【导读】 ST 赛为预计 2025 年度期末净资产为负值 中国基金报记者 夏天 1 月 20 日晚间 ， S T 赛 为（证券代码： 300044 ）发布公告称， 预 计 2025 年度期末 净资产为负 值，在公司 2025 年年报披露后，公司股票交易可能被实施退市风险警示（股票 简称前冠以 "*ST" 字样）。 具体来看，经公司财务部门测算， S T 赛 为预计 2025 年末归属于上市公司的所有者权益为 -8.7 亿元至 -6.2 亿元（未经审计）。这直接触发了《深圳证券交易所创业板股票上市规 则》（ 2025 年修订） 第 10.3.1 条第一款第二项的规定：上市公司出现 " 最近一个会计年 度经审计的期末净资产为负值 " 的情形，其股票交易将被实施退市风险警示。 S T 赛 为表示，如公司 2025 年度经审计的财务数据触及上述规定，公司将在披露《 2025 年年度报告》的同时，披露公司股票交易被实施退市风险警示的公告。公司股票于公告后停 牌一天，自复牌之日起，深交所将对公司股票交易实施退市风险警示。 同日晚间， ST 赛为 还发布了 2025 年业绩预告。公司预计 2025 年归母净利润为 -10. ...

Core Viewpoint - ST Saiwei is expected to have a negative net asset value by the end of 2025, which may lead to a delisting risk warning for its stock trading [2] Group 1: Financial Forecasts - The company estimates that its net assets attributable to shareholders will be between -870 million yuan and -620 million yuan by the end of 2025 [2] - The projected net profit for 2025 is expected to be between -1.02 billion yuan and -720 million yuan [2] Group 2: Legal and Financial Issues - The anticipated losses are primarily due to a lawsuit and arbitration ruling involving Shenzhen Aite Network Technology Co., which is expected to impact the 2025 net profit by approximately -718 million yuan [3] - The arbitration ruling requires ST Saiwei to pay Aite Network a contract price of 612.79 million yuan, along with overdue payment penalties and other fees totaling approximately 6.1 million yuan [3] Group 3: Recent Performance and Market Reaction - In 2024, the company reported revenue of 143 million yuan, a year-on-year decline of 68.03%, with a net profit loss of 507 million yuan [4] - For the first three quarters of 2025, revenue further decreased to 87.48 million yuan, a 46.25% year-on-year decline, with a net profit loss of 53.69 million yuan, representing a 205.65% increase in losses compared to the previous year [4] - Despite poor financial performance, the company's stock has seen significant gains, with a 48% increase year-to-date as of January 20, 2023 [4]