002856, significantly revise the earnings forecast! May be designated as "*ST"

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Latest announcement from Meizhi Co., Ltd. (002856).

On the evening of March 17, Meizhi Co., Ltd. (002856) released the “2025 Performance Forecast Revision Announcement,” showing that the company expects net profit attributable to shareholders for 2025 to be between -189 million and -132 million yuan, previously estimated at -112.5 million to -75 million yuan; net profit after deducting non-recurring gains and losses is expected to be between -214 million and -148 million yuan, previously estimated at -95.8237 million to -58.3237 million yuan; basic earnings per share are expected to be between -1.46 yuan and -0.98 yuan, previously estimated at -0.83 yuan to -0.44 yuan. Additionally, the company expects shareholders’ equity attributable to the parent company to be between -75 million and -40 million yuan.

Meizhi Co., Ltd. stated that during the progress of the 2025 financial audit, after full communication with the annual audit accountant, based on prudence and professional judgment, and considering the company’s current operating conditions and future profit expectations, the company has written down the previously recognized deferred tax assets; at the same time, based on the operating situation of its equity affiliates, industry environment, and future earnings outlook, the investment value has been re-evaluated; a comprehensive review, verification, and assessment of accounts receivable recovery, customer credit risk, payment terms, as well as long-term unbilled projects’ performance risk, settlement progress, and recoverable amounts have been conducted, leading to a cautious increase in provisions for accounts receivable and contract asset impairments. These factors have resulted in an expected negative shareholders’ equity at the end of the period. Therefore, the company needs to revise its 2025 performance forecast accordingly. The final financial data will be based on the company’s official 2025 annual report.

On the same day, the company also issued a “Notice Regarding Possible Delisting Risk Warning for the Company’s Stock Trading,” indicating that preliminary estimates suggest that the shareholders’ equity attributable to the parent company at the end of 2025 may be negative. According to Article 9.3.1 of the “Shenzhen Stock Exchange Listing Rules (2025 Revision),” if the shareholders’ equity attributable to the parent company at the end of 2025 is negative, the company’s stock trading will be subject to a delisting risk warning after the 2025 annual report is disclosed (with the stock abbreviation prefixed with “*ST”).

Source: Company Announcement

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Editor: Liu Wanli SF014