2025 is approaching. Every year, January is the time for intensive publication of annual reports and performance forecasts. At the same time, according to the practice of previous years, listed companies will publish annual reports one after another in late January, and the “big test” of annual performance will soon begin. However, this time is even more different. Since the 2024 annual report is the first annual report to be applied to the “New Delisting Regulations”, it has attracted market attention. Recently, a “delisting risk list” has been circulating on the market, which lists hundreds of A-share listed companies. Some agency sources believe that the list is only a screening and sorting based on past public information; it only serves as a reference and warning; it does not mean the final result. Investors should not only pay attention to related risks, but also view them relatively rationally.