Group 1 - The liquor sector experienced a decline of 0.77% on January 15, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1] - Major liquor stocks showed varied performance, with *ST Rock down 4.84% to 2.75, and other notable declines including Shui Jing Fang down 2.39% and Moutai down 7.31% in net outflow [1][2] Group 2 - The liquor sector saw a net outflow of 1.152 billion yuan from main funds, while retail investors contributed a net inflow of 528 million yuan [1] - Specific stocks like Moutai and Wuliangye faced significant net outflows of 416 million yuan and 201 million yuan respectively, indicating a shift in investor sentiment [2] - The data indicates that retail investors are increasingly active, with a notable net inflow into stocks like Wuliangye, which saw 157 million yuan from retail investors [2]

Core Viewpoint - *ST Rock (600696.SH) is facing imminent delisting due to a significant decline in financial performance, with projected revenue for 2025 expected to fall below 300 million yuan and at least one profit metric anticipated to be negative [4][6]. Financial Performance - The company reported a revenue of only 34.76 million yuan for the first three quarters of 2025, with a net loss of 112 million yuan attributed to shareholders [6]. - Revenue plummeted by 82.54% in 2024, down to 285 million yuan, with a net loss of 217 million yuan, marking a stark contrast to previous years when revenue surged from 600 million yuan to over 1.6 billion yuan between 2021 and 2023 [6]. - The core sauce-flavored liquor business saw a revenue decline of over 84% in 2024, with sales volume dropping by 78%, while the strong-flavored liquor segment experienced a nearly 65% revenue decrease and a 44% drop in sales volume [6]. Business Operations - The company’s distribution network collapsed, with the number of distributors decreasing from 3,693 in 2024 to only 772, severely impacting sales and brand reputation [6]. - The company has been embroiled in multiple lawsuits due to unpaid project funds, further complicating its operational stability [7]. Management and Governance - Since 2024, there has been significant turnover in the management team, including the departure of the general manager and other key executives, leading to instability [7]. - The actual controller, Han Xiao, was implicated in an illegal fundraising case, which has further destabilized the company’s leadership [7]. Market Reaction - Following the announcement of the financial outlook, the stock price hit the daily limit down for two consecutive trading days, closing at 2.89 yuan per share on January 14 [4]. - Despite the financial turmoil, the number of shareholders increased from approximately 23,800 at the beginning of the year to 46,000 by year-end, indicating speculative interest in potential recovery or shell value [10]. Legal Issues - The company lost a trademark dispute regarding the "Gui Jiu" brand, resulting in a court ruling that requires it to cease using the trademark and pay over 4.18 million yuan in damages [11]. - Ongoing legal disputes and regulatory penalties have further drained the company’s resources, complicating its financial recovery efforts [11]. Company History - *ST Rock has undergone multiple name changes and business focus shifts since its inception in 1993, reflecting a history of strategic pivots in response to market trends [12].

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 4165.29 points, up 1.09%. The Shenzhen Component Index increased by 1.75%, and the ChiNext Index rose by 1.82%. The total market turnover reached 3.64 trillion yuan, an increase of over 490 billion yuan compared to the previous trading day, with more than 4100 stocks closing higher [1]. Historical Highs - A total of 185 stocks reached their historical closing highs today, excluding newly listed stocks from the past year. The defense, machinery, and electronics sectors had a significant concentration of stocks hitting new highs, with 28, 27, and 24 stocks respectively. The average price increase for these stocks was 9.28%, with notable gainers including Tianrun Technology, Zhongcheng Technology, and Xingtou Measurement Control, all hitting the daily limit [2]. Top Gainers - Key stocks that saw significant price increases include: - Tianrun Technology: 34.93 yuan, up 30.00% - Zhongcheng Technology: 41.60 yuan, up 30.00% - Xingtou Measurement Control: 130.16 yuan, up 29.99% - Tianli Composite: 119.99 yuan, up 24.96% - Fujida: 56.00 yuan, up 21.74% [3][4]. Institutional Activity - In the market, 20 stocks were net bought by institutions, with 22 stocks net sold. The top net buy was Shanzi Gaoke, with an amount of 484.2 million yuan, followed by Leike Defense at 235 million yuan. On the sell side, Kunlun Wanwei saw the highest net sell at 536 million yuan [5][6]. Northbound Capital - Northbound funds saw net purchases in 13 stocks, with Shanzi Gaoke leading at 532 million yuan. Other notable net buys included BlueFocus and Yanshan Technology, both exceeding 250 million yuan. Conversely, Kunlun Wanwei had the highest net sell at 250 million yuan, despite its stock hitting the daily limit [7][8]. Company Announcements - *ST Yanshi (600696)*: Expected to have an operating income of less than 300 million yuan in 2025, with both net profits before and after deductions being negative, leading to potential delisting [10]. - Honor Biologics signed a licensing agreement with AbbVie, potentially receiving up to 4.95 billion USD in milestone payments [10]. - BlueFocus reported that AI-driven revenue constitutes a small portion of its overall revenue [15].

1月12日晚间，*ST岩石（600696.SH）发布业绩预亏公告称，经财务部门初步测算，公司2025年度营业 收入预计低于3亿元，且利润总额、净利润或扣除非经常性损益后的净利润孰低者为负值，已触及《上 海证券交易所股票上市规则》规定的财务类退市情形，公司股票面临终止上市风险。这一公告不仅揭示 了当前经营的绝境，更将2024年以来席卷公司的系列危机推向了顶点。 回溯*ST岩石的资本市场历程，其本身就是一部频繁转型与更名的动荡史。公司前身为福建豪盛，1993 年登陆上交所，早期涉足建筑陶瓷、房地产等领域。2017年海银系入主后，逐步剥离原有业务， 2018 年收购贵州贵酒云电子商务有限公司85%股权，切入白酒行业。 此后，公司通过对章贡酒业、长江实业股权的收购及注入高酱酒业资产，逐步聚焦酱香型白酒赛道，形 成了以上海贵酒、君道贵酿、高酱等为核心的品牌矩阵。 （注：本文系AI工具辅助创作完成，不构成投资建议。） 责任编辑：AI观察员 1月12日晚间，*ST岩石（600696.SH）发布业绩预亏公告称，经财务部门初步测算，公司2025年度营业 收入预计低于3亿元，且利润总额、净利润或扣除非经常性损益后的净利润孰低者为 ...

Core Viewpoint - The news highlights the risk of delisting for certain companies, specifically *ST WanFang and *ST YanShi, due to their projected financial performance in 2025, which is expected to fall below the thresholds set by the Shenzhen Stock Exchange for continued listing [2][4]. Group 1: Company Announcements - *ST WanFang announced that its estimated revenue for 2025 will be below 300 million yuan, with either total profit or net profit expected to be negative, triggering potential delisting [2]. - *ST YanShi similarly projected that its 2025 revenue will not reach 300 million yuan, with both pre-tax and post-tax net profits expected to be negative, also risking delisting [4]. Group 2: Stock Performance - Following the announcements, both *ST WanFang and *ST YanShi experienced a limit down in their stock prices, with *ST WanFang closing at 4.57 yuan per share, down 4.99% [2]. - The overall market sentiment towards *ST stocks has turned cautious, with investors advised to be wary of similar companies as the 2025 annual performance forecasts approach [4]. Group 3: Financial Data and Risks - A total of 26 *ST stocks reported revenues below 200 million yuan in their 2025 Q3 reports, with both *ST WanFang and *ST YanShi included in this group [4]. - Companies like *ST HuKe and *ST ChuangXing reported revenues of less than 50 million yuan in their 2025 Q3 reports, indicating severe financial distress [4]. - The average decline for stocks facing forced delisting in 2025 has exceeded 70%, with some stocks dropping over 80% [6]. Group 4: Capital Structure Concerns - Certain companies, such as *ST HuaRong, reported asset-liability ratios nearing 92%, while others like *ST BuSen and *ST YeDao exceeded 80%, indicating poor capital structures [5]. - *ST AoWei's stock price has dropped over 22% since the beginning of 2026, nearing the critical threshold of 1 yuan per share, which could lead to further delisting risks [5].

Core Viewpoint - The company *ST Yanshi (600696) is facing potential delisting due to triggering the delisting red line, with a projected revenue of less than 300 million yuan for 2025 and negative net profits, marking it as the first A-share stock expected to be forcibly delisted this year [1][4]. Financial Performance - For the first three quarters of 2025, *ST Yanshi reported a total revenue of 34.76 million yuan and a net loss of 112 million yuan [4]. - The stock price has seen a dramatic decline, with a single-quarter drop of 50.51% in Q4 2025, following heightened delisting risk expectations [4]. Market Reactions - The stock experienced a three-day limit-up rally from January 8 to January 12, 2026, driven by market speculation about a potential restructuring, but subsequently fell to a limit-down on January 12, closing at 3.04 yuan per share, a drop of over 94% from its historical high of 51.66 yuan [4][10]. Brand and Legal Issues - The company lost the "Guijiu" trademark due to a legal dispute, necessitating a complete rebranding, which could severely impact sales [10]. - Ongoing legal issues, including contract disputes and the criminal measures against the actual controller, have hindered restructuring efforts [10]. Shareholder Information - As of September 30, 2025, the company had a total of 25,525 shareholders [7]. Strategic Outlook - The company is reportedly seeking strategic investors and optimizing its resources, but the actual controller's legal troubles pose significant challenges to any potential restructuring [10].

Core Viewpoint - Shanghai Gui Jiu (stock code "*ST Yan Shi (600696)") has announced a pre-loss forecast, expecting revenue for 2025 to be less than 300 million yuan, with both net profit and net profit after deducting non-recurring gains and losses projected to be negative, indicating a potential forced delisting from the A-share market [1][2][3] Financial Performance - The company reported a significant decline in performance, with revenue dropping from a peak of 1.629 billion yuan in 2023 to 285 million yuan in 2024, and less than 40 million yuan in the first three quarters of 2025 [3] - For the first three quarters of 2025, the company achieved a cumulative revenue of only 34.76 million yuan, with a net profit of -112 million yuan and a net profit after deducting non-recurring gains and losses of -67 million yuan [2] Legal and Operational Challenges - The company is facing multiple crises, including the criminal coercive measures taken against its actual controller, Han Xiao, and ongoing lawsuits, leading to a strained financial situation [1][2] - The company has been reported to have overdue wages and debts, with a significant reduction in the number of distributors, dropping by 3,693 in 2024 [2][3] Inventory and Sales Strategy - To alleviate financial pressure, the company has initiated a "1 yuan clearance" sale for its products, including core items, through live streaming platforms [4] - As of mid-2025, the company's inventory amounted to 489 million yuan, representing 24.72% of total assets, prompting the implementation of a discount sales plan for slow-moving products [4] Trademark and Legal Issues - In October 2025, the company lost a trademark infringement case against Guizhou Gui Jiu Group, which may require it to change its name and cease using the "Gui Jiu" designation, significantly impacting its operations [5] - The company has also faced asset freezes, with approximately 4.3823 million yuan in bank deposits frozen or seized, indicating ongoing financial instability [6]

Group 1 - The liquor sector experienced a decline of 0.9% on January 13, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] - Major liquor stocks showed mixed performance, with Wuliangye down 0.51% to 108.00 and Moutai down 0.86% to 1411.00 [1] Group 2 - The liquor sector saw a net outflow of 8.17 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.19 billion yuan [2] - The top stocks by net inflow included Wuliangye with a net inflow of 46.20 million yuan from institutional investors, while *ST Rock had a net outflow of 38.73 million yuan [3] - Retail investors showed a preference for stocks like Moutai and Gujing Gongjiu, with net inflows of 15.08 million yuan and 15.08 million yuan respectively [3]

Group 1 - The company *ST Rock has announced a preliminary estimate indicating a projected revenue of less than 300 million yuan for the fiscal year 2025, with total profit, net profit, or net profit after deducting non-recurring gains and losses expected to be negative [1] - According to the Shanghai Stock Exchange listing rules, if the audited revenue for 2025 is below 300 million yuan and the lowest of total profit, net profit, or net profit after deducting non-recurring gains and losses is negative, the company's stock may be delisted due to financial criteria [1] - Additionally, Shanghai Guijiu has recently launched a clearance live broadcast with a significant discount, selling its 2023 53-degree 500ml product at 67 yuan per bottle [1]

1月12日晚间，*ST岩石（600696）发布公告称，公司2025年前三季度累计实现营业收入3476.21万元， 实现归属于上市公司股东的净利润为亏损1.12亿元左右。经公司财务部门初步测算，预计公司2025年度 营业收入低于3亿元，且利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值。 *ST岩石 表示，根据《上海证券交易所股票上市规则》的相关规定，2025年度经审计营业收入低于3亿元且利润 总额、净利润或者扣除非经常性损益后的净利润孰低者为负值的，公司股票将因触及财务类退市情形被 终止上市。 *ST岩石同时称，公司保留意见所涉事项能否消除存在重大不确定性，可能触及财务类终止 上市情形。 据公告，*ST岩石2024年度财务报告被中兴财光华会计师事务所（特殊普通合伙）出具了带 与持续经营相关重大不确定性的保留意见的审计报告。目前公司审计工作正在推进中，保留意见涉及事 项尚未有效消除，后续能否消除存在重大不确定性。根据《上海证券交易所股票上市规则》的相关规 定，如*ST岩石2025年度财务报告被出具保留意见、无法表示意见、否定意见或内部控制报告被出具否 定意见、无法表示意见等，公司股票将因触及财务类退市 ...