In just one night, 10 A-shares sounded the alarm: possibly being *ST

【Introduction】Shenzhen Konka A and 9 other companies sound delisting warning alarms last night

On the evening of January 30, the A-share market experienced a wave of delisting risk warning announcements. Shenzhen Konka A, Jiyou Shares, Bangjie Shares, and 7 other companies collectively disclosed notices. Due to reaching the relevant financial indicator red lines, their stocks may be subject to delisting risk warnings after the 2025 annual report is disclosed (i.e., the stock abbreviation will be prefixed with “*ST”).

A review by reporters found that the delisting risk warnings triggered by these 10 companies mainly fall into two categories: one is an expected negative net assets at the end of 2025; the other is an expected negative profit in 2025, with revenue after deducting non-core business income not meeting standards.

6 Companies Expect Negative Net Assets in 2025

According to relevant regulations from the Shanghai and Shenzhen Stock Exchanges, listed companies whose audited net assets at the end of the most recent fiscal year are negative, or whose restated net assets at the end of the most recent fiscal year are negative, will trigger financial delisting risk warnings.

Among the 10 companies announced on the evening of January 30, Shenzhen Konka A, Bangjie Shares, ST Huaxi, ST Quanzhou, ST Kaiyuan, and *ST Jinling expect their net assets at the end of 2025 to be negative, and their stocks may be “delisted with a warning.”

Shenzhen Konka A (stock code: 000016) has a representative performance forecast. The company expects a net profit attributable to the parent of -12.581 billion to -15.573 billion yuan in 2025, compared to a loss of 3.296 billion yuan in the same period last year. It expects the net assets attributable to the parent at the end of the period to be -5.334 billion to -8.001 billion yuan.

Regarding the reasons for the huge losses and negative net assets, the company explained that, on one hand, it adopted a cautious approach, making large impairment provisions on inventories, accounts receivable, equity investments, and recognizing some expected liabilities; on the other hand, its core consumer electronics business was affected by insufficient product competitiveness, leading to a decline in operating revenue, with gross profit unable to effectively cover expenses, remaining in a loss state.

Bangjie Shares (stock code: 002634), due to financial pressure and production suspension of its photovoltaic subsidiary, expects a net profit loss of 900 million to 1.2 billion yuan in 2025, and its net assets attributable to the parent at the end of the period are expected to be -900 million to -600 million yuan. Bangjie Shares stated that if the company’s audited net assets attributable to the parent in 2025 are negative, its stock trading will be subject to delisting risk warning after the 2025 annual report is disclosed.

It is worth noting that, due to being accepted for restructuring by the court, *ST Jinling (stock code: 300091), which has been subject to a regulatory delisting warning since January 6, is expected to have its net assets at the end of 2025 be -680 million to -460 million yuan. This means that after the 2025 annual report is disclosed, the company’s stock will be further subject to a financial delisting risk warning.

4 Companies Expect Both Profit and Revenue to Fall Short

In addition to negative net assets, another scenario that triggers delisting risk warning is “net profit in the most recent fiscal year is negative, and after deducting non-core business income and income without commercial substance, operating income is less than 300 million yuan” (for companies on the Growth Enterprise Market, after deduction revenue is less than 100 million yuan).

Jiyou Shares, ST Shuyuan, 365 Network, and ST Lingnan fall into this category.

Jiyou Shares (stock code: 603429) expects total profit of around -23 million yuan in 2025, with net profit attributable to the parent of about -19 million yuan, and net profit after deducting non-recurring gains and losses of about -24.5 million yuan; it expects operating revenue of about 170 million yuan, with revenue after deducting non-core and non-substantive income around 164 million yuan, significantly below the red line of 300 million yuan.

Jiyou Shares attributes its losses and revenue decline to market demand falling short of expectations, hindering business expansion, and the reduction in consolidated scope caused by the disposal of subsidiaries last year. As a company mainly engaged in the production and sales of packaging printing and electro-aluminum products, Jiyou Shares’ operational difficulties reflect the survival pressure faced by some small and medium-sized traditional manufacturing enterprises in market competition.

The performance forecast released by 365 Network (stock code: 300295) indicates that its total profit in 2025 is expected to be between -57 million and -38 million yuan, with net profit attributable to the parent between -65 million and -40 million yuan, and net profit after deducting non-recurring gains and losses between -59 million and -34 million yuan; it expects revenue of 100 million to 110 million yuan, with revenue after deducting non-core income around 95 million to 106 million yuan.

365 Network stated that the lowest of the three indicators—total profit, net profit, and non-recurring net profit—will be negative, and the revenue after deduction may fall below 100 million yuan. According to Article 10.3.1, Paragraph 1, Item 1 of the Shenzhen Stock Exchange’s Growth Enterprise Market Stock Listing Rules, if the audited revenue after deduction in the 2025 annual report is less than 100 million yuan, the company’s stock trading will be subject to delisting risk warning.

ST Lingnan (stock code: 002717) has particularly concerning financial conditions. According to the performance announcement, the company expects its revenue after deduction for 2025 to be between 120 million and 180 million yuan; total loss of 1.19 billion to 1.78 billion yuan; net loss attributable to the parent of 1.63 billion to 2.38 billion yuan; net loss after deducting non-recurring gains and losses of 1.37 billion to 2.05 billion yuan; and net assets attributable to the parent of -1.4 billion to -940 million yuan.

This means that both revenue, profit indicators, and net assets have all reached the delisting red line. After the 2025 annual report is disclosed, the company’s stock trading may be subject to delisting risk warning.

(Source: China Fund News)