The stock price faces scrutiny! Zhunyou Petroleum may be *ST

Under pressure from weak performance, Zhunyou Co., Ltd. (002207) may be “issued a delisting risk warning with a special stock designation.” Recently, Zhunyou Co., Ltd. released an announcement stating that its 2025 revenue is expected to be lowered from 330–360 million yuan to 270–295 million yuan. As the company further reduces its forecast for operating revenue, it may also face implementation of a delisting risk warning, drawing market attention to the company’s stock price performance on April 7. Looking back at Zhunyou Co., Ltd.’s past performance, the company’s net profit has been in loss from 2022 to 2024. Entering 2025, the company still has not returned to profitability, and it is expected to record full-year attributable net profit of -43 million yuan to -37 million yuan, representing a year-on-year increase in losses.

Issued with a special designation to warn of trouble

Zhunyou Co., Ltd. recently disclosed a revised announcement of its 2025 annual performance forecast. On the same day, the company also released a notice indicating that its stock trading may be subject to a delisting risk warning, which also put its stock price on the line on April 7.

According to the revised performance forecast announcement, Zhunyou Co., Ltd. expects 2025 operating revenue of 270–295 million yuan, down from the previously expected 330–360 million yuan; it expects operating revenue after deducting items of 270–295 million yuan, down from the previously expected 327–357 million yuan; it expects attributable net profit of -43 million yuan to -37 million yuan; and it expects attributable net profit after deducting non-recurring items of -45 million yuan 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 fall below 300 million yuan. Under relevant regulations, when a listed company has the three following figures—profit before tax, net profit, and net profit after deducting non-recurring gains and losses—for the most recent audited fiscal year all being negative, and the operating revenue after deductions is below 300 million yuan, the Shenzhen Stock Exchange will impose a delisting risk warning on the company’s 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 preceded with “*ST.”

Regarding the reasons for the revised performance forecast, Zhunyou Co., Ltd. explained that when it disclosed the 2025 performance forecast, the annual audit work had not yet been fully carried out. As the annual audit progressed further, and after thorough communication with the annual audit accounting firm, in accordance with relevant provisions of the “Corporate Accounting Standards,” the company conducted a comprehensive recheck and prudent analysis of operating revenue. Based on its cautious judgment, certain projects did not fully meet the revenue recognition conditions, so the company reduced the revenues and costs formed by the relevant business. Therefore, it is necessary to revise the forecast ranges for operating revenue and operating revenue after deductions included in the performance forecast.

In addition, Zhunyou Co., Ltd. said that this revised performance forecast is the result of the company’s preliminary calculations. As of the date of the announcement disclosure, the audit work for 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.’s share price touched a low of 6.95 yuan per share intraday on December 17, 2025, the stock price rose in volatility, at one point reaching 16.01 yuan per share intraday on March 5 this year, before later falling back. As of the April 3 close, the stock price fell 5.2%, to 9.29 yuan per share, with a market value of 330M yuan.

Net profit has been in continuous loss for years

On fundamentals, Zhunyou Co., Ltd. has been mired in losses in recent years. Since 2022, its net profit has remained in loss.

The information shows that Zhunyou Co., Ltd. is a specialized company providing oilfield technical services to oil and gas extraction enterprises. Its main business includes three categories: industrial services, construction services, and transportation services. Among them, the industrial business mainly refers to providing engineering technical services for oilfield companies and oilfield management-related business. Construction services refer to engineering construction-related services provided for oilfield companies. Transportation services refer to transportation services provided for oilfield companies.

Financial data shows that from 2022 to 2024, Zhunyou Co., Ltd. recorded attributable net profits of approximately -9.7076 million yuan, -18.5791 million yuan, and -15.7354 million yuan, respectively. In addition, Zhunyou Co., Ltd. expects its 2025 attributable net profit to be in loss of 37 million to 43 million yuan, representing a year-on-year increase in losses.

Yuan Shuai, deputy secretary-general of the Zhongguancun Internet of Things Industry Alliance, said that from the perspective of industry development prospects, the oil technical services industry is currently in a complex structural transformation period. As a supporting industry for oil and gas extraction, this field has obvious capital-intensive, technology-intensive, and strong cyclicality characteristics, and its business conditions are 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 targets and withdraw its application documents. It is reported that the company originally intended to issue no more than 50 million A shares at a price of 3.95 yuan per share to its controlling shareholder, Karamay Chengtou, with total proceeds of no more than 198 million yuan.

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

By/ Li Jiaxue, reporter from Beijing Business Daily

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