GQY’s performance suddenly changed and it will be “*ST”

GQY Video (300076), a veteran of the domestic video industry who has built iconic screens for the Beijing Olympic Games and the CCTV Spring Festival Gala, is experiencing the most severe survival crisis since its listing.
On the evening of April 16, the company issued a revised announcement of earnings forecast, significantly reducing its revenue forecast for 2025 from 102 million yuan to 144 million yuan to 75 million yuan to 84 million yuan, and simultaneously expected a loss of 60 million yuan to 90 million yuan for the whole year.
Since the total profit, net profit, and net profit after deducting non-recurring gains and losses in 2025 are expected to be negative, and the operating income after deduction is less than 100 million yuan, the company suggests that a delisting risk warning (* ST) may be implemented after the disclosure of the annual report.
As of the close of the market on April 16, GQY Newspaper was 5.95 yuan/share, a slight increase of 1.88% on the day, and a cumulative decline of 28.19% since 2026.
The audit adjustment caused the revenue to "break 100 million" to fail.
This performance "plunge" originated from two key accounting adjustments.
The announcement said that when the company disclosed the 2025 annual performance forecast, the annual audit work had not yet been fully carried out. As the annual review progressed, after in-depth communication between the company and the certified public accountants signed by the annual audit accounting firm, combined with the actual situation of the company's business, some sales revenue recognition was re-analyzed:
On the one hand, Shenzhen Yiransi Technology Co., Ltd., which was invested and established by the company, was not included in the consolidated statement due to control issues.scope, affecting the income amount of 36.9604 million yuan;
On the other hand, based on the principle of prudence, the company adjusted some businesses recognized by the gross method to the net amount method, affecting the income amount of 8.7799 million yuan.
The company stated that the above-mentioned matters are expected to cause the company's operating income to be less than 100 million yuan, and the company needs to revise the 2025 performance forecast data.
At the same time, the company issued the "Risk Warning Announcement Regarding the Possible Delisting Risk Warning for the Company's Stock Trading" stating that the company expects that the lower of the total profit, net profit, and net profit after deducting non-recurring gains and losses in 2025 will be negative, and the operating income after deduction will be less than 100 million yuan.
According to the relevant provisions of the "Shenzhen Stock Exchange GEM Stock Listing Rules" (revised in 2025), after the company's 2025 annual report is disclosed, the company's stock trading may be subject to a delisting risk warning (the stock abbreviation is preceded by the word "*ST").
As the first listed company in the domestic large-screen display industry, GQY Video has served major projects such as the Beijing Olympics and the CCTV Spring Festival Gala. In 2019, the company's controlling stake changed, and the actual controller was the Kaifeng Municipal People's Government.
Affected by intensified industry competition and shrinking traditional businesses, the company's main business has continued to slump in recent years.
The announcement shows that GQY Video will achieve operating income of 141 million yuan in 2024, a slight increase of 4.23% year-on-year, but the net profit attributable to the parent company will be a loss of 5,670 yuan.080,000 yuan. In the first three quarters of 2025, the company's revenue was 64.3967 million yuan, a year-on-year decrease of 23.62%, and the net profit attributable to the parent company was a loss of 31.5645 million yuan.
Entering the critical period of "shell preservation"
Facing the critical period of life and death, GQY Video has made intensive moves since 2025 to reverse the predicament through the three arrows of "state-owned assets + mergers and acquisitions + transformation".
On the one hand, it can quickly increase revenue and make up for the shortcomings of the industrial chain. The company spent 17.5 million yuan to acquire 70% of the equity of Shenzhen Taiheng Optoelectronics in the fourth quarter of 2025, and completed the industrial and commercial changes in October. According to the agreement, Taiheng Optoelectronics promises that its revenue will be no less than 65 million yuan in 2025, and its net profit will increase year by year from 2026 to 2028.
The company said that through this acquisition, it hopes to extend the entire industry chain model from "solution provider" to "manufacturing + solution".
While making efforts in mergers and acquisitions, GQY Video simultaneously promotes the transformation and upgrading of traditional businesses and continues to cultivate core competitive advantages. In 2025, the company will focus on improving the quality and efficiency of the traditional splicing screen business, focusing on the development of LED large screen manufacturing business through the establishment of a joint venture, simultaneously increasing the expansion of domestic direct customers, actively deploying overseas markets, and exploring business growth through multiple channels. The reporter learned that in the traditional large-screen business field, the company proactively follows the technological development trends of the industry, focusing on high-end fields such as small-pitch LED and Mini/Micro LED, and actively undertakes projects in fields such as energy and transportation.high-end projects in the field to enhance the added value of the business. At the same time, GQY Video is accelerating the iteration of its business model, transforming from pure hardware sales to "visualization solutions + operational services", enriching its product matrix and service content, and striving to improve profitability.
Market analysts believe that the company's traditional large-screen display business is highly competitive and has low gross profits, and it needs to optimize its business structure and improve operating cash flow as soon as possible. Whether GQY Video can successfully preserve its shell depends on whether the company can quickly reverse the situation of both revenue and profit losses in the short term.
The above-mentioned analysts pointed out that on the one hand, the company needs to promote the business integration of newly acquired assets as soon as possible, increase the scale of consolidated statements, and avoid continuing to hit financial delisting indicators; on the other hand, relying on the background of existing state-owned shareholders to accelerate the docking of local government and smart city projects is currently the most realistic way to supplement revenue. In addition, the company needs to increase investment in research and development, be oriented by technological transformation, focus on economic benefits, deepen refined internal control management, optimize resource allocation efficiency, continue to improve core competitiveness, and fundamentally improve the company's operating conditions.