Recently, *ST Landfar Bio-Medicine announced receiving a government subsidy of 4.8 million yuan. In 2024, the company's revenue was less than 300 million yuan, and it reported a net loss. Under the new delisting rules, if *ST Landfar Bio-Medicine continues to incur losses and fails to achieve revenue of at least 300 million yuan in 2025, it may face delisting. In September this year, the company acquired a new energy firm and is currently undergoing a major asset restructuring.
Can *ST Landfar Bio-Medicine avoid delisting? Let’s delve deeper into the details.
On December 7, 2025, after market close, *ST Landfar Bio-Medicine disclosed the receipt of a 4.8 million yuan government subsidy tied to earnings. This subsidy could help mitigate the company's delisting risk. According to the revised "Stock Listing and Review Rules" by the Shanghai and Shenzhen stock exchanges, starting from 2024, mainboard-listed companies that report negative total profits or adjusted net profits for two consecutive years with revenue below 300 million yuan will face delisting.
Currently, *ST Landfar Bio-Medicine operates under a dual-business model of "biopharmaceuticals + energy conservation and environmental protection." However, since 2021, the company has been mired in continuous losses. Data from Tonghuashun shows that from 2021 to 2024, its annual revenue never exceeded 300 million yuan, with net losses of 19.126 million yuan, 12.4574 million yuan, 28.1726 million yuan, and 19.846 million yuan, respectively. To avoid delisting in 2025, the company must either turn a profit (including adjusted net profit) or achieve revenue above 300 million yuan.
Even with the government subsidy, *ST Landfar Bio-Medicine's delisting risk remains unresolved. In the first three quarters of 2025, the company reported a net profit of 5.2323 million yuan, reversing previous losses, but its adjusted net profit was only 397,700 yuan, with revenue at 83.4385 million yuan. The profit improvement was largely driven by gains from trust and wealth management products, with investment income rising to 5.3103 million yuan from 2.0895 million yuan year-on-year.
Tonghuashun data reveals that in Q4 2024, *ST Landfar Bio-Medicine posted net and adjusted net losses of 11.4353 million yuan and 15.9305 million yuan, respectively, with revenue of 42.0307 million yuan. Without significant improvement in Q4 2025, the company remains at risk of delisting.
As of Q3 2025, *ST Landfar Bio-Medicine had 12,200 shareholders. When asked about delisting risks, the company’s board secretary office stated, "We have taken measures, including acquiring Loudi Jinhong and disposing of non-performing assets. Q4 earnings will depend on year-end audits, but we are committed to improving our situation."
In September 2025, *ST Landfar Bio-Medicine spent over 48.62 million yuan to acquire a 43.05% stake in Loudi Jinhong New Materials Co., Ltd. ("Jinhong New Materials"), raising its total ownership to 55% and gaining control. Jinhong New Materials specializes in recycling and reusing spent power batteries and scrap steel. The acquisition led to a sharp rise in the company’s debt, with long-term and short-term borrowings reaching 75.485 million yuan and 43 million yuan, respectively, by September 30, 2025—up 738.72% and 100% from end-2024. Meanwhile, cash and tradable financial assets stood at 163 million yuan and 100 million yuan, respectively. Intangible assets surged to 62.3654 million yuan, up 3,258.24% year-on-year.
Jinhong New Materials has yet to contribute meaningfully to *ST Landfar Bio-Medicine’s profits. The company noted that Jinhong’s financial performance will be disclosed after year-end audits. While its balance sheet was consolidated in Q3 2025, its income statement was excluded due to unaudited status.
Alongside the subsidy announcement, *ST Landfar Bio-Medicine disclosed progress on a major asset restructuring plan to acquire a 51% stake in Hunan Huize Biopharmaceutical Technology Co., Ltd. ("Huize Biopharma"), a CRO firm specializing in drug R&D and clinical evaluation. Negotiations are ongoing, and no formal agreement has been signed. The company did not disclose Huize Biopharma’s financials or the expected acquisition cost but confirmed plans to fund the deal through internal resources and loans. A company representative stated, "The due diligence is ongoing, and the acquisition won’t be completed this year. Further updates will follow."
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