Trading for A-shares in 2025 has officially concluded.
As of the close on the 31st, the Shanghai Composite Index settled at 3968.8 points, marking an 18.4% annual gain, while the ChiNext Index surged nearly 50% for the year, and the Shenzhen Component Index rose close to 30%, indicating a significant uplift in the overall valuation center of the A-share market. Shifting the focus to individual stocks, this year witnessed a rare "genuine broad-based rally," with over 4,000 stocks advancing throughout the year, accounting for nearly 80% of the total. Simultaneously, from the euphoria of more than 500 stocks doubling in value to the deep freeze affecting underperformers amid normalized delistings, the capital market's process of survival of the fittest was vividly demonstrated this year. What follows is a review of the top ten A-share "winners" and "losers" of 2025, dissecting the logic behind their dramatic surges and the traps leading to their steep declines.
The Top Ten Winners: Dual Drivers of AI and M&A 2025 was dubbed the "Year of M&A" and the "Year of AI Computing Power Explosion," with the top performers on the leaderboard almost universally bearing these two labels. 1. Swancor Advanced Materials: Crossing Over from Traditional Chemicals to Humanoid Robots
Swancor Advanced Materials became the A-share "king of speculative stocks" in 2025 with a staggering increase of over 18 times, driven primarily by the共振 of a dual logic: "sector transformation expectations + fundamental business recovery support." Starting in July, Zhiyuan Hengyue, a related party of Zhiyuan Robot, gradually acquired shares in Swancor through a combination of "agreed transfer + tender offer," becoming the company's controlling shareholder, with actual control changing to Deng Taihua, Chairman of Zhiyuan Robot. This change in control served as the core catalyst for the stock's ascent. Furthermore, the company's carbon fiber composite materials finding application in domestically produced large aircraft provided solid fundamental support. The叠加 of concept and performance directly launched the stock into "rocket mode." From a price performance perspective, following the disclosure of a suggestive announcement regarding the change in control on July 9, Swancor's stock price embarked on a series of consecutive limit-up sessions, securing 11 straight limit-ups in a short period, accumulating a gain of over 13 times and becoming the first ten-bagger stock of the year, underscoring the market's endorsement of its sector transformation.
Despite the company explicitly stating that its embodied AI robot business focuses on personal and household scenarios, remains in the product development phase, has not yet achieved mass production or scaled sales, and did not positively impact 2025 performance, it failed to curb market enthusiasm.
2. Ningbo Tip Rubber Technology: Expectations of an AI Chip Backdoor Listing Ningbo Tip Rubber Technology, primarily engaged in automotive components, saw its stock price surge 16-fold in 2025, rising from 10 yuan to a high of 218 yuan. The core drivers were the dual发酵 of expectations for an AI chip backdoor listing and its TPU material theme, attracting concerted capital pursuit.
AI chips were the absolute top-tier sector in 2025, with the explosion of large models like DeepSeek making related themes highly coveted by capital. Tip Rubber's "expectation of a backdoor listing by Zhonghao Xinying" perfectly coincided with this trend, maximizing market anticipation for this major asset reorganization. Simultaneously, demand for the company's TPU materials surged in automotive lightweighting and electronic packaging sectors, providing fundamental momentum. The共振 of thematic heat and performance support directly propelled the stock into a "continuous rally mode." 3. *ST Yusun: Shedding Old Business, a Turnaround from Distress
*ST Yusun, teetering on the brink of delisting, achieved a surge of over 7 times in 2025, fueled primarily by the发酵 of its reorganization and transformation into the computing power sector, making it a target of capital speculation. Previously, the company's core display business suffered continuous losses, leading to a delisting crisis and a special treatment designation. After Shanghai Fengwang took control at the end of 2023, a clear transformation direction was established. In April 2025, a 3.35 billion yuan all-cash acquisition plan was unveiled, aiming to incorporate IDC intelligent computing assets under Zhong'en Cloud. The target assets operate 8,000 high-density server cabinets with stable performance, successfully entering the hot AI computing power sector and opening up space for valuation reassessment. Significantly strengthened financial backing enhanced the certainty of the transformation: the controlling shareholder provided a 1.7 billion yuan loan with proof of funds, coupled with a letter of intent for a large bank loan, resolving acquisition funding challenges and making the expectation of removing the ST designation more credible. Combined with the current explosion in AI computing power demand and the scarcity of computing assets in core cities, the market held strong expectations for a post-transformation earnings reversal. Capital subsequently flooded in like a tide, pushing the stock price from a yearly low of 3.56 yuan to a high of 41.31 yuan.
4. *ST Yazhen: Asset Injection + Sector Crossing *ST Yazhen achieved a gain of over 6 times in 2025, with the core logic being the dual catalysis of "change of control + cross-sector transformation expectations,"叠加 by rising market sentiment for backdoor listing speculation, propelling the stock from the lows of near-delistment. In April 2025, after being designated with special treatment due to a negative 2024 net profit excluding non-recurring items, the company simultaneously disclosed a major event involving the intended transfer of shares by the controlling shareholder. Mining giant Yu Xiao Group's actual controller, Wu Tao, and his concerted parties entered the scene, ultimately acquiring a 50.47% stake through agreed transfer and a tender offer, becoming the new controlling shareholder. Yu Xiao Group's strong capabilities in zirconium-titanium, rare earths, and other mineral sectors created a stark cross-sector contrast with Yazhen's traditional home furnishing business, igniting market transformation expectations.
Following the acquisition's completion, the company rapidly advanced its transformation, proposing to acquire a 51% stake in Guangxi Zirconium Industry for 55.449 million yuan to enter the zirconium-titanium ore processing field. The target achieved revenue of 127 million yuan from January to May 2025. Simultaneously, a strategic path for future injection of Yu Xiao Group's core mining assets was disclosed, further strengthening transformation certainty. Coupled with the current strict A-share IPO review environment and the difficulty for mining companies to list, market expectations for a Yu Xiao Group backdoor listing were intense, with short-term speculative capital following the trend and boosting the stock price.
5. Shengyi Technology: NVIDIA Tier 1 Supplier Shengyi Technology is a typical "hard logic" stock within the AI industry chain, favored by capital as a segment leader due to its core competitiveness in AI PCBs, with its stock price rising nearly 6 times from its low. As a core global supplier of PCBs for AI servers, its key advantage lies in deep binding with high-end customers and precisely catching the AI computing power trend – with the explosion in computing demand from companies like OpenAI and NVIDIA, the AI server market experienced explosive growth, and PCBs, as core components, saw both volume and unit prices rise simultaneously. Shengyi Technology,凭借 its robust technical capabilities, became a Tier 1 supplier to NVIDIA, with related orders from NVIDIA accounting for over 70% of its Q1 2025 revenue. It also benefited from the global wave of computing center construction driven by OpenAI, leading to simultaneous improvements in order volume and profit margins, with high earnings growth providing solid support for the stock price. Additionally, the company supplies PCBs for robots to Tesla,沾上 the popular humanoid robot theme, creating a共振 of dual positive factors. In the first three quarters of 2025, the company's revenue grew 83.4% year-on-year, and net profit attributable to shareholders surged 324.38% year-on-year. This strong performance drove its share price increase to 730% by the end of Q3, with its market capitalization once breaking through 260 billion yuan. 6. Flywo Tech: Soaring Orders Flywo Tech achieved a near 5-fold increase during the year, with the core driving force being the dual红利 of the new energy and high-end manufacturing sectors. As a segment leader in high-strength fasteners, it precisely captured the explosive demand from the wind power and new energy vehicle industries. In its main business, the company focuses on the R&D and production of high-strength fasteners and special-shaped parts, widely used in core areas such as wind turbine assemblies, new energy vehicle chassis, and photovoltaic mounting systems. Its market share for high-strength wind power fasteners exceeds 25%, ranking among the industry leaders. Global wind power installations grew 45% year-on-year in 2025, and domestic new energy vehicle sales exceeded 15 million units. The high景气 of these downstream industries directly led to a surge in the company's orders, with order value for wind power fasteners in the first three quarters of 2025 increasing 180% year-on-year, and the revenue contribution from new energy vehicle-related products rising from 12% to 28%. Technologically, the company broke through core cold heading forming technology for high-strength bolts, with product precision and fatigue resistance reaching international advanced levels, deeply绑定 major industry clients like Goldwind, Sany Renewable Energy, and BYD, resulting in extremely strong customer stickiness. Performance was impressive, with revenue for the first three quarters of 2025 up 98.3% year-on-year and net profit attributable to shareholders surging 265.7% year-on-year. This robust earnings growth provided solid support for the stock price. Furthermore, the company initiated a capacity expansion project in 2025, planning to add 30,000 tons of wind power fastener capacity, further consolidating its industry position. Market expectations for its long-term growth space warmed, pushing valuation and stock price higher in tandem. The stock price rose from 18.62 yuan to 110.38 yuan for the year, with market capitalization breaking 20 billion yuan.
7. Feilinger: Expectations of a Transformation to "AI Home Furnishings" A home furnishing company surged over 11 times during the year,核心原因 being a change in actual control that gave the market hope for a transformation into the technology sector. In May 2025, the Feilinger family transferred their shares to Shanghai Chengxin Investment. After the transfer, Shanghai Chengxin Investment held a 25.1% stake, becoming the new controlling shareholder, and the actual controller changed to Li Jun. The focus was that Li Jun's affiliated companies are concentrated in high-tech fields like AI home furnishings and industrial internet, leaving infinite room for imagination regarding Feilinger's transformation. In 2025, AI empowering traditional industries was a major trend. AI home furnishings, as an upgraded version of smart home, saw its market size expected to grow 60% year-on-year. Feilinger, originally relying on selling wood flooring and custom furniture, saw its revenue decline 8% in 2024, with gross margin falling to 25%. Its traditional business had long lost growth momentum, and the market had been anticipating a transformation. Once the new controller took over, speculation began that the company might enter AI home furnishings through asset injections or partnerships, transforming from a traditional manufacturer into a tech company. Although no specific transformation plan had been announced by the end of 2025, capital had already started betting on the expectation in advance, pushing the stock price from 3.94 yuan to 49.70 yuan. Its valuation also jumped from the traditional home furnishing industry's 15x P/E ratio directly to the tech sector's 60x P/E ratio. 8. D-Tech: Soaring Demand for AI Consumables
D-Tech rose nearly 6 times during the year. As a "hidden champion" in the global PCB drill bit field, it captured the红利 from the explosion in demand for consumables driven by AI server PCBs. PCB drill bits are core consumables in PCB production, used for drilling holes on boards, where precision and durability directly affect PCB performance. In 2025, the layer count for AI server PCBs upgraded from the traditional 8-12 layers to 16-18 layers, and the number of holes per PCB increased from 10,000 to 30,000, directly causing demand for PCB drill bits to surge 150% year-on-year. D-Tech boasts globally leading technology in PCB drill bits, producing high aspect ratio drill bits capable of 50:1, fully meeting the drilling requirements of high-end AI server PCBs, with a global market share of 12%, ranking among the top three in the industry. In terms of clients, it is deeply绑定 to over 70 global top 100 PCB enterprises, including Shennan Circuits, Wus Printed Circuit, and Shengyi Technology, exhibiting high customer stickiness. In the first three quarters of 2025, revenue from PCB drill bit products surged 189% year-on-year, with gross margin improving to 45%. Additionally, the company also produces supporting consumables like PCB milling cutters and forming tools, forming a product matrix and enhancing profitability. Against the backdrop of exploding demand for AI hardware consumables, both earnings and valuation rose, with the stock price climbing from 28.56 yuan to 191.87 yuan and market capitalization breaking 30 billion yuan. 9. Hengbo Shares: Riding the Wave of PEEK Material Localization Hengbo Shares entered the top ten winners with a yearly gain of 486.70%,核心逻辑 being its alignment with the dual风口 of PEEK material localization and new energy vehicle development. The PEEK material concept continued to heat up in 2025. As a high-performance special engineering plastic, PEEK is widely used in aerospace, high-end manufacturing, medical fields, etc., with broad import substitution potential, and Hengbo's布局 in this area attracted market focus. Simultaneously, the company's traditional main business of air filters also benefited from the high景气 of the new energy vehicle industry. The penetration rate of domestic new energy vehicles continued to rise in 2025, driving steady growth in demand for auto parts. Hengbo Shares,凭借 stable product quality and customer resources, successfully entered the supply chains of several mainstream new energy vehicle manufacturers. On the performance front, the company's revenue for the first three quarters of 2025 grew 35% year-on-year, and net profit attributable to shareholders increased 62% year-on-year. This improvement in fundamentals further supported the stock's strength. The share price rose from 26.54 yuan at the start of the year to 155.71 yuan at year-end, achieving同步提升 in both valuation and earnings. 10. SuNing Co., Ltd.: Dual Logic of "Transformation + Policy" SuNing Co., Ltd.跻身 the tenth biggest winner of 2025 with a full-year gain of over 5 times. Its surge核心 was the共振 of "business transformation + policy catalysis," with the leap from a traditional packaging enterprise to emerging sectors being the key driver behind the stock's skyrocketing. In recent years, the company has been divesting low-margin packaging businesses, focusing on the dual tracks of industrial hemp and new tobacco. In the first half of 2025, its legally operational industrial hemp planting base in Yunnan achieved量产, with extracted CBD products obtaining EU certification and supply agreements reached with overseas pharmaceutical companies for medicinal raw materials. Revenue from related businesses surged 210% year-on-year in H1, increasing its share of total revenue from 15% to 42%. Concurrently, the new tobacco segment launched HNB devices compatible with mainstream domestic cigarette brands, with offline channel coverage exceeding 3,000 outlets, and Q2 sales volume grew 85% quarter-on-quarter. 叠加 policy红利, market expectations for its "compliance + commercialization" rapidly升温. Rumors of an acquisition of a vaporization technology company in Q3 further accelerated capital inflows, driving valuation reassessment.
The Top Ten Losers: Epicenters of Earnings Fraud In stark contrast to the winners, the worst-performing stocks of 2025 were mostly directly related to delisting risks and operational deterioration. 1. Zitian Delisting: Years of Fraud and Refusal of Regulatory Inspection
Zitian Technology, listed on December 29, 2011, was强制退市 in 2025 due to major violations叠加抗法行为, becoming the year's deepest decliner. Its暴跌 and delisting core lay in the dual恶性 attributes of "major violations + resisting law enforcement." The financial fraud was particularly egregious, with cumulative fictitious revenue of 2.499 billion yuan and fictitious profit of 231 million yuan over 2022-2023. Notably, 1.721 billion yuan of revenue in 2023 was fabricated using the "gross method instead of the net method," accounting for 78.63% of that year's disclosed revenue—an extremely high fraud ratio. More seriously, the company engaged in抗法行为, not only failing to disclose its 2024 annual report on time but also refusing and obstructing on-site inspections by regulators and deliberately concealing evidence of fraud, making it a prime target for regulatory crackdowns. A comprehensive崩盘 of fundamentals exacerbated the decline. 2024 revenue plummeted 62.3% year-on-year, with a net loss attributable to shareholders of 870 million yuan. Net assets turned negative at -320 million yuan, indicating insolvency and a complete loss of going concern ability. After being placed under investigation by the CSRC in April 2025, the stock price began a sustained decline. In June, the exchange issued a pre-delisting notice, followed by 12 consecutive跌停 after trading resumed. Entering the delisting consolidation period in July, the stock price fell from 9.5 yuan to 0.33 yuan over 15 trading days, a drop exceeding 96%.
2. Delisted Suwu: Four Consecutive Years of Profit Inflation Delisted Suwu (formerly Jiangsu Wuzhong) triggered delisting conditions due to long-term multiple information disclosure violations叠加持续恶化的基本面. From 2018 to 2023, it falsely disclosed its actual controller for six years, misleading the market. From 2020 to 2023, it inflated revenue and profit for four consecutive years through trades lacking commercial substance. In 2021, inflated profit accounted for over 50% of the total. Simultaneously, related parties occupied 1.693 billion yuan in non-operating funds, representing 96.09% of net assets, which was not disclosed. 叠加, its 2024 financial report received an audit opinion of "unable to express an opinion." For the first three quarters of 2025, net profit loss was nearly 87.47 million yuan, a significant year-on-year decline of 294%. All shares of the controlling shareholder were pledged and frozen, the fund occupation issue remained unresolved, and fundamentals were completely unstable. After entering the delisting consolidation period in March, liquidity evaporated急剧 – average daily turnover dropped from peaks of tens of millions of yuan to less than 100,000 yuan. With no trading support, the stock price近乎 experienced a "free fall,"最终 closing at 0.29 yuan per share, a shrinkage of over 96% from the year's start. On the 31st, the Shanghai Stock Exchange delisted the company's shares,正式 terminating its listing.
3. Renle Delisting: Operational Collapse, Insolvency Renle Delisting (formerly Renrenle), listed on January 13, 2010, triggered financial delisting due to operational collapse+资不抵债, falling 94.57% for the year. The core暴跌原因 focused on "operational collapse + insolvency": Its core business was chain supermarket retail. As an early listed private supermarket enterprise, it focused on commodity retail, department store sales, and supply chain services in regional retail markets. Impacted by e-commerce competition, over-expansion, and management chaos, stores continuously closed. The number of stores shrunk from a peak of 150 to 23 in 2024, with revenue plummeting 82.5% year-on-year. Insolvency and cash flow depletion were severe. At the end of 2024, net assets were -404 million yuan, the asset-liability ratio was 121.08%, 12 bank accounts were frozen involving 380 million yuan, and supply chain断裂 prevented normal procurement and inventory. A dramatic earnings revision triggered a trust crisis: the 2024 performance forecast was drastically revised down from an "estimated profit of 400 million yuan" to a "loss of 17 million yuan," causing panic selling among investors. In January 2025, the disclosure of the huge loss forecast initiated the暴跌. In March, it triggered the financial delisting indicator of "negative net assets." In April, it entered the delisting risk warning board, with the stock price continuing to decline. Entering the delisting consolidation period in June, the price fell from 5.1 yuan to 0.28 yuan. It was formally delisted in July. 4. Guangdao Delisting: Business Fraud As the first formal delisting from the Beijing Stock Exchange, Guangdao Delisting (formerly Guangdao Digital) triggered delisting conditions because its net profit was negative for both 2023 and 2024, with revenue below 100 million yuan, and its 2024 annual report received an audit opinion of "unable to express an opinion." Upon investigation, the company was also found to have engaged in financial fraud by fabricating business through false purchase/sales contracts and forged bank receipts,累计虚增营收 over 120 million yuan. After entering the delisting consolidation period in October 2025, the stock price began a "free fall"模式, with liquidity急剧枯竭—average daily turnover fell below 30,000 yuan. It最终 closed at 0.48 yuan per share, shrinking 95.68% from the year's start. On December 31, the company's shares were formally delisted, terminating listing. The actual controller has been banned from the securities market for life, and related intermediaries are under investigation. 5. Dongtong Delisting: Internal Strife and Fraud
As a former leader in the middleware industry, Dongtong Delisting (formerly Dongtong Optoelectronics) triggered强制退市 due to major violations+经营恶化,暴跌 90% for the year. The core crisis manifested as an交织 of "internal troubles and external threats": In December 2025, the密集辞职 of Chairman Huang Yongjun and key executive Xu Shaopu (former CFO and Board Secretary) caused高层震荡. The new core management lacked experience in key listed company positions,加剧 governance risks. According to investigations, the company's annual reports from 2019 to 2022 contained false records for four consecutive years, its 2022 private placement documents referenced falsified data, and累计虚增净利润 exceeded 350 million yuan from 2022-2024. Internal controls completely failed, and the auditor issued an adverse opinion. Financially, it reported huge losses for three consecutive years, still losing 84 million yuan in the first three quarters of 2025, with no improvement in fundamentals. In May 2025, the company was placed under delisting risk warning, prompting accelerated institutional capital flight. The number of shareholders dropped from 21,000 to 6,000. According to announcements, the stock entered the delisting consolidation period on December 30 (15 trading days, with the last trading day expected to be January 21, 2026). During this period, no major asset reorganizations will be planned. Northbound investors (Shenzhen-Hong Kong Stock Connect) who fail to sell in time may be unable to transfer shares later, and the company will proceed with delisting.
6. Delisted Pengbo: 11 Consecutive Years of Financial Fraud Sets A-Share Record
Delisted Pengbo (formerly Pengbo Dr. Telecom), listed on January 3, 1994, triggered双重退市 under both financial and major violation categories due to long-term fraud+审计失效,暴跌 90% for the year. The core暴跌原因 focused on "long-term fraud + audit failure": Its core business involved data center operation, communication services, and internet access services. It had focused on the IDC field, attempting to build a dual-core business structure of "communications + data." The fraud周期 set an A-share record:连续11年 of financial fraud from 2013 to 2023,累计虚增收入 over 5 billion yuan and虚增利润 1.23 billion yuan, making it one of the companies with the longest fraud cycles in A-share history. For 2022 and 2023 consecutively, it received audit reports with an "unable to express an opinion." The internal control audit结论 was an "adverse opinion." Related party fund occupation reached 870 million yuan without undergoing deliberation procedures.主业空心化叠加 debt default: 2024 revenue was only 80 million yuan, down 95.3% year-on-year, with累计债务违约金额 of 1.52 billion yuan. The actual controller's disappearance led to a complete failure of corporate governance. 7. Hengli Delisting: 21 Consecutive Years of Losses, A-Share "Loss King" Hengli Delisting (formerly Hengli Industrial), listed on November 7, 1996, triggered双重退市 under both financial and regulatory violation categories due to持续亏损+规范类违规, falling 92.79% for the year. The core暴跌原因 highlighted "sustained losses + regulatory violations": In its main business, the core activity was R&D and production of automotive air conditioning components, including compressors and condensers, focusing on the automotive parts配套 market, which is highly competitive. The loss周期 was exceptionally long:连续21年 of losses from 1999 to 2024,累计亏损金额 reaching 4.26 billion yuan, making it one of the A-share "Loss Kings," with completely lost going concern ability. Information disclosure was severely违规: It failed to disclose the 2024 annual report on time and repeatedly delayed replying to exchange inquiries, deliberately concealing debt situations, constituting trigger conditions for regulatory delisting. It阻挠监管 with chaotic governance: the actual controller changed three times in five years, new management阻挠监管 inspections and failed to provide financial data, leaving corporate治理 in a state of失控. Key delisting milestones were clear: Failure to disclose the 2024 annual report on time in April 2025 caused a 25%暴跌. In May, it triggered the regulatory delisting indicator for "failure to disclose the annual report on time." Entering the delisting consolidation period in June, the stock price fell from 4.8 yuan to 0.34 yuan. Formal delisting occurred in July. 8. Gongzhi Delisting: Core Business Orders Vanish
The core reason for Gongzhi Delisting's (formerly Ha Gong Intelligent)暴跌 and ultimate强制退市 was financial report issues touching the delisting red line叠加持续恶化的基本面, leading to a complete崩塌 of market confidence. The company's main business revolved around intelligent manufacturing for industrial robots. Although it had布局 in high-end intelligent equipment manufacturing and robot本体 production and sales, it failed to salvage the dual困境 of operations and finance.
Q1 2025 revenue was only 32 million yuan, a暴跌 of 75.21% year-on-year, as core business orders dried up and key customers were lost; the asset-liability ratio climbed to 91%. After receiving the delisting decision from the Shenzhen Stock Exchange in June, the stock price began its暴跌, subsequently entering the delisting consolidation period, with formal delisting in July. 9. Zhongcheng Delisting: Reckless Crossover into New Energy Leads to Insolvency, Years of Fraud Zhongcheng Delisting (formerly Qingdao Zhongcheng), listed on April 26, 2011, triggered双重退市 under both financial and major violation categories due to fraud+资不抵债, falling 90.51% for the year. The core暴跌原因 highlighted "fraud + insolvency": There was连续6年 of financial fraud from 2018 to 2023, involving fictitious wind power projects and false revenue recognition,累计虚增收入 2.83 billion yuan and虚增利润 410 million yuan. It was资不抵债 with high debt: year-end 2024 net assets were -570 million yuan, the asset-liability ratio was 138.2%,累计债务违约金额 was 930 million yuan, and core assets were judicially auctioned. Failed transformation加剧 the crisis: a盲目跨界 into wind and solar power resulted in all investment projects ending in losses, failing to generate profitable support and instead dragging down the original main business. In March 2025, the CSRC initiated an investigation into financial fraud. In April, it triggered the financial delisting indicator for "negative net assets." The delisting pre-notice landed in May, leading to 10 consecutive跌停. Entering the delisting consolidation period in June, the stock price fell from 7.2 yuan to 0.68 yuan. Formal delisting occurred in July.
10. *ST Changyao: Impact of Volume-Based Procurement Price Cuts As a generic drug manufacturer, *ST Changyao (formerly Kangle Technology) saw the winning bid price for its core product included in the seventh round of volume-based procurement drop over 70%. H1 2025 revenue fell 55% year-on-year, with a net loss of 380 million yuan.叠加, an audit opinion raising doubts about its going concern ability led to an ST designation,升温 market delisting expectations. The stock price fell from 8.5 yuan to 1.9 yuan. On December 30, the closing price of 0.95 yuan fell below the 1 yuan par value, triggering a delisting warning. Behind the crisis lay numerous problems: an investigation into连续三年财务造假涉嫌重大违法退市, failed restructuring, subsidiary bankruptcy, negative net assets at the end of 2024, sustained losses for nearly three years, and risks including lawsuits and debt defaults. A company representative直言, "Barring unexpected events, it will be delisted; there are currently no countermeasures." The Shenzhen Stock Exchange has initiated delisting procedures, making退市 the基本定局.
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