The annual report disclosure is entering its final stage, but companies with "face-changing" performances have emerged one after another, with several stocks sounding the alarm for delisting.

YSS (300377.SZ) recently disclosed that due to the revaluation of the fair value of related assets, it expects a net profit loss attributable to the parent company of 5 million to 10 million yuan in 2025, whereas the company had previously forecast a profit of 16 million to 24 million yuan.

Similarly, according to announcements compiled by Yicai, other companies that have recently revised their performance forecasts downward and turned from profit to loss last year include Wondertek (603189.SH), Kaile Co., Ltd. (301070.SZ), and Liuhua Co., Ltd. (600423.SH). Some companies triggered delisting risks while correcting their performance.

The situation of A-share companies "changing faces" in performance has attracted the attention of the exchanges. Recently, Royal Group (002329.SZ) and DAYE (300879.SZ) received regulatory letters from the Shenzhen Stock Exchange, as both companies significantly adjusted their performance forecast content. Among them, DAYE expects a net profit loss attributable to the parent company of 40 million to 60 million yuan last year, with the maximum expected loss amount being three times that of the initial forecast.

In the secondary market, these "face-changing" stocks have encountered investors "voting with their feet." Wondertek and Shida Group (600734.SH) both closed at the daily limit down in the last two trading days (April 17 and 20), while GQY Video (300076.SH) recently faced a "20CM" limit down.

Performance "Face-Changing" Triggers Delisting Risks

Overall, A-share companies that recently announced performance forecast corrections mostly revised their net profit predictions downward, with some companies experiencing a change in profit and loss direction after the performance adjustments.

According to preliminary sorting by reporters based on announcements, companies that turned from profit to loss include Wondertek, Kaile Co., Ltd., Liuhua Co., Ltd., Taiyong Changzheng (002927.SZ), Jiechuang Intelligent (301248.SZ), eDiagnosis (002932.SZ), and Guochuang High-tech (002377.SZ).

Among them, the companies with significant performance changes are eDiagnosis and Liuhua Co., Ltd., both of which sounded the delisting "alarm" while revising their performance forecasts.

eDiagnosis previously disclosed that it expected a net profit attributable to the parent company of 12 million to 18 million yuan last year, with a non-recurring net profit loss of 78 million to 98 million yuan.

However, in the latest disclosed performance forecast, both indicators showed losses, with a net profit loss attributable to the parent company of 15 million to 25 million yuan and a non-recurring net profit loss of 100 million to 140 million yuan.

Moreover, eDiagnosis has also touched the delisting "red line," as the company predicts revenue of 250 million to 310 million yuan in 2025, with post-deduction operating revenue of 237 million to 297 million yuan, which is below 300 million yuan, potentially triggering the delisting "red line." LiuHua Co., Ltd. is also in a similar situation, not only turning profits into losses, but also having post-deduction revenue below 300 million yuan, which may lead to it being "ST" (Special Treatment).

Earlier in late January, the company disclosed that it expects a net profit attributable to shareholders of the parent company and a net profit after deducting non-recurring gains and losses of 6.28 million yuan and 6.02 million yuan for 2025, with a year-on-year decline of about 80%. A correction announcement released earlier this month showed that last year's net profit attributable to shareholders of the parent company and net profit after deducting non-recurring gains and losses both turned into losses, reaching 30 million yuan and 30.2 million yuan, respectively, with an estimated revenue of 137 million yuan last year.

Regarding the significant downward revision of performance, LiuHua Co., Ltd. explained that the auditing agency assessed a large asset impairment loss for the company, resulting in reduced profits.

China National Chemical Geology (002542.SZ) is also in a similar situation and may be "ST" after correcting its performance. According to the latest performance forecast, the company expects a net profit attributable to shareholders of the parent company to be a loss of 950 million to 1.4 billion yuan for 2025, which is at least an increase of over 100 million yuan compared to the previous forecast (600 million to 800 million yuan).

At the same time, the company's net profit after deducting non-recurring gains and losses has expanded from a loss of 590 million to 790 million yuan to a loss of 930 million to 1.38 billion yuan; the equity attributable to shareholders of the parent company has changed from 17 million to 217 million yuan to -130 million to -580 million yuan.

Due to the expected negative net assets, China National Chemical Geology may face delisting risk warnings after the annual report is disclosed.

Consecutive Limit Down

The listed company's performance has "dramatically changed," leading investors to "vote with their feet."

On April 20, Wondertek closed at 13.73 yuan per share, down 9.97%. On the previous trading day (April 17), the stock also closed at the limit down, with a decline of 9.98%.

Prior to this, the company had revised its performance forecast, turning from profit to loss last year. When Wondertek first announced its forecast, it expected a net profit attributable to shareholders of the parent company of 10.5 million to 15.5 million yuan and a net profit after deducting non-recurring gains and losses of 3.6 million to 6 million yuan for 2025. However, in the latest performance forecast, the company's net profit attributable to shareholders of the parent company has significantly decreased to 3.5 million to 6 million yuan, and the net profit after deducting non-recurring gains and losses has turned into a loss of 1 million to 2.5 million yuan.

At the same time, Wondertek also revised its revenue forecast from the original 250 million to 330 million yuan to 250 million to 260 million yuan.

Regarding the reasons for the performance revision, Wondertek stated that the annual audit agency believes that the long-term equity investment in Shanghai Aerospace Information Technology Co., Ltd. has not yet formed scaled revenue, making it difficult to reliably predict future operating conditions and cash flows, and thus a provision for impairment of 8.59 million yuan was made for this long-term equity investment, leading to an adjustment in the profit forecast.

Additionally, Wondertek engaged in domestic Xinchuang-related business in the fourth quarter of last year, with corresponding business revenue of about 61 million yuan. However, by the end of last year, the company had not obtained the final acceptance basis issued by the contracting party, so this revenue was not recognized.

Similarly, GQY Video and Shida Group also faced limit downs after revising their performance GQY Vision once hit a "20CM" limit down. The company disclosed on the evening of the 16th that it expects its operating revenue in 2025 to be between 75 million and 84 million yuan, a significant decrease from the previous forecast of 102 million to 144 million yuan. At the same time, it expects a net loss attributable to shareholders of 60 million to 90 million yuan for last year.

The substantial reduction in revenue is due to the fact that Shenzhen Yiransi Technology Co., Ltd., which was invested in, is not included in the consolidated financial statements due to control issues, affecting revenue by 36.9604 million yuan. Data shows that the latter was established in April last year, with GQY Vision holding a 65% stake.

On the same evening, GQY Vision also announced that its stock may be subject to delisting risk warnings.

After a series of announcements, on the 17th, the company's stock hit the limit down, closing at 4.76 yuan per share, a drop of 20%. The stock continued to decline on the 20th, falling by 2.73%, with the latest price at 4.63 yuan per share.

Shida Group has also hit the limit down for two consecutive trading days. On the 17th and 20th, the stock closed down 10.03% and 9.97%, respectively, with the latest closing price at 3.07 yuan per share.

Prior to this, Shida Group corrected its performance forecast on the evening of the 16th, revising last year's revenue from the original 315 million to 365 million yuan down to 80 million to 100 million yuan, and expects a net loss attributable to shareholders of 120 million to 180 million yuan for last year. According to exchange regulations, the stock may be subject to delisting risk warnings.

The exchange issued regulatory letters

In this wave of performance forecast corrections among A-share companies, some companies have already received regulatory letters.

According to the Shenzhen Stock Exchange website, on April 17th, the exchange issued regulatory letters to Royal Group and DAYE, both of which had corrected their performance announcements.

Among them, Royal Group originally forecast a net loss attributable to shareholders of 190 million to 280 million yuan for 2025, but after the performance correction, the loss increased by over 200 million yuan, expecting a net loss attributable to shareholders of 420 million to 490 million yuan for last year; DAYE previously predicted a net loss attributable to shareholders of 10 million to 20 million yuan, which has now changed to a loss of 40 million to 60 million yuan.

Regarding the above situation, the Shenzhen Stock Exchange mentioned that there are significant differences in the net profit disclosed in the two performance forecasts of the relevant companies, which failed to disclose the performance forecast truthfully, accurately, and completely within the prescribed time.

Since April, why have A-share companies been intensively correcting their performance? Journalists have found from announcements that the reasons given by companies include: rechecking income tax expenses, with discrepancies in the final calculation results compared to the performance forecast; insufficient estimates of costs and losses for certain projects, leading to adjustments in the recoverable amounts of related projects.

Huang Jianzhong, an associate professor in the Finance Department of the Business School at Shanghai Normal University, told reporters that the reasons for listed companies correcting their performance forecasts include adjustments needed after preliminary financial data is audited.

"When certified public accountants raise questions, the company must adjust its accounts accordingly, which may delay the disclosure of the annual report. If the parties ultimately fail to reach an agreement, the accountant may issue a non-standard audit report "He said that accountants may raise questions or even express negative opinions regarding the company's revenue recognition, asset impairment provisions, and other accounts.

Regarding the 'face-changing' of listed companies' performance, Huang Jianzhong suggested that investors should conduct a comprehensive assessment based on the company's performance, stock price performance, and other factors. For example, whether the company has previously announced positive performance forecasts while major shareholders take the opportunity to reduce their holdings.

(This article is from Yicai Global)