Warning Implications of Tianjian Technology's Delisting Risk Alert for Investments in A-Shares SME Board Military Industry Concept Stocks

Based on the above analysis, I will provide you with a detailed professional report:

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Tianjian Technology (Stock Code: 002977.SZ) issued a major risk alert announcement on the evening of January 19, 2026. After preliminary calculation by the company’s financial department, the net profit attributable to shareholders of the listed company for 2025 is expected to be a loss of RMB 175,772,000 to RMB 249,809,200, and the net profit after deducting non-recurring gains and losses is expected to be a loss of RMB 175,772,000 to RMB 249,809,200, with expected operating revenue of -RMB 141,000,000 to -RMB 201,000,000[1][2].

According to Item (1) of Paragraph 1 of Article 9.3.1 of the “Shenzhen Stock Exchange Listing Rules”, if a listed company has the situation where “the lowest of the audited total profit, net profit, and net profit after deducting non-recurring gains and losses in the most recent fiscal year is negative, and the operating revenue after deduction is less than RMB 300 million”, the Shenzhen Stock Exchange will implement a delisting risk alert for its stock trading. Tianjian Technology currently meets all the above conditions, so the company’s stock will be suspended for one day after the disclosure of the 2025 annual report, and a delisting risk alert will be implemented upon resumption of trading, with the “*ST” mark prefixed to the stock abbreviation[1][3].

The fundamental cause of Tianjian Technology’s huge performance loss is the

. The company’s main customers are subsidiaries of large military industry groups, and the end users are users in specific fields. According to the pricing regulations for products in specific fields, some of the company’s finalized products need to be priced by users in specific fields. Before the price is approved, the company records the delivery price to customers at the provisional contract price negotiated by both parties, and adjusts it after the price is approved by users in specific fields[3].

In this period, the company has adjusted the revenue recognized at provisional prices in previous years in accordance with the official price review agreements for related products, involving 3 models of products subject to price adjustment, affecting accounting periods for up to 11 years. According to accounting policies, it is expected to reduce operating revenue by approximately RMB 260 million, and the expected impact on net profit attributable to shareholders of the listed company is approximately -RMB 210 million[3]. This adjustment has directly turned the company from a profitable state to a huge loss, fully revealing the huge impact of the military product pricing mechanism on corporate performance.

According to the latest financial data, many core indicators of Tianjian Technology have shown a significant deterioration trend[0]:

Financial Indicator	Value	YoY Change	Risk Rating
P/E (TTM)	-252.39x	Turned from positive to negative	High Risk
ROE	-1.55%	Sharp decline	High Risk
Net Profit Margin	-21.02%	Turned from positive to negative	High Risk
Operating Profit Margin	-28.70%	Turned from positive to negative	High Risk
Current Ratio	10.96	Relatively high	Relatively Stable

The company’s current ratio and quick ratio are as high as 10.96 and 10.02 respectively, indicating that the company has no concerns about short-term solvency, but this also reflects that the company’s capital utilization efficiency is low, and there is room for optimization of its asset structure. The key problem is that the profitability of the company’s main business has been severely damaged, and the net profit after deducting non-recurring gains and losses has remained negative[0].

According to Paragraph 1 of Article 9.3.1 of the “Shenzhen Stock Exchange Listing Rules”, if a listed company has any of the following circumstances, the Shenzhen Stock Exchange will implement a delisting risk alert for its stock trading[1][3]:

1. Net Profit is Negative
   : The audited net profit in the most recent fiscal year is negative;
2. Net Profit After Deducting Non-Recurring Gains and Losses is Negative
   : The audited net profit after deducting non-recurring gains and losses in the most recent fiscal year is negative;
3. Operating Revenue is Less Than RMB 300 Million
   : The audited operating revenue in the most recent fiscal year is less than RMB 300 million, or the operating revenue in the most recent fiscal year is less than RMB 300 million after retrospective restatement.

The above three conditions need to be

, i.e., “the lowest of total profit, net profit, and net profit after deducting non-recurring gains and losses is negative, and the operating revenue after deduction is less than RMB 300 million”.

Trigger Condition	Situation of Tianjian Technology	Triggered or Not
Total Profit is Negative	Loss of RMB 170.48 million to 242.29 million	✓
Net Profit is Negative	Loss of RMB 175.77 million to 249.81 million	✓
Net Profit After Deducting Non-Recurring Gains and Losses is Negative	Loss of RMB 175.77 million to 249.81 million	✓
Operating Revenue is Less Than RMB 300 Million	-RMB 141 million to -RMB 201 million	✓
Operating Revenue After Deduction is Less Than RMB 300 Million	-RMB 141 million to -RMB 201 million	✓

Tianjian Technology

all the trigger conditions for delisting risk alert, which is the fundamental reason why the company’s stock will be subject to *ST treatment[1][2][3].

The Tianjian Technology event fully reveals the

in investing in military industry concept stocks, which are significantly different from those of ordinary civilian industrial enterprises:

Military products adopt an approved pricing mechanism, and there may be a large difference between the provisional product pricing and the final approved price. This difference may be adjusted several years after product delivery, having a major retrospective impact on corporate performance. The retrospective period for price adjustments of some products involved in Tianjian Technology is up to 11 years, fully demonstrating the long-term and hidden nature of this risk[3].

The customers of military industry enterprises are highly concentrated, mainly being subsidiaries of large military industry groups. The singleness of order sources makes corporate operating performance highly dependent on the procurement plans of a few customers. When customers adjust their procurement rhythm or product structure, enterprises may face the risk of significant order fluctuations.

Due to the particularity of the military industry, the settlement cycle is usually long, and the payment approval process is complicated. Part of the reason for Tianjian Technology’s negative operating revenue in 2025 is the reversal adjustment of revenue from previous years, which reflects the complexity of payment collection and revenue recognition for military product sales.

Military industry enterprises are subject to strict industry supervision and policy constraints. Policy adjustments, confidentiality requirements, changes in qualification certification, etc., may have a major impact on corporate operations. In addition, the CSRC’s requirements for information disclosure are becoming increasingly strict, and acts such as financial fraud and market manipulation will be severely punished[2].

Risk Category	Characteristic Description	Investment Suggestion
Delisting Risk	Some enterprises have suffered consecutive losses, with operating revenue less than RMB 300 million	Avoid *ST and near-delisting enterprises
Performance Fluctuation Risk	Military product pricing mechanism leads to sharp performance fluctuations	Focus on the stability of revenue recognition policies
Valuation Risk	P/E of loss-making enterprises is distorted; need to focus on PB	Use PB or EV/EBITDA for valuation
Liquidity Risk	Small-cap enterprises have poor liquidity	Control positions and diversify investments

From the performance in the secondary market, Tianjian Technology’s stock price has shown a clear downward trend in the past year[0]:

Statistical Period	Price Change	Remarks
5-Day	-2.85%	Accelerated decline after risk alert
1-Month	-19.63%	Continued weakness after performance warning
6-Month	-3.38%	Weak overall trend
1-Year	+36.64%	Rebound from previous oversold level
5-Year	-51.96%	Long-term downward trend

The long-term downward trend of the stock price reflects the market’s concerns about the company’s fundamentals. It is worth noting that although the stock price has risen by 36.64% in a year, this is mainly based on the previous oversold level, and the overall long-term trend is still downward[0].

1. Avoid enterprises that trigger delisting risks
   : For military industry concept stocks with negative net profit and negative net profit after deducting non-recurring gains and losses, and operating revenue less than RMB 300 million, investors should resolutely avoid them. Tianjian Technology has been confirmed to trigger the delisting risk alert, and its stock will be subject to *ST treatment after resumption of trading; investors should avoid it.
2. Focus on the proportion of military product revenue
   : Enterprises with a too high proportion of military product revenue are more affected by the pricing mechanism in terms of performance. When the proportion of military product revenue exceeds 70%, the pricing risk and order fluctuation risk faced by the enterprise increase significantly.
3. Analyze revenue recognition policies
   : Investors should focus on the revenue recognition policies of enterprises for military product sales, especially the handling of differences between provisional pricing and approved pricing. Enterprises with aggressive policies may face the risk of large adjustments in the future.

1. Diversify investments
   : Do not over-concentrate funds in a single military industry enterprise or sub-sector. It is recommended to allocate funds across sub-sectors such as aerospace, shipbuilding, and land equipment.
2. Opt for industry leaders
   : Listed companies under large military industry groups (such as those under AVIC, AECC, China North Industries Group, etc.) have obvious advantages in resource acquisition and order stability, with strong risk resistance capabilities.
3. Focus on civilian enterprises entering the military industry
   : Some civilian enterprises entering the military industry have technological advantages in sub-sectors and relatively diversified revenue structures, but their technological strength and order sustainability need to be carefully screened.

1. Regularly track the progress of price review
   : Investors should pay attention to the price review progress of the enterprise’s main products and predict the possible amplitude of revenue adjustment.
2. Pay attention to policy changes
   : Changes in national defense budget, military product procurement policies, industry access thresholds, etc., may affect the operating environment of military industry enterprises.
3. Set stop-loss disciplines
   : For investments in military industry concept stocks, reasonable stop-loss levels should be set to avoid sharp fluctuations in portfolio net value caused by the sharp decline of a single stock.

The event of Tianjian Technology’s huge loss triggering the delisting risk alert is a typical case of the normalized delisting trend against the background of the registration system reform in the A-share market. This event has the following core warning implications for investments in SME Board military industry concept stocks:

1. Military product pricing risks cannot be ignored
   : The difference between provisional pricing and approved pricing may have a major retrospective impact on corporate performance. This risk is unique to military industry enterprises, and investors must fully understand and evaluate it.
2. Delisting risks are being substantially implemented
   : The Shenzhen Stock Exchange strictly enforces delisting rules, and enterprises with negative net profit and operating revenue less than RMB 300 million will face *ST treatment or even delisting. Investors should stay away from enterprises with deteriorating fundamentals.
3. Industry characteristics determine investment strategies
   : Investing in military industry concept stocks requires in-depth understanding of industry characteristics, and targeted strategies should be adopted in stock selection, allocation, risk monitoring, etc.
4. Fundamental research is increasingly important
   : Against the background of the registration system, shell value is gradually disappearing, and the real fundamentals of enterprises have become the core factor determining investment value. Investors should strengthen fundamental research and avoid speculative behaviors.

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[1] Shanghai Securities News - Tianjian Technology: The company’s stock trading may be subject to delisting risk warning (https://wap.eastmoney.com/a/202601193623515139.html)

[2] Jiemian News - Tianjian Technology: Expected net loss attributable to shareholders of listed companies of RMB 176 million to 250 million in 2025, may be subject to delisting risk warning (https://www.jiemian.com/article/13904977.html)

[3] Securities Times - Tianjian Technology expects a loss of RMB 176 million to 250 million in 2025; stock trading may be subject to delisting risk warning (https://www.stcn.com/article/detail/3600714.html)

[0] Jinling AI Financial Database - Tianjian Technology (002977.SZ) Company Profile and Financial Data