*ST Guandian is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations. The auditing firm has issued a "pre-warning" regarding its annual report.

Ask AI · How does audit warning affect *ST Guandian’s delisting timetable?

Everyday Economic News Reporter: Yang Yu Everyday Economic Editor: Zhang Yiming

On the evening of April 3rd, *ST Guandian (SH688287, stock price 2.39 yuan, market value 886 million yuan) announced that due to suspected information disclosure violations and other issues, the China Securities Regulatory Commission decided to file a case against the company. Although *ST Guandian stated in the announcement that it will actively cooperate with the investigation and fulfill its information disclosure obligations during the case investigation, this filing undoubtedly adds variables to its already difficult process of maintaining listing.

In fact, before this case was filed, *ST Guandian’s delisting risk was already high. The company’s total profit for 2024, or its net profit after deducting non-recurring gains and losses, was negative, and its operating income after deducting unrelated business income and income without commercial substance was below 100 million yuan. Its stock has been under delisting risk warning since April 2025.

Entering 2026, *ST Guandian’s risk warning announcements have become more frequent. Since January 28, *ST Guandian has issued six consecutive risk warning announcements regarding the possible termination of its stock listing.

According to relevant regulations, companies at risk of delisting due to financial issues should disclose a risk warning announcement about the possible termination of listing within one month after the end of the accounting year in which the delisting risk warning is implemented. After the initial risk warning announcement, they must disclose a risk warning every 10 trading days until the annual report is disclosed.

The company’s 2025 performance quick report shows that it expects to achieve operating revenue of 124 million yuan for the full year, a year-on-year increase of 37.44%. However, behind this revenue growth is a huge loss. The company expects a net profit attributable to the parent of -214 million yuan in 2025, further expanding from -136 million yuan in the same period last year.

Regarding the reasons for the increased loss, the company explained that it mainly stems from applying a cautious approach, conducting impairment tests on assets showing signs of impairment, and the combined impact of factors such as asset impairment losses and credit impairment losses of about 130 million yuan after preliminary communication with auditors.

Notably, there is a “warning” from the auditing agency.

On March 26, Zhongxi Certified Public Accountants issued a special statement on the progress of the audit of *ST Guandian’s 2025 annual report, indicating that the relevant audit work has not yet been fully completed. Based on the current situation, it is preliminarily judged that it is unlikely to issue an unqualified opinion audit report on the company’s 2025 financial statements and notes.

Zhongxi Certified Public Accountants stated that as of the date of this statement, Guandian Defense (i.e., *ST Guandian) confirmed revenue of 96.99 million yuan from drone system and equipment sales for 2025. Due to the company’s inability to coordinate interview times with some end users, the relevant interview procedures have not been completed; at the same time, because the company has not provided the address for some initial receivables confirmation, this confirmation process has not been completed.

*ST Guandian stated that if the 2025 financial statements are issued with a non-unqualified opinion, its stock will be terminated from listing by the Shanghai Stock Exchange.

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