Core Viewpoint - The stock price of Tianshan (300313.SZ) has recently hit a 60-day low due to ongoing losses, cash flow pressures, and delisting risks [1] Group 1: Performance and Operational Situation - The 2025 performance forecast indicates expected revenue between 170 million to 220 million yuan, representing a year-on-year growth of approximately 23% to 59%, with net assets projected to turn positive at 27 million to 35 million yuan; however, the net profit attributable to shareholders is still expected to be a loss of 16 million to 23 million yuan [2] - In the first three quarters of 2025, revenue was only 58.48 million yuan, with a significant increase in the fourth quarter to over 110 million yuan, accounting for more than 60% of the annual revenue, raising concerns about the sustainability of this "last-minute revenue" [2] - The third quarter report for 2025 shows a debt ratio of 83.93%, with continuous negative cash flow from operating activities; despite a 40.50% year-on-year revenue increase in the first quarter, the single-quarter net profit loss was 4.96 million yuan, and cash reserves decreased by 28.07% [3] Group 2: Financial Situation - On February 10, 2026, the net outflow of main funds was 10.09 million yuan, accounting for 28.36% of the day's transaction volume; by February 12, the stock price fell to 7.21 yuan, with a cumulative decline of 11.43% over five days, and technical indicators showed a bearish trend [4] Group 3: Industry Policy and Environment - The domestic beef market's downturn directly impacts the company's livestock business profits, while the GEM delisting rules impose strict requirements on continuous losses, revenue authenticity, and audit opinions; although the company temporarily avoided some delisting indicators through fourth-quarter business expansion, market skepticism about its sustainability remains [5]

格隆汇2月4日丨*ST天山(300313.SZ)公布，公司2026年1月销售活畜5头，销售收入0.72万元，环比变动 分别为-99.74%、-99.97%；同比变动分别为-98.91%、-99.83%。公司根据养殖经营计划与牛只生长周期 等综合考量，适时调整牛只出栏节奏。本月活畜销售数量与收入环比、同比减少，主要原因系前期为满 足市场需求出栏较为集中，本月属正常的周期性节奏调整。 ...

格隆汇2月4日丨*ST天山(300313.SZ)公布，公司2026年1月销售活畜5头，销售收入0.72万元，环比变动 分别为-99.74%、-99.97%；同比变动分别为-98.91%、-99.83%。公司根据养殖经营计划与牛只生长周期 等综合考量，适时调整牛只出栏节奏。本月活畜销售数量与收入环比、同比减少，主要原因系前期为满 足市场需求出栏较为集中，本月属正常的周期性节奏调整。 ...

公告显示，*ST天山2024年度归属净利润为-6594.79万元，且扣除后营业收入为9228.12万元；同时公司 2024年度归属于上市公司股东的净资产为-377.93万元。公司股票已于2025年4月30日起被实施退市风险 警示。若公司2025年度出现《深圳证券交易所创业板股票上市规则》第10.3.11条规定的情形，公司股票 将面临被终止上市的风险。 *ST天山表示，受国内牛肉市场整体低迷影响，公司活畜业务仍处于亏损状态；但报告期内，公司通过 加强采购管控、优化成本及提升养殖管理水平等措施，实现了同比大幅减亏。此外，上半年，公司屠宰 和鲜肉业务亏损；下半年，公司积极优化运营模式，业务发展态势显著改善，为实现后续盈利奠定基 础。在牛肉市场整体低迷背景下，公司根据会计准则对相关生物资产、存货及部分长期资产计提了减值 准备，对报告期净利润产生一定影响。 北京商报讯（记者 马换换 李佳雪）1月26日晚间，*ST天山（300313）披露公告称，公司预计2025年度 实现归属净利润约为-2300万元至-1600万元；预计2025年度扣除后营业收入为1.45亿元至1.85亿元；预 计2025年度归属于上市公司股东的所有者权 ...

Core Viewpoint - *ST Tianshan (300313.SZ) expects a loss of 16 million to 23 million yuan in 2025, compared to a loss of 65.95 million yuan in the same period last year, with operating income projected between 170 million to 220 million yuan [1] Group 1: Revenue Growth - The company experienced significant revenue growth compared to the same period last year, driven by several factors [1] - Livestock business saw growth due to optimized capital allocation, expanded breeding scale, and active sales channel development [1] - Slaughtering and fresh meat business improved with a stable development phase in Guangdong, leading to year-on-year growth [1] - Frozen semen business increased sales scale by consolidating the local market in Xinjiang and expanding into external markets [1] - Land leasing income saw a slight increase due to improved land utilization efficiency and revenue per unit area [1] Group 2: Profit Loss Reasons - The main reason for the net profit loss attributable to shareholders was the overall sluggish domestic beef market, which kept the livestock business in a loss state [2] - The company managed to significantly reduce losses in the livestock business through enhanced procurement control, cost optimization, and improved breeding management [2] - The slaughtering and fresh meat business faced losses in the first half of the year, but the operational model was optimized in the second half, leading to a notable improvement in business development [2] - Impairment provisions for biological assets, inventory, and some long-term assets, in accordance with accounting standards, impacted the net profit during the reporting period [2]

人民财讯1月26日电，*ST天山（300313）1月26日披露业绩预告，2025年净利润预计亏损1600万元— 2300万元，上年同期亏损6594.79万元，同比减亏。受国内牛肉市场整体低迷影响，公司活畜业务仍处 于亏损状态；但报告期内，公司通过加强采购管控、优化成本及提升养殖管理水平等措施，实现了同比 大幅减亏。公司同日发布股票可能被终止上市的风险提示公告。 ...

Core Viewpoint - *ST Tianshan (300313.SZ) reported significant year-on-year increases in both sales volume and revenue for live livestock in December 2025, indicating strong growth despite a quarter-on-quarter decline [1] Group 1: Sales Performance - The company sold 1,894 heads of live livestock in December 2025, representing a year-on-year increase of 346.70% [1] - The sales revenue reached 24.5997 million yuan, showing a year-on-year increase of 573.12% [1] - However, there was a quarter-on-quarter decline in sales volume and revenue, with decreases of 34.51% and 30.38% respectively [1]

Group 1 - The core point of the article is that *ST Tianshan (300313.SZ) reported significant increases in both the number of livestock sold and sales revenue for November 2025, indicating strong performance in the livestock sector [1] Group 2 - In November 2025, the company sold 2,892 head of livestock, representing a month-on-month increase of 111.56% [1] - The sales revenue for the same month reached 35.3362 million yuan, with a month-on-month increase of 164.72% [1] - Year-on-year comparisons show a substantial increase in livestock sales by 531.44% and sales revenue by 725.16% [1]

Group 1 - Jia Yuan Technology signed a cooperation framework agreement with CATL to expand their business relationship and establish a long-term partnership for the supply and development of copper foil products for new battery applications [3] - Beizhi Technology's application for issuing shares and cash to acquire 100% equity of Suzhou Suike Intelligent Technology Co., Ltd. has been accepted by the Shanghai Stock Exchange [4] - Haiqi Group's general manager Ma Chao resigned due to personal career planning, and the company will expedite the election and appointment of new directors and a general manager [5] Group 2 - Hengyuan Coal Power plans to use 4.4 billion yuan to acquire 100% equity of two companies and assume 1.137 billion yuan in debts, with the transaction approved by the board [6] - *ST Xingguang's stock price deviated significantly, prompting a warning about delisting risks due to underperformance in 2024 [7] - Jishi Media's main business includes smart broadcasting, data services, and digital innovation services, with a reminder for investors to be cautious [8] Group 3 - Luzhou Laojiao plans to invest approximately 1.478 billion yuan in the construction of a historical culture industrial park and museum [9] - Aerospace Hongtu has been suspended from military procurement activities for three years due to alleged violations in a project [11] - Triangle Defense signed a gas turbine project development agreement with Siemens Energy, which is expected to enhance its international market presence [12] Group 4 - Zhenghong Technology reported a significant decrease in sales revenue from live pigs in October 2025, with a 58.93% month-on-month decline [14] - *ST Tianshan achieved a 354.15% year-on-year increase in live livestock sales in October 2025 [15] - Jindi Group's contract signing amount in October 2025 dropped by 65.78% year-on-year [16] Group 5 - Muyuan Foods reported a 22.28% year-on-year decrease in sales revenue from commodity pigs in October 2025 [17] - King Long Automobile's bus production and sales data for October 2025 showed mixed results, with production down slightly but cumulative production up [18] - Wens Foodstuff Group sold 128 million meat chickens in October 2025, with a revenue of 3.633 billion yuan [19] Group 6 - Yongji Co., Ltd. repurchased 0.1278% of its shares for a total of 5.0856 million yuan [21] - Tianzheng Electric's actual controller reduced their shareholding to 40.55% after a 1.29% decrease [22] - Hualan Co. plans to increase its shareholding by 2% through a buyback plan [23] Group 7 - Xiang Teng New Materials' shareholders terminated their share reduction plan early, having reduced 2.91% of shares [24] - Anbiping's shareholders plan to reduce their holdings by up to 1% starting from November 28, 2025 [25] - Jinshiyuan's controlling shareholder increased their stake to 46% through a buyback of 5.4 billion yuan [26] - Sanjiang Shopping's major shareholder plans to reduce their stake by up to 3% due to business arrangements [27]

Core Viewpoint - *ST Tianshan (300313.SZ) reported significant growth in sales of live livestock, indicating a strong performance in the core business and a strategic expansion in livestock breeding [1] Sales Performance - In October 2025, the company sold 1,367 heads of live livestock, generating sales revenue of 13.3484 million yuan [1] - The sales volume and revenue showed a quarter-on-quarter increase of 364.97% and 365.64% respectively [1] - Year-on-year changes were also substantial, with sales volume and revenue increasing by 354.15% and 242.54% respectively [1] Strategic Expansion - The company is systematically expanding its livestock breeding scale based on a comprehensive assessment of the overall live cattle market, strategic layout, and funding [1] - Continuous efforts are being made to promote the development of this core business [1]