerbate delisting risks [4] - The 2025 annual report is expected to be released before April 2026, with a focus on whether net assets turn positive, revenue meets the 300 million yuan target, and the effectiveness of the main business in reducing losses [4]

Core Viewpoint - The company *ST WanFang announced that its stock price has experienced an abnormal fluctuation, with a cumulative increase of 15.32% over three trading days, raising concerns about potential financial instability and risks of delisting [1] Financial Performance - The company expects its revenue for the fiscal year 2025 to be between 200 million to 250 million yuan, with a net revenue after deductions projected at 150 million to 200 million yuan [1] - The total profit is anticipated to range from -55 million to -40 million yuan, while the net profit attributable to shareholders is expected to be between -50 million to -35 million yuan [1] Regulatory Concerns - Due to multiple financial indicators not meeting standards, the possibility of receiving a qualified audit opinion, and an ongoing investigation by the China Securities Regulatory Commission, the company’s stock may face circumstances leading to mandatory delisting for financial or significant legal violations [1]

Group 1 - The core viewpoint is that ST Shuyuan is facing a delisting risk warning due to an expected net profit loss of 290 million to 390 million yuan for 2025, primarily influenced by the downturn in the real estate market [1] - The company has appointed Li Xiaoyu as the board secretary and is proposing to elect a non-independent director candidate to stabilize its management structure, with related proposals to be submitted for review at the temporary shareholders' meeting on March 2 [1] Group 2 - On February 13, 2026, ST Shuyuan's closing price was 5.68 yuan, down 1.9%, with a net inflow of 143,200 yuan in main funds and a turnover rate of 0.51%; there will be no trading data from February 18 to 24 due to the Spring Festival holiday [2] - The technical analysis indicates that the stock price is currently fluctuating, with a resistance level at 5.97 yuan and a support level at 5.23 yuan [2] Group 3 - The 2025 performance forecast for ST Shuyuan indicates a net profit loss expected to be between 290 million and 390 million yuan, representing an expanded loss year-on-year, mainly due to reduced business income and asset impairment caused by the real estate downturn [3] - The mid-year report for 2025 already showed a year-on-year net profit decline of 167.54% and a revenue drop of 16.14%, with the gross margin decreasing to 39.53% [3]