Zhunyou Co., Ltd. revises down its earnings forecast, risking being *ST

Under pressure from weak performance, Zhunyou Co., Ltd. (002207) may be “flagged with warnings.” Recently, Zhunyou Co., Ltd. issued an announcement stating that its 2025 revenue is expected to be reduced from 330 million–360 million yuan to 270 million–295 million yuan. As Zhunyou Co., Ltd. adjusts downward its operating revenue, it may also face delisting risk warning measures, drawing market attention to the company’s stock price performance on April 7. Looking back at Zhunyou Co., Ltd.’s past performance, from 2022 to 2024, the company’s net profit remained in a loss position. In 2025, the company still has not turned profitable; it is expected that full-year net profit attributable to the parent will be -43 million to -37 million yuan, with a year-on-year increase in losses.

Flagged with warnings—delisting risk alert

Zhunyou Co., Ltd. recently disclosed a revised earnings forecast for 2025. On the same day, the company also released a notice indicating that its stock trading may be subject to delisting risk warning measures, which has put the company’s stock price to the test on April 7.

According to the revised earnings forecast notice, Zhunyou Co., Ltd. expects 2025 operating revenue of 270 million–295 million yuan, compared with its prior expectation of 330 million–360 million yuan. It expects operating revenue after deducting items of 270 million–295 million yuan, compared with its prior expectation of 327 million–357 million yuan. It expects net profit attributable to the parent of -43 million to -37 million yuan. It expects non-recurring items adjusted net profit attributable to the parent of -45 million to -39 million yuan.

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 300 million yuan. Under the rules, if a listed company has a situation where the lower of the three—(1) the total profit for the most recent fiscal year audited, (2) net profit, and (3) net profit after deducting non-recurring gains and losses—is negative, and the operating revenue after deduction is also below 300 million yuan, the Shenzhen Stock Exchange will impose a delisting risk warning on its stock trading. The company’s stock trading may be subject to a delisting risk warning 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 the earnings forecast, Zhunyou Co., Ltd. explained that when it disclosed the earnings forecast for 2025, the annual audit work had not been fully carried out. With the deepening of the annual audit work, after extensive communication with its annual audit accounting firm, in accordance with the relevant provisions of the “Enterprise Accounting Standards,” the company conducted a comprehensive review and prudent analysis of operating revenue. Based on prudence judgments, some projects had not fully met the revenue recognition conditions, so the company reduced the revenue and costs formed by related business accordingly. As a result, it is necessary to revise the expected ranges for operating revenue and operating revenue after deductions in the earnings forecast.

In addition, Zhunyou Co., Ltd. stated that this earnings forecast revision is the result of the company’s preliminary calculations. As of the date of disclosure of the announcement, the audit work on the 2025 annual report is still ongoing; the final financial figures will be subject to the audited 2025 annual report that the company discloses.

In the secondary market, after Zhunyou Co., Ltd.’s intraday low of 6.95 yuan per share on December 17, 2025, the share price went on to rise in a volatile manner and, at one point, during this year’s March 5 intraday session, it rose to 16.01 yuan per share. Subsequently, the share price pulled back. As of the market close on April 3, the stock price fell 5.2% to 9.29 yuan per share, with a market capitalization of 2.43B yuan.

Net profit in losses for years

On the fundamentals side, Zhunyou Co., Ltd. has been mired in losses in recent years, and since 2022 its net profit has been in a loss position.

According to information, Zhunyou Co., Ltd. is a specialized company that provides petroleum technical services to oil and gas extraction enterprises. Its principal businesses include three categories: industrial business, construction business, and transportation business. Among them, industrial business mainly refers to providing engineering technical services, oilfield management, and other services to oilfield companies. Construction business refers to engineering construction-related services provided to oilfield companies. Transportation business refers to providing transportation services to oilfield companies.

Financial data show that from 2022 to 2024, Zhunyou Co., Ltd. achieved net profit attributable to the parent of approximately -9.7076 million yuan, -18.5791 million yuan, and -15.7354 million yuan, respectively. In addition, Zhunyou Co., Ltd. expects net profit attributable to the parent in 2025 to be a loss of 37 million–43 million yuan, representing an increase in losses year over year.

Yuan Shuai, deputy secretary-general of the Zhongguancun Internet of Things Industry Alliance, said that judging from industry development prospects, the petroleum technical services industry is in a complex period of structural transformation. As a supporting industry for oil and gas extraction, this sector has distinct capital-intensive, technology-intensive, and strongly cyclical characteristics, and its business outlook is deeply anchored to global oil price fluctuations and the capital expenditure levels of upstream extraction 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%.

Along with the high asset-liability ratio, on March 12 this year Zhunyou Co., Ltd. announced that it would terminate the issuance of shares to specific parties and withdraw the application documents. It is understood that the company originally planned to issue no more than 50 million A-share stocks to its controlling shareholder, Kelamayi City Investment, at a price of 3.95 yuan per share, with total fund-raising of no more than 198 million yuan.

In relation to the relevant issues, a reporter from Beijing Business Daily called Zhunyou Co., Ltd. for an interview, but no one answered the phone.