ST Panda: Revenue for the first three quarters of 2025 decreases by 25.86%, indicating multiple risks.

*ST Panda announced that its revenue from January to September 2025 was 155,420,600 yuan, a year-on-year decrease of 25.86%; net profit was 13,560,100 yuan, a year-on-year decrease of 53.25%; non-GAAP net profit was 11,024,400 yuan, a year-on-year decrease of 47.44%. Due to the audit report with disclaimed opinion on the financial statements for the year 2024 and the negative opinion on internal control, the company's stock has been delisted and subjected to other risk warnings. Non-standard matters have not made any progress, and if the conditions for revocation are not met in 2025, the company will cease to be listed. In addition, the 2.6 million shares held by shareholder Galaxy Bay International will be subject to judicial auction, with uncertain results. The recent fluctuations in the stock price serve as a reminder for investors to pay attention to the risks.