Core Viewpoint - *ST Rock continues to face net profit losses, with a projected loss of 50 million to 75 million yuan for the first half of 2025, despite a reduction in losses compared to the previous year, raising concerns about the company's delisting risk [2][3][6]. Group 1: Financial Performance - The company expects a net profit loss of 50 million to 75 million yuan for the first half of 2025, representing a reduction in losses of 3.07% to 35.38% year-on-year [2][3]. - The non-recurring net profit loss is projected to be between 30 million and 45 million yuan, with a year-on-year reduction in losses of 42.60% to 61.73% [3]. Group 2: Industry Challenges - The recovery of the liquor industry in the first half of 2025 did not meet expectations, compounded by significant policy impacts, leading to overall industry pressure [5]. - Insufficient consumer growth momentum has resulted in slower terminal sales, with product price inversions becoming a common phenomenon in the industry [5]. - The liquor industry is still in a destocking cycle, with a clear trend of concentration towards advantageous production areas, enterprises, and brands, putting pressure on small and medium-sized liquor companies [5]. Group 3: Company-Specific Issues - The company has faced financial pressure since the end of 2023, with issues such as unfulfilled rebates and reduced market supply affecting revenue [5]. - Legal challenges have arisen, including lawsuits from banks and suppliers, which have increased overdue interest and other costs, impacting the company's current profits [5][8]. - The company is currently entangled in multiple lawsuits, including a service contract dispute involving a claim of 25.75 million yuan [8]. Group 4: Delisting Risk - The risk of delisting has increased, as the company has warned that if its audited profit totals or net profits are negative and revenue falls below 300 million yuan for 2025, it may face termination of its stock listing [6]. - The current crisis is attributed to a combination of industry pressure, credit collapse, and governance failures, indicating that the company is at a critical juncture for "shell protection" [9].