Annual report performance forecasts are densely warning, with multiple companies indicating delisting risks

With the continuous disclosure of performance forecasts for the 2025 annual reports of listed companies, the A-share market has once again sounded the alarm for delisting risks. Multiple companies are facing the risk of being "ST" (Special Treatment) due to expected negative net assets and other financial delisting indicators. In addition, a number of ST companies, including *ST Routon and *ST PANDA, are at risk of termination of listing due to multiple hidden dangers such as inability to improve financial indicators, resignation of auditing firms, and unresolved non-standard opinions. The normalization of the delisting mechanism continues to exert pressure, accelerating the formation of a survival of the fittest pattern in the capital market. (China Securities Journal)