*ST Haiyuan issues a risk warning that the stock may be delisted

NightAirdropper · 2026-02-14T10:45:34+00:00

*ST Haiyuan has reached delisting conditions and issued a notice indicating that the stock may be terminated from listing. It is expected that the performance will still be negative in 2025, and risk information needs to be disclosed regularly. The company's operating condition is poor, with an increasing asset-liability ratio, and multiple risks exist.

NightAirdropper

2026-02-14 10:45:34

Abstract generation in progress

Radar Finance Text | Yang Yang Edited | Li Yihui

On February 13, *ST Haiyuan (Stock Code: 002529) issued an announcement warning that the company’s stock may be at risk of delisting. The company’s 2024 annual report touches on circumstances outlined in Article 9.3.1, Paragraph 1, Items 1 to 3 of the Shenzhen Stock Exchange Stock Listing Rules, and as a result, stock trading will be subject to delisting risk warning starting April 29, 2025.

According to the 2025 performance forecast disclosed on January 31, 2026, the company expects operating revenue between 350 million and 380 million yuan, with net operating revenue after deductions between 340 million and 370 million yuan, and owners’ equity attributable to the listed company shareholders between 75 million and 110 million yuan. Total profit, net profit, and net profit after deducting non-recurring gains and losses are all negative.

If the audited relevant indicators for 2025 meet the circumstances specified in Article 9.3.12 of the Shenzhen Stock Exchange Stock Listing Rules, the company’s stock will be delisted. The company will disclose risk warning announcements every ten trading days before the annual report is disclosed.

According to Tianyancha data, *ST Haiyuan was established on July 7, 2003, with a registered capital of 260 million yuan. The legal representative is Liu Hao. The registered address is Room 388, 3rd Floor, Administrative Service Center, XinCheng Avenue, High-tech Development Zone, Xinyu City, Jiangxi Province. Its main business includes the research, development, production, and sales of lightweight composite materials, new intelligent mechanical equipment, and photovoltaic modules.

Currently, the company’s chairman is Liu Hao, the secretary is Xiao Haoru, with 555 employees. The actual controllers are Liu Hongchao, Ding Lizhong, and Liu Hao.

The company has stakes in 9 subsidiaries, including Jiangxi Haiyuan Intelligent Equipment Co., Ltd., Fujian Haiyuan New Materials Technology Co., Ltd., Xinyu Saiwei Energy Technology Co., Ltd., Fujian Haiyuan Intelligent Equipment Co., Ltd., and Xinyu Haiyuan Power Technology Co., Ltd.

In terms of performance, the company’s revenue for 2022, 2023, and 2024 was 364 million, 317 million, and 187 million yuan, respectively, with year-over-year growth of 43.32%, -13.00%, and -40.80%. Net profit attributable to the parent was -150 million, -145 million, and -160 million yuan, with year-over-year changes of -31.76%, 3.07%, and -10.23%. During the same period, the company’s asset-liability ratio was 53.32%, 58.98%, and 66.62%.

Regarding risks, Tianyancha information shows the company has 358 internal Tianyan risks, 159 surrounding risks, 276 historical risks, and 119 early warning risks.

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