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

（Source: Beijing Business Daily）

Under pressure from its performance, Zhunyou Co., Ltd. (002207) may be put under “special treatment with asterisk,” i.e., have its trading flagged. Recently, Zhunyou Co., Ltd. issued an announcement stating that its 2025 revenue is expected to be cut from 330 million–360 million yuan to 270 million–295 million yuan. As Zhunyou Co., Ltd. further reduces its operating revenue, it may also be subject to delisting risk warnings, which has drawn market attention to the company’s stock 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. Entering 2025, it still has not returned to profitability; it is expected to record a full-year net profit attributable to shareholders of -43.00 million yuan to -37.00 million yuan, with a year-over-year increase in losses.

Warning of “special treatment with asterisk” delisting risk

Zhunyou Co., Ltd. recently disclosed a revised announcement on its 2025 annual performance forecast. On the same day, the company also issued a notice indicating that its stock trading may be subject to a delisting risk warning, which also made the company’s stock price on April 7 face an exam.

According to the revised performance forecast announcement, Zhunyou Co., Ltd.’s 2025 estimated operating revenue is 270 million–295 million yuan, down from the previously expected 330 million–360 million yuan; estimated operating revenue after deduction is 270 million–295 million yuan, down from the previously expected 327 million–357 million yuan; estimated net profit attributable to shareholders is -43.00 million yuan to -37.00 million yuan; and estimated non-recurring profit and loss adjusted net profit attributable to shareholders is -45.00 million yuan to -39.00 million yuan.

The announcement shows that, based on preliminary calculations, Zhunyou Co., Ltd. expects its 2025 annual operating revenue and operating revenue after deduction to both be below 300 million yuan. Under relevant rules, when a listed company meets the situation in which “the lowest among the three—(i) the profit total for the most recent accounting year audited, (ii) net profit, and (iii) net profit after excluding non-recurring profit and loss—is negative, and the operating revenue after deduction is below 300 million yuan,” the Shenzhen Stock Exchange will implement delisting risk warnings for its stock trading. The company’s stock trading may have delisting risk warnings implemented by the Shenzhen Stock Exchange after the disclosure of its 2025 annual report. The stock abbreviation will have “*ST” prefixed.

Regarding the reasons for revising the 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. With the annual audit work progressing further, and after sufficient communication with the annual audit accounting firm, pursuant to the relevant provisions of the “Enterprise Accounting Standards,” it conducted a comprehensive review and a prudent analysis of operating revenue. Based on a conservatism judgment, some projects did not fully meet the revenue recognition conditions, so the company reduced the revenue and costs formed from the relevant businesses. Therefore, it needs to revise the estimated ranges for operating revenue and operating revenue after deduction in the performance forecast.

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

In the secondary market, after Zhunyou Co., Ltd.’s intraday price on December 17, 2025 touched a low of 6.95 yuan per share, the share price rose with fluctuations. It once hit 16.01 yuan per share intraday on March 5 of this year, followed by a pullback. As of the April 3 close, the stock price fell 5.2% to 9.29 yuan per share, with a market cap of 43M yuan.

Net losses for years in a row

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

According to available materials, Zhunyou Co., Ltd. is a specialized company providing petroleum technical services to oil and gas extraction enterprises. Its main businesses include three categories: industrial businesses, construction businesses, and transportation businesses. Among them, industrial businesses mainly refer to providing engineering technical services, oilfield management, and other services to oilfield companies; construction businesses refer to engineering construction-related services provided to oilfield companies; and transportation businesses refer to transportation services provided to oilfield companies.

Financial data shows that from 2022 to 2024, Zhunyou Co., Ltd. recorded net profit attributable to shareholders of approximately -9.7076 million yuan, -18.5791 million yuan, and -15.7354 million yuan, respectively. In addition, Zhunyou Co., Ltd. expects that in 2025 its net profit attributable to shareholders will be in a loss of 37M–2.43B yuan, increasing 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 structural transition period. As a supporting industry for oil and gas extraction, this sector has prominent capital-intensive, technology-intensive, and strong cyclical characteristics. Its business outlook is deeply anchored to fluctuations in global oil prices and the capital expenditure levels of upstream extraction companies.

It also needs to be noted 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 the termination of its plan to issue shares to specific targets and to 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 3.95 yuan per share, with total fundraising 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.

Beijing Business Daily reporter: Ma Huanshuan; Li Jiaxue

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