对于投资者而言，每年1月的业绩预告期，不仅是观察上市公司盈利状况的窗口，更是一次重要的"排 雷"期。翻阅这些公告，部分投资者习惯于捕捉利润增幅、营收规模等直观数据，却可能忽略了更为关 键的退市风险提示。*ST岩石（600696）、*ST熊猫（600599）近期发布的业绩预告，均揭示了重大退 市风险。*ST正平（603843）、*ST沐邦（603398）等公司，虽尚未披露业绩预告，但其退市风险在前 期公告中已反复提示，即将披露的业绩预告值得重点关注。读懂业绩预告中的退市信号，洞察"非标意 见"的消除可能，辨别"踩线达标"陷阱，无疑是投资者守护自身投资安全的一道防线。 退市预期已明确不可再有侥幸心理 1月23日晚间，*ST岩石和*ST熊猫双双发布业绩预告，均表示基于初步核算或审核情况，公司股票预计 因触及财务类退市指标而被终止上市。 具体来看，*ST岩石的退市风险源于主业萎缩。根据业绩预告，公司预计2025年度营业收入仅为0.48亿 元至0.6亿元，且利润总额、净利润、扣非净利润均亏损超1亿元。根据股票上市规则，这将触及"营收 低于3亿元且利润总额、扣非前后净利润孰低者为负"的财务类退市情形，退市预期已相当明确。 ...

Core Viewpoint - *ST Zhengping (603843) announced that its stock will resume trading on December 3 after completing a review of its trading situation, although it still faces significant uncertainties regarding its financial status and potential restructuring [1] Group 1: Stock Trading and Resumption - The company has completed the necessary review of its stock trading situation and has applied to the Shanghai Stock Exchange for resumption of trading [1] - The stock is set to resume trading on December 3 [1] Group 2: Financial Status and Audit Opinions - As of now, the company has not resolved the non-standard audit opinion for the fiscal year 2024 [1] - If the issues related to the non-standard opinion are not resolved by the fiscal year 2025, the company’s stock may face delisting [1] Group 3: Restructuring and Legal Proceedings - Recently, creditors have applied for the company’s pre-restructuring, but the company has not yet received any legal documents from the court regarding the acceptance of this application [1] - There is significant uncertainty regarding whether the court will accept the pre-restructuring application and whether the company will enter the restructuring process [1]

Core Viewpoint - *ST Jintai has faced multiple regulatory penalties due to management's refusal to accept non-standard audit opinions, leading to delays in the disclosure of its 2024 annual report and subsequent fines totaling 4.6 million yuan [1][2][6]. Group 1: Regulatory Issues - The company was penalized 4.6 million yuan for failing to disclose its 2024 annual report on time, as management did not accept the audit firm's non-standard opinion [1][2]. - The Shanghai Securities Regulatory Bureau imposed a fine of 200,000 yuan on *ST Jintai, with additional fines of 100,000 yuan for the former chairman and 80,000 yuan each for two other executives [2][3]. - The company has a history of regulatory issues, including penalties for involvement in fictitious gold trading and misleading share buyback promises [6][7]. Group 2: Management Turmoil - Recent months have seen internal conflicts within the management, with the major shareholder, Hainan Dahe, attempting to convene an extraordinary shareholders' meeting to replace board members [3][5]. - A board member resigned shortly after being appointed, citing personal work commitments, and potential board candidates withdrew their nominations due to concerns over the company's delisting risk [4][5]. Group 3: Financial Performance - For the first half of 2025, *ST Jintai reported a revenue of 367 million yuan, a year-on-year increase of 5.66%, but the net profit attributable to shareholders fell by approximately 33% to 8.71 million yuan [8].

Core Viewpoint - Jiangsu Harbin Intelligent Robot Co., Ltd. (*ST Gongzhi) is facing potential delisting as it has received a notice from the Shenzhen Stock Exchange due to consecutive years of receiving non-standard audit reports, indicating significant financial and operational issues [1][2]. Financial Reporting Issues - *ST Gongzhi has received non-standard audit reports for three consecutive years since 2022, with the 2024 report indicating a lack of opinion on the financial statements and a negative opinion on internal controls [1][2]. - The company reported a revenue of 1.936 billion yuan for 2024, primarily from high-end equipment manufacturing, but the revenue recognition methods used have raised concerns [3][4]. Audit Findings - The audit firm highlighted issues related to equity investments in four platforms, with an initial investment cost totaling 650 million yuan, and noted the inability to confirm the accuracy of various financial statement items due to limited audit scope [2][4]. - The company has attempted to address these issues by liquidating the equity investments, with total proceeds of 309 million yuan, but has not fully completed the disposals as of December 31, 2024 [2][3]. Management's Response - The management claims to have taken steps to mitigate the negative impacts of the non-standard audit opinions and is actively working on the exit strategies for the equity investment platforms [3][5]. - Despite the audit firm's concerns regarding the company's ability to continue as a going concern, *ST Gongzhi asserts that it does not foresee significant uncertainties in its operational capabilities over the next twelve months [5]. Independent Directors' Opinions - Three independent directors have expressed doubts about the accuracy and completeness of the financial reports for 2024, citing frequent personnel changes and inadequate documentation as reasons for their inability to support the reports [6][7]. - Previous years have also seen independent directors raise objections to the annual reports, indicating ongoing governance issues within the company [7].

Core Viewpoint - The increasing prevalence of "non-standard audit opinions" is becoming a significant indicator for delisting in the A-share market, reflecting ongoing improvements in the quality of financial information disclosure among listed companies [1][5]. Group 1: Non-Standard Audit Opinions - As of now, 191 out of 5403 listed companies in the A-share market received "non-standard audit opinions" for their 2024 annual reports, a decrease of 7.3% from 206 companies in 2023 [1][5]. - The breakdown of non-standard opinions includes 20 companies with "unable to express an opinion," 99 with "emphasis of matter" in unqualified opinions, and 72 with qualified opinions [1][2]. - The introduction of internal control audits for the ChiNext and Beijing Stock Exchange has led to 155 internal control non-standard opinions, with 38 companies receiving "negative opinions" [1][2]. Group 2: Audit Firms and Reasons for Non-Standard Opinions - A total of 44 accounting firms issued the 191 non-standard audit opinions, with Zhongxing Caiguanghua leading with 20 opinions, followed by Lixin with 16 [2]. - The primary reasons for non-standard opinions include uncertainties regarding business authenticity, limitations in audit scope, and significant doubts about the company's ability to continue as a going concern [2][3]. - Specific cases, such as *ST Dongtong and *ST Xinyuan, illustrate the challenges faced by companies in providing adequate audit evidence and the impact of ongoing investigations on audit outcomes [2][3]. Group 3: Delisting Risks - Companies receiving "unable to express an opinion" or "negative opinions" face delisting risks under the stock listing rules, with 20 companies already under delisting risk warnings [5][6]. - A total of 98 companies have received non-standard opinions for two consecutive years, with five companies facing potential delisting due to repeated "unable to express an opinion" reports [5][6]. - The new delisting regulations effective from January 1, 2025, may also lead to forced delisting for companies with three consecutive years of internal control non-standard opinions [6][7]. Group 4: Recommendations for Companies - Companies are advised to disclose the specifics and reasons for non-standard audit opinions promptly and to implement corrective measures [7][8]. - Maintaining close communication with audit firms and providing sufficient explanations and evidence for audit concerns can help mitigate the risks of receiving non-standard opinions in the future [7][8].