上海贵酒在公告中坦承："公司股票将因触及财务类退市情形被终止上市。" 华夏时报 记者 方凤娇 新京报 记者 秦胜南 当其他表现优异的白酒企业都在为了IPO、拥有一个A股上市公司身份而发愁的时候，有些A股上市公司却不争气到快要退市的边缘。因为2025年业绩糟 糕，上海贵酒有望成为首家被终止上市的白酒企业。 1月24日，上海贵酒股份有限公司（证券简称：ST岩石）发布了2025年度业绩预亏公告，公司预计2025年营业收入仅为4800万元至6000万元。同时，公司 净利润预计亏损1.8亿元至2.5亿元，触及财务类退市标准，公司股票将被终止上市。这将是今年首只明确预计将被强制退市的A股股票。 根据《上海证券交易所股票上市规则》的相关规定，上市公司若出现"经审计的净利润为负值且营业收入低于1亿元，或者追溯重述后最近一个会计年度净 利润为负值且营业收入低于1亿元"的情形，其股票将终止上市。 詹军豪指出，当前白酒行业头部效应凸显，市场资源向龙头集中，中小酒企加速出清，大众消费主导的主流价格带竞争尤为激烈。上海贵酒缺乏品牌历史 积淀，产品溢价能力不足，渠道布局薄弱，难以形成核心竞争力。而资金链断裂导致市场运营停滞，经销商持续流 ...

Core Viewpoint - Shanghai Gui Jiu (stock code "*ST Yan Shi (600696)") has announced a pre-loss forecast, expecting revenue for 2025 to be less than 300 million yuan, with both net profit and net profit after deducting non-recurring gains and losses projected to be negative, indicating a potential forced delisting from the A-share market [1][2][3] Financial Performance - The company reported a significant decline in performance, with revenue dropping from a peak of 1.629 billion yuan in 2023 to 285 million yuan in 2024, and less than 40 million yuan in the first three quarters of 2025 [3] - For the first three quarters of 2025, the company achieved a cumulative revenue of only 34.76 million yuan, with a net profit of -112 million yuan and a net profit after deducting non-recurring gains and losses of -67 million yuan [2] Legal and Operational Challenges - The company is facing multiple crises, including the criminal coercive measures taken against its actual controller, Han Xiao, and ongoing lawsuits, leading to a strained financial situation [1][2] - The company has been reported to have overdue wages and debts, with a significant reduction in the number of distributors, dropping by 3,693 in 2024 [2][3] Inventory and Sales Strategy - To alleviate financial pressure, the company has initiated a "1 yuan clearance" sale for its products, including core items, through live streaming platforms [4] - As of mid-2025, the company's inventory amounted to 489 million yuan, representing 24.72% of total assets, prompting the implementation of a discount sales plan for slow-moving products [4] Trademark and Legal Issues - In October 2025, the company lost a trademark infringement case against Guizhou Gui Jiu Group, which may require it to change its name and cease using the "Gui Jiu" designation, significantly impacting its operations [5] - The company has also faced asset freezes, with approximately 4.3823 million yuan in bank deposits frozen or seized, indicating ongoing financial instability [6]