The stock price faces scrutiny! Zhunyou Petroleum revises down its earnings forecast, risking being *ST

Under pressure from weak performance, Zhunyou Co., Ltd. (002207) may be forced to put a “delisting warning” flag on its listings. Recently, Zhunyou Co., Ltd. issued an announcement stating that its 2025 revenue is expected to be lowered from RMB 330 million–360 million to RMB 270 million–295 million. As Zhunyou Co., Ltd. further reduces its operating revenue, it may also be subject to a risk warning for delisting, which has also drawn market attention to the company’s share price performance on April 7. Looking back at Zhunyou Co., Ltd.’s past performance, from 2022 to 2024, the company remained in a net profit loss position. Entering 2025, the company has still not returned to profitability. It is expected to achieve a full-year net profit attributable to owners of -RMB 43 million to -RMB 37 million, widening losses year over year.

Trading on a delisting-risk warning—early warning

Zhunyou Co., Ltd. has recently disclosed a revised announcement on its 2025 annual performance forecast. On the same day, the company also released a notice regarding the possibility that its stock may be subject to a risk warning for delisting, which has also caused the company’s share price to face a test on April 7.

According to the revised performance forecast announcement, Zhunyou Co., Ltd. expects 2025 operating revenue of RMB 270 million–295 million, compared with its original expectation of RMB 330 million–360 million. It expects operating revenue after deductions of RMB 270 million–295 million, compared with the original expectation of RMB 327 million–357 million. It expects net profit attributable to owners of -RMB 43 million to -RMB 37 million. It expects net profit attributable to owners after non-recurring gains and losses of -RMB 45 million to -RMB 39 million.

The announcement shows that, based on preliminary calculations, Zhunyou Co., Ltd. expects its 2025 operating revenue and operating revenue after deductions to both be below RMB 300 million. Under relevant regulations, if a listed company’s “three figures—audited profit before tax for the most recent fiscal year, net profit, and net profit after deducting non-recurring gains and losses—are all negative, with the operating revenue after deductions also below RMB 300 million,” the Shenzhen Stock Exchange will impose a risk warning for delisting on its stock trading. The company’s stock trading may have a risk warning for delisting imposed by the Shenzhen Stock Exchange after the disclosure of its 2025 annual report. The stock abbreviation will be prefixed with “*ST.”

Regarding the reasons for revising its performance forecast, Zhunyou Co., Ltd. explained that when it disclosed its 2025 annual performance forecast, the annual audit work had not yet been fully carried out. With the annual audit work advancing further, and after sufficient communication with the annual audit accounting firm, and in accordance with the relevant provisions of the “Corporate Accounting Standards,” the company conducted a comprehensive re-examination and prudent analysis of operating revenue. Based on a conservative judgment, certain projects did not fully meet the revenue recognition conditions. As a result, it reduced the revenue and costs formed by those related businesses. Accordingly, it is necessary to revise the expected ranges for operating revenue and operating revenue after deductions stated in the performance forecast.

In addition, Zhunyou Co., Ltd. stated that this revision to its performance forecast is based on the company’s preliminary calculations. As of the date of the announcement disclosure, the audit of the company’s 2025 annual report is still ongoing, and the final financial data will be subject to the audited 2025 annual report disclosed by the company.

In the secondary market, after Zhunyou Co., Ltd. touched a low price of RMB 6.95 per share on intraday trading on December 17, 2025, its share price then rose amid fluctuations and even hit RMB 16.01 per share intraday on March 5 this year. After that, the share price retreated. As of the close on April 3, the stock price fell 5.2% to RMB 9.29 per share, with a market capitalization of RMB 2.434 billion.

Net profit has been in loss for years

On the fundamentals, Zhunyou Co., Ltd. has been mired in a loss situation in recent years. Since 2022, the company’s net profit has remained in a loss position.

According to information disclosed, Zhunyou Co., Ltd. is a specialized company that provides petroleum technology services to oil and gas exploration and production enterprises. Its main businesses include three categories: industrial business, construction business, and transportation business. Among these, the industrial business mainly refers to providing engineering technical services and oilfield management services to oilfield companies. The construction business refers to engineering construction-related services provided to oilfield companies. The transportation business refers to transportation services provided to oilfield companies.

Financial data shows that from 2022 to 2024, Zhunyou Co., Ltd. recorded net profit attributable to owners of approximately -RMB 9.7076 million, -RMB 18.5791 million, and -RMB 15.7354 million, respectively. In addition, Zhunyou Co., Ltd. expects its net profit attributable to owners in 2025 to be in a loss of RMB 37 million–43 million, worsening losses year over year.

Yuan Shuai, vice secretary-general of the Zhongguancun Internet of Things Industry Alliance, said that in terms of industry development prospects, the petroleum technology services industry is in a complicated structural transition period. As a supporting industry for oil and gas exploration and production, this field has prominent characteristics of capital intensity, technology intensity, and strong cyclicality. Its business conditions are deeply anchored to global oil price fluctuations and the level of capital expenditures by upstream exploration and production enterprises.

It is also worth noting that as of the end of the first three quarters of 2025, Zhunyou Co., Ltd.’s asset-liability ratio was as high as 90.79%.

With the asset-liability ratio elevated, Zhunyou Co., Ltd. announced on March 12 this year that it would terminate its offering of shares to specific targets and withdraw the application documents. It is understood that the company originally planned to issue no more than 50 million A-shares to its controlling shareholder, Karamay Chengtou, at a price of RMB 3.95 per share, raising total proceeds of no more than RMB 198 million.

Regarding the related issues, a reporter from Beijing Business Daily called Zhunyou Co., Ltd. for an interview, but no one answered the phone.

Beijing Business Daily Reporter Ma Huanhuan Li Jiaxue