As the 2025 annual report season concludes, five listed companies—*ST Guandian, *ST Rocks, *ST Huke, *ST Taihe, and *ST Panda—have announced that they received prior notices from the Shanghai Stock Exchange regarding the intended termination of their stock listings. Due to violations of financial delisting criteria, the exchange plans to delist these companies.

The specific reasons for breaching the thresholds are as follows:

*ST Guandian (688287): The company’s 2025 financial accounting report received an audit opinion with reservations, and its internal control over financial reporting received an adverse audit opinion.

*ST Rocks (600696): The company’s audited total profit, net profit, and net profit after deducting non-recurring gains and losses were all negative for 2025. Additionally, its operating revenue, after excluding income unrelated to core business operations and non-commercial transactions, fell below 3 billion yuan. Its financial accounting report received a qualified audit opinion, while its internal control received an adverse opinion.

*ST Huke (600608): The company’s audited net profit after deducting non-recurring gains and losses was negative for 2025, and its operating revenue was below 3 billion yuan. Its financial accounting report received a qualified audit opinion, and its internal control received a disclaimer of opinion.

*ST Taihe (605081): The company’s audited total profit, net profit, and net profit after deducting non-recurring gains and losses were all negative for 2025. Its operating revenue, after excluding income unrelated to main business activities and transactions lacking commercial substance, was under 3 billion yuan. Its internal control received an adverse audit opinion.

*ST Panda (600599): The company’s 2025 financial report received a disclaimer of opinion, and its internal control received an adverse audit opinion.

Notably, all five companies facing delisting are currently involved in investor compensation lawsuits due to suspected violations of information disclosure regulations. Legal experts emphasize that delisting does not absolve responsibility—even after a stock is delisted, the listed company and related parties remain liable for civil compensation due to disclosure violations. Affected investors can still seek legal recourse to protect their rights.

The simultaneous issuance of delisting notices to these five *ST companies serves as a warning not only about their operational and compliance shortcomings but also highlights broader risks in the capital markets.