The moment to remove the 'ST' designation has finally arrived for *ST Zhisheng (002253). According to an announcement on the evening of June 24th, the company's application to revoke the delisting risk warning has been approved by the Shenzhen Stock Exchange. In accordance with the relevant provisions of the Shenzhen Stock Exchange Listing Rules, trading of the company's shares will be suspended for one day starting from the market open on June 25, 2026. Trading will resume on June 26, 2026, with the delisting risk warning revoked. The stock abbreviation will change from "*ST Zhisheng" to "Sichuan University Zhisheng," while the stock code will remain "002253." The daily price fluctuation limit will be adjusted from 5% to 10%.

*ST Zhisheng was able to apply for the removal of the 'ST' designation because its operating revenue exceeded the critical threshold of 300 million yuan. However, clearing the delisting risk is merely a compliance hurdle; the company has not yet fully overcome its operational challenges. The key question that follows is: when will the company actually become profitable?

Based on the standard unqualified audit report and the special verification report on the company's 2025 revenue deduction items issued by Beijing Guofu Jiaying Certified Public Accountants, the company's operating revenue for 2025, after deducting income unrelated to its main business and income lacking commercial substance, was 323 million yuan. The total profit was a loss of 287 million yuan, the net profit attributable to shareholders of the listed company was a loss of 243 million yuan, and the net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 252 million yuan.

It is evident that the reason for the successful removal of the 'ST' designation was meeting the revenue target. Looking at 2025, the company's operating revenue for the first three quarters was only 76.63 million yuan. Revenue surged significantly in the fourth quarter alone, allowing it to cross the 300 million yuan threshold for delisting risk assessment, yet the net profit still showed a substantial loss.

With the delisting risk warning revoked and trading resuming, greater attention should be paid to the "operational viability" reflected in Sichuan University Zhisheng's subsequent financial reports. After all, revoking a risk warning requires only an exchange announcement, but truly emerging from difficulties requires genuine performance as proof.

The 2025 financial data barely met the requirements. Although Sichuan University Zhisheng successfully removed the 'ST' designation, this does not signify an improvement in the company's operations. In the first quarter of 2026, the company's revenue growth slowed significantly, with a year-on-year increase of only 1.16%. Notably, this nearly stagnant growth occurred against the backdrop of a low base in the same period last year.

Regarding net profit, the single-quarter loss reached 17.95 million yuan, representing a 41% year-on-year increase in losses. For the first quarter, Sichuan University Zhisheng experienced stagnant revenue growth and a worsening net loss.

Removing the 'ST' designation is just the starting point. Achieving profitability is the decisive key to success.