Gate News message, April 21 — Chinese industrial materials company *ST Huarong (600421.SH) surged to the daily limit on April 21, closing at 5.55 yuan per share. However, on the same day, the company announced a dramatic reversal of its 2025 earnings forecast, shifting from projected profitability to losses and triggering potential delisting risk.
The revised 2025 performance shows a complete turnaround. The company now projects a loss of 800,000 to 1.2 million yuan (previously forecast profit of 7-8.5 million yuan), with net profit attributable to shareholders of negative 1.2 to 1.8 million yuan (previously 6.5-8 million yuan). Operating revenue is now estimated at 150-165 million yuan, down from the earlier forecast of 185-195 million yuan—a reduction of approximately 32.71 million yuan. Net assets attributable to shareholders are projected at 5-7.5 million yuan, versus the earlier estimate of 14.5-16 million yuan.
The revision represents a stark departure from the company’s January 29, 2026 profit forecast announcement. According to that earlier disclosure, the company had projected operating revenue of 185-195 million yuan and net profit of 6.5-8 million yuan. Following that announcement, *ST Huarong’s stock gained three consecutive daily limits.
The company attributed the revision to ongoing audit procedures and the need to comply with new revenue recognition standards. The primary adjustment involved reducing engineering and information technology service revenue by 32.71 million yuan. If the final 2025 audited results show losses and adjusted operating revenue remains below 300 million yuan, the company will face mandatory delisting. *ST Huarong was already placed under delisting risk warning in April 2025 after reporting losses in 2024. The company’s 2025 annual report is scheduled for release on April 30, 2026.
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