Delisting Alert! Revenue becomes the "life and death line," *ST Coconut Island is adding new major clients with emerging shadowy related-party connections.

*ST Yidao has already sounded a double delisting alert. The company expects to meet the “red line” of 300 million yuan in revenue in 2025, but multiple customers may be closely related to the company; the subsidiary of a newly added major customer may even be办公 in the same location as its related party.

Source: Shetup Internet (摄图网)

*ST Yidao expects to meet the revenue threshold, annual review agency: cannot determine

On March 25, 2026, *ST Yidao (600238.SH) issued again a delisting risk alert announcement.

Previously, due to the fact that the lower of net profit before and after deducting non-recurring gains and losses in 2024 was negative, and that the operating revenue after deducting business income unrelated to the main business and income lacking commercial substance (hereinafter referred to as: operating revenue after deduction) was below 300 million yuan, the company’s stock has been subject to delisting risk warning starting from May 2025 (with the stock abbreviation prefixed with “*ST”).

If the above situation occurs again in 2025, the *ST Yidao stock will trigger a financial-category forced delisting.

At the end of January 2026, *ST Yidao disclosed its 2025 performance forecast. After preliminary calculations by the company’s finance department, the company’s attributable net profit for 2025 is expected to be -29 million yuan, and attributable net profit after excluding non-recurring gains and losses is expected to be -23 million yuan, which means it is still in a loss position. However, the company expects full-year operating revenue to be 370 million yuan, and operating revenue after deduction to be 350 million yuan, and it is expected to eliminate the financial-category delisting indicator situation.

That said, a special statement issued by the annual review agency, Zhongshen Yatai Certified Public Accountants (Special General Partnership), shows that, based on audit procedures already implemented and audit evidence already obtained, the auditors still cannot determine whether *ST Yidao’s operating revenue after deduction in 2025 exceeded 300 million yuan, and whether *ST Yidao can eliminate the financial-category delisting indicator situation.

For this performance forecast that appears to be right on the line, the Shanghai Stock Exchange issued a regulatory inquiry letter and raised three questions, two of which relate to revenue.

The Shanghai Stock Exchange noted that *ST Yidao’s operating revenue in 2024 was only 175 million yuan, while the company’s 2025 forecast indicates a year-on-year revenue increase of more than 100%. In addition, the company expects to achieve revenue of 172 million yuan to 192 million yuan in the fourth quarter of 2025, which is about half of its full-year 2025 revenue, approaching the total revenue for all of 2024.

In light of the above abnormal circumstances, the Shanghai Stock Exchange required *ST Yidao to provide additional disclosures regarding the relevant situations of its top ten customers and top ten suppliers, to additionally disclose the sales realization of distributors’ end sales, the accounting of accounts receivable, and post-event collection; and to explain whether the related transactions have commercial substance, and whether there are situations such as extending the credit period for receivables to expand sales or pushing inventory down to downstream distributors.

Blurry “related-party” links: a newly added major customer hints at the shadow of a related party

*ST Yidao focuses on the liquor and beverage business, with liquor revenue accounting for more than 70%. On March 24, 2026, the company replied to the regulatory inquiry letter. It supplemented disclosures on the top ten customers by separating business types.

Among them, Ganzhou Haixiang Liquor Industry Co., Ltd. (hereinafter: Ganzhou Haixiang) is the second-largest liquor customer for fiscal year 2025. *ST Yidao sold 34.4589 million yuan to it, up 63.2% year over year.

Qiu Yonglian is a major shareholder of Ganzhou Haixiang. Her spouse Du Yongqiu is a director and general manager of Hainan Yidao Haiwang Liquor Industry Co., Ltd. (hereinafter: Hainan Yidao Haiwang Liquor), a controlled subsidiary of *ST Yidao. *ST Yidao stated that, aside from Ganzhou Haixiang, there are no related-party relationships between the company’s top ten liquor customers and the company, controlling shareholder, actual controller, directors, supervisors, senior management, and their related parties, nor are there other arrangements of interests.

However, the relationship between another major customer, Ganzhou Shiyouzhiguang Trading Co., Ltd. (hereinafter: Ganzhou Shiyouzhiguang), and Ganzhou Haixiang may not be that simple.

Ganzhou Shiyouzhiguang is the tenth-largest liquor customer of *ST Yidao for fiscal year 2025, and also a newly added customer. *ST Yidao sold 9.1417 million yuan to it. Ganzhou Shiyouzhiguang was established in May 2025. That means it began cooperating with *ST Yidao in the year it was established and became one of *ST Yidao’s top ten liquor customers.

According to the business registration information, a person surnamed Chen (Mr./Ms. Chen Mouhong, 陈某宏) holds 56% of the equity in Ganzhou Shiyouzhiguang and serves as the legal representative. The name matches the supervisor of Ganzhou Haixiang. Ganzhou Xisanjian Liquor Industry Co., Ltd. (hereinafter: Ganzhou Xisanjian) holds 51% equity through Ganzhou Shiyouzhiguang and 16% equity held by Qiu Yonglian. In other words, the minority shareholder of Ganzhou Shiyouzhiguang’s subsidiary has the same name as the major shareholder of Ganzhou Haixiang.

What’s even more questionable is that the business registration address of Ganzhou Xisanjian is “Room 2307, Building 1, Chuangzheng International Office B,” while Ganzhou Haixiang is “Room 2307, Building 1, Chuangzheng International Office.” The addresses of Ganzhou Shiyouzhiguang’s subsidiary and Ganzhou Haixiang heavily overlap, and they may even be办公 in the same location.

*ST Yidao states that, according to the related-party determination provisions in the “Shanghai Stock Exchange Rules Governing the Listing of Stocks,” Ganzhou Haixiang does not constitute a related legal entity of the company; but according to the relevant provisions in the “Accounting Standards for Business Enterprises” regarding the disclosure of related parties, since Du Yongqiu has served as a director and general manager of the controlled subsidiary Hainan Yidao Haiwang Liquor since the date of taking office, Ganzhou Haixiang constitutes a related party of the company.

Hainan Yidao Haiwang Liquor was established in July 2025, jointly funded by *ST Yidao together with a high-quality distributor entity, Hainan Jiahui Management Partnership (Limited Partnership) (hereinafter: Jiahui Partnership). Since the time it was established, Du Yongqiu has served as director and general manager.

According to the related-party provisions in the “Accounting Standards for Business Enterprises,” the related-party relationship between *ST Yidao and Ganzhou Haixiang began in July 2025. But when *ST Yidao replied in December 2025 to the regulatory inquiry letter regarding its third-quarter report, it said that there is no related-party relationship between Ganzhou Haixiang, the largest liquor customer in the first three quarters of 2025, and the company.

Or possibly closely related to multiple customers—double delisting alarms are sounded

The ambiguous relationship between *ST Yidao and its customers does not stop there.

According to the company’s reply to the regulatory inquiry letter regarding the performance forecast, Yidao (Fujian) Sales Co., Ltd. (hereinafter: Yidao Fujian) is the largest liquor customer for fiscal year 2025. *ST Yidao sold 47.4349 million yuan to it, up 46.27% year over year.

Zhang Shaorong is the legal representative of Yidao Fujian, and he also holds 30% of the partnership interests in Jiahui Partnership. After “looking through” related parties, Zhang Shaorong holds 13.5% equity in Hainan Yidao Haiwang Liquor, a controlled subsidiary of *ST Yidao.

Hainan Yidao Yufeng Food Co., Ltd. (hereinafter: Yufeng Food) is the largest beverage customer of *ST Yidao for fiscal year 2025. *ST Yidao sold 27.9859 million yuan to it, down 37.3% year over year.

Yufeng Food was previously a company in which *ST Yidao held a stake, with *ST Yidao’s shareholding ratio at 20%. In March 2024, *ST Yidao exited.

Fujian Qinghua Liquor Sales Co., Ltd. (hereinafter: Qinghua Liquor Sales) is the tenth-largest customer in *ST Yidao’s beverage business for 2025, and it is also a newly added customer for the period. Revenue from sales is 216,700 yuan.

According to the business registration information, WeiDa Liquor (Fujian) Co., Ltd. holds 25% equity in Qinghua Liquor Sales. In fact, Guichengjiu Sauce Liquor (Fujian) Sales Co., Ltd., controlled by the actual controller Xue Mouzhi (薛某志), was previously a company in which *ST Yidao held a stake, and it was deregistered in August 2024. Meanwhile, Xue Mouzhi also holds 90% equity in Yidao Fujian.

In fact, *ST Yidao’s current major customers include quite a number of newly added customers.

Among the top ten liquor customers, 5 are newly added. Combined, they contributed revenue of 71.09 million yuan in 2025, accounting for about 36% of the sales revenue of the top ten customers. Among the top ten beverage customers, only the largest customer, Yufeng Food, is not a newly added customer. But since the revenue scale of beverage customers is mostly relatively small, the nine newly added customers together contributed only 7.02 million yuan.

It is worth noting that, according to *ST Yidao’s reply to the regulatory inquiry letter regarding its 2025 third-quarter report, the company’s sales revenue to Ganzhou Haixiang in the first three quarters of 2025 was 45.578 million yuan, exceeding the full-year sales figure disclosed in the performance-forecast regulatory inquiry letter reply.

*ST Yidao said that four customers including Ganzhou Haixiang in this period processed returns. Other than Ganzhou Haixiang, the return customers have no related-party relationship with the company, controlling shareholder, the directors, supervisors, and senior management, and their related parties, nor do they have other arrangements of interests.

Hainan Jiajiu Liquor Sales Co., Ltd. (hereinafter: Jiajiu Liquor Sales) is one of the customers that processed returns in this period. According to the business registration information, the actual controller, Zhou Mou (周某存), of Jiajiu Liquor Sales had previously been a minority shareholder of a subsidiary of *ST Yidao. In addition, the business registration address of Jiajiu Liquor Sales is “Yidao Building, No. 1 Jinlong Road.” Meanwhile, according to *ST Yidao’s prior announcements, the company repeatedly used properties related to Yidao Building as collateral.

Currently, the annual review agency is still verifying *ST Yidao’s end sales for fiscal year 2025. Based on results from earlier on-site visits, as of January 30, 2026, the proportion of end sales at the company’s LuGui liquor terminals is low. If subsequent verification shows that end sales conditions affect the amount deducted from operating revenue, it may cause operating revenue after deduction to fall below 300 million yuan.

In addition, the annual review agency has not yet obtained evidence related to revenue recognition—such as warehouse-out documents, freight/transportation documents, and other documents evidencing transfer of title—for the income corresponding to certain matters involving returns and debt discount treatment. The agency plans to further collect materials and execute targeted audit procedures. If it ultimately fails to obtain sufficient and appropriate audit evidence, it may lead the annual review agency to issue non-unqualified opinions on *ST Yidao’s financial statements or internal control.

If the audited financial and accounting report for *ST Yidao’s fiscal year 2025 is issued with an audit opinion with reservation, an inability to express an opinion, or a negative opinion, or if the internal control is issued with an inability to express an opinion or a negative opinion, the company’s stock will also face forced delisting.

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