JST GROUP (06687) saw its shares decline more than 5%. As of the time of writing, the stock was down 5.22%, trading at HK$22.16, with a turnover of HK$8.6782 million. The movement follows the company's issuance of a profit warning. JST GROUP anticipates that for the fiscal year ending December 31, 2025, the group will report a net loss attributable to equity shareholders of approximately RMB 1.6 billion to RMB 1.7 billion. This contrasts with a net profit attributable to equity shareholders of about RMB 12.2 million for the year ended December 31, 2024, representing a shift from profit to loss year-on-year. The announcement stated that the change in financial performance to a net loss for the 2025 fiscal year is primarily due to a significant loss arising from the company's issuance of convertible redeemable preferred shares. These shares were issued prior to the company's listing on The Stock Exchange of Hong Kong Limited on October 21, 2025, and were automatically converted into ordinary shares post-listing. For the year ending December 31, 2025, the loss related to these preferred shares is approximately RMB 1.77 billion, compared to about RMB 18.5 million for the year ended December 31, 2024. This substantial increase is mainly attributed to fair value changes of the preferred shares resulting from a significant rise in the company's market capitalization following its listing.