中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对深 圳市中装建设集团股份有限公司（以下简称"中装建设"或"公司"， 股票代码：002822.SZ）及其发行的下述债券开展评级。除评级委托 关系外，中证鹏元及评级从业人员与公司不存在任何足以影响评级行 为独立、客观、公正的关联关系。 | | 债券简称 | 上一次评级时间 | | | | | 上一次评级结果 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 主体等级 债项等级 | 评级展望 | | | | 中装转 | 2 | 2026 日 | 年 | 1 | 月 | 16 | CC | | CC | 稳定 | 中证鹏元资信评估股份有限公司 中证鹏元公告【2026】70 号 中证鹏元关于关注深圳市中装建设集团股份有限公司 2025 年度业绩预亏等事项的公告 特此公告。 2 中证鹏元资信评估股份有限公司 根据公司《2025 年度业绩预告》，预计公司 2025 年全年净利润 继续亏损，且亏损金额进一步增加，2025 年度归属于上市公司 ...

Group 1 - The core point of the article is that ST Zhongzhuang has reached its daily limit up, with a price of 3.53 yuan, a rise of 5.06%, and a total market value of 6.887 billion yuan, driven by the completion of its restructuring and the introduction of new investors [1] - The company has completed its restructuring plan with 1.337 billion yuan of restructuring funds in place, eliminating bankruptcy risk and optimizing its asset-liability structure [1] - New investors, Shanghai Hengcen and Kangheng Environment, have brought in 546 million yuan of funds and business synergy opportunities, injecting new momentum into the company's development [1] Group 2 - The company has applied to revoke its *ST designation, which, if approved, will improve its market image and financing environment [1] - The debt repayment plan is clear, with a theoretical repayment rate of 100% for ordinary creditors, and the new controlling shareholder, Shanghai Hengcen, has committed not to transfer shares for 36 months, benefiting the company's long-term stability [1] - The construction decoration industry has recently gained market attention, with some stocks in the sector showing active performance, creating a certain degree of sector linkage effect [1] Group 3 - There are signs of net inflow of large orders into the stock, indicating that major funds are paying attention [1] - The technical indicators show a bullish signal, with short-term moving averages diverging upwards and the MACD indicator forming a golden cross above the zero axis [1]

Group 1 - The company, Zhongzhuang Construction, is expected to report a net loss of between 2.98 billion and 3.38 billion yuan for the year 2025, with a non-recurring net loss estimated between 1.21 billion and 1.61 billion yuan [1][2] - The company is currently in a restructuring phase, facing credit issues that prevent it from undertaking engineering projects, leading to a decline in operating revenue [3][4] - The company entered the execution phase of its restructuring plan in December 2025, while facing ongoing regulatory scrutiny [4] Group 2 - Investors have initiated compensation claims against the company due to financial data misrepresentation in annual reports from 2017 to 2021, which included understated costs and inflated profits [2][4] - The inflated profits during the period ranged from 18.33 million to 43.99 million yuan, affecting not only annual reports but also documents related to convertible bond offerings and share issuances [2][4] - The company's ability to move past its issues and operate in compliance under a new ownership structure and management remains to be seen [2][4]

Core Viewpoint - Shenzhen Zhongzhuang Construction Group Co., Ltd. (referred to as "ST Zhongzhuang") anticipates a significant net loss for the year 2025, projecting losses between 2.98 billion to 3.38 billion yuan, alongside a non-recurring net loss forecasted between 1.21 billion to 1.61 billion yuan [1] Financial Performance - The company is undergoing a restructuring phase, which has severely impacted its creditworthiness and ability to undertake engineering projects, leading to a decline in operating revenue [1] - The necessity to maintain fixed operating expenses and ongoing financial burdens has resulted in operational losses for the company [1]

Core Insights - The article discusses the performance of ST stocks in the Chinese capital market, highlighting a significant number of companies facing delisting risks due to poor financial results [2][3]. Group 1: Performance of ST Stocks - As of February 2, 178 ST stocks were under risk warnings, with 176 having released earnings forecasts, indicating a trend of companies struggling to meet performance expectations [2][3]. - Only 24% of ST stocks reported improved performance, with 118 continuing to incur losses, while 93 stocks under delisting risk showed that 58 were expected to continue losing money [3][4]. Group 2: Major Losses and Financial Indicators - ST晨鸣 (000488.SZ) is projected to incur the largest loss, estimated between 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [3][4]. - ST柯利达 (603828.SH) anticipates a net loss of 160 million to 200 million yuan, a drastic decline of 1964.13% to 2430.16% compared to the previous year [4]. Group 3: Delisting Risks - Companies like *ST岩石 and *ST精伦 are at risk of delisting due to failing to meet financial criteria, with *ST岩石 expected to have an operating income below 300 million yuan [5][6]. - Several ST stocks are likely to receive non-standard audit opinions, which could further jeopardize their listing status, such as *ST观典 and *ST太和 [5][6]. Group 4: Recovery Efforts - Some ST stocks are attempting to turn around their fortunes through restructuring and asset sales, with *ST金科 (000656.SZ) projecting a net profit of 30 billion to 35 billion yuan for 2025 after a significant debt restructuring [7][8]. - *ST松发 is also expected to achieve a net profit of 2.4 billion to 2.7 billion yuan, following a major asset restructuring that shifted its business focus [8][9].

Core Viewpoint - The article discusses the performance of risk warning stocks in the market, highlighting that a significant number of these stocks are facing delisting risks due to poor financial results and the implementation of stricter delisting regulations [3][5]. Group 1: Performance of Risk Warning Stocks - As of February 2, 2026, out of 178 risk warning stocks, 176 have released performance forecasts, with only 24% of ST stocks showing positive performance [4][7]. - Among the 93 stocks under delisting risk, 58 are expected to continue losing money, accounting for 69% of the group [7]. - ST晨鸣 (000488.SZ) is projected to incur a loss of between 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [7][8]. Group 2: Companies Facing Delisting Risks - Companies like *ST岩石 and *ST精伦 are expected to report negative net profits and insufficient revenue, leading to potential delisting [10]. - Some companies are already facing non-standard audit opinions, indicating further risks of delisting, such as *ST观典 and *ST太和 [11]. Group 3: Companies on the Path to Recovery - Certain ST stocks are attempting to turn around their fortunes through restructuring and asset sales, such as *ST金科, which is expected to report a net profit of 30 billion to 35 billion yuan after a successful restructuring [13]. - *ST松发 is projected to achieve a net profit of 2.4 billion to 2.7 billion yuan, following a significant asset restructuring that shifted its business focus [14].

Core Insights - The article highlights the significant number of companies facing delisting risks due to poor financial performance, with only 24% of ST stocks showing positive results [1][2] - A total of 178 ST stocks were analyzed, with 118 continuing to incur losses, indicating a concerning trend in the market [2][3] Group 1: Financial Performance of ST Stocks - Among the 178 ST stocks, 118 reported continued losses, while only 33 managed to turn a profit, and 12 reported first-time losses [2] - The largest projected loss comes from ST Chenming, with an estimated loss of 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [2][3] - ST Keli Da expects a net loss of 160 million to 200 million yuan for 2025, a drastic decline of 1964.13% to 2430.16% compared to the previous year [3] Group 2: Delisting Risks - Several companies, including ST Yanshi and ST Jinglun, have triggered financial delisting indicators, with ST Yanshi expected to have an operating income below 300 million yuan for 2025 [4] - ST Jinglun anticipates a negative net profit for 2025, with its stock facing potential delisting risks due to financial performance [4][5] - Audit firms have indicated that some ST stocks may receive non-standard audit opinions, further increasing delisting risks [4] Group 3: Recovery Efforts - Some ST stocks are attempting to recover through restructuring and asset sales, with ST Jinke projecting a turnaround with a net profit of 30 billion to 35 billion yuan for 2025 after completing a restructuring plan [6] - ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, following a significant asset restructuring that shifted its business focus [6][7] - ST Weir has also seen positive impacts on its performance through strategic asset acquisitions and divestitures, projecting a net profit of 19 million to 22 million yuan [7]

Core Viewpoint - The Shenzhen Intermediate Court has ruled in favor of investors in the ST Zhongzhuang compensation case, ordering Zhongzhuang Construction to compensate shareholders for investment losses due to false financial reporting [1][5]. Case Background - Zhongzhuang Construction and its subsidiary were found to have misreported financial data from 2017 to 2021 by misclassifying internal contracting projects, leading to understated costs and inflated profits [5][6]. - The company received an administrative penalty notice from the Shenzhen Securities Regulatory Bureau on April 19, 2025, confirming these violations of the Securities Law [2][6]. Compensation Details - Investors who purchased ST Zhongzhuang shares between April 16, 2018, and December 15, 2023, and continued to hold or sell at a loss after December 16, 2023, are eligible to claim compensation [3][7]. - Required documentation for claims includes stock transaction statements and a copy of the investor's ID [7]. - Legal fees for representation in these cases are typically contingent on winning the case, with no upfront costs required [7].

根据会计准则并基于谨慎性原则，公司对应收款项、合同资产及长期股权投资等相关资产计提了较大金 额的信用减值损失和资产减值损失，对当期利润产生较大影响。 2025年度，公司处于重整阶段，信用受损，无法承接工程业务导致营业收入下降，同时公司需维持日常 经营的固定支出及持续的财务费用压力，致使公司经营利润出现亏损。 2025年12月18日，广东省深圳市中级人民法院作出(2025)粤03破652号之一《民事裁定书》，裁定确认 《深圳市中装建设集团股份有限公司重整计划》执行完毕，并终结公司重整程序。通过实施重整计划， 公司以部分现金、资本公积金转增的股票及信托受益权的组合方式完成债务清偿，并剥离非核心资产， 根据企业会计准则的相关规定，该事项预计确认大额债务重组损失，属于非经常性损益，将减少当期净 利润。 格隆汇1月30日丨ST中装（维权）(002822.SZ)公布2025年度业绩预告，预计2025年度净亏损298,000万 元–338,000万元，上年同期亏损178,718.54万元；预计2025年度扣非净亏损121,000万元–161,000万元， 上年同期亏损180,352.95万元。 ...

（记者 曾健辉） 每经AI快讯，ST中装1月30日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润亏损29.8亿 元~33.8亿元。基本每股收益亏损1.68元~1.9元。上年同期归属于上市公司股东的净利润亏损约17.87亿 元。基本每股收益亏损1.05元。业绩变动主要原因是，2025年度，公司处于重整阶段，信用受损，无法 承接工程业务导致营业收入下降，同时公司需维持日常经营的固定支出及持续的财务费用压力，致使公 司经营利润出现亏损。根据会计准则并基于谨慎性原则，公司对应收款项、合同资产及长期股权投资等 相关资产计提了较大金额的信用减值损失和资产减值损失，对当期利润产生较大影响。2025年12月18 日，广东省深圳市中级人民法院作出（2025）粤03破652号之一《民事裁定书》，裁定确认《深圳市中 装建设集团股份有限公司重整计划》执行完毕，并终结公司重整程序。通过实施重整计划，公司以部分 现金、资本公积金转增的股票及信托受益权的组合方式完成债务清偿，并剥离非核心资产，该事项预计 确认大额债务重组损失，属于非经常性损益，将减少当期净利润。 每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装 ...