ST Spring: Large stock price fluctuations indicate trading risks and risks such as delisting.

ST Spring announced that the company's stock hit the daily limit up on December 2-3, 2025, with significant volatility after excluding market factors. The company's main business remains unchanged despite this change in operation scope. In the first three quarters of 2025, the company's revenue was 212,530,300 yuan, net profit was -2,831,700 yuan, and non-GAAP net profit was -5,890,400 yuan. If the annual revenue in 2025 is less than 300 million yuan and profit-related indicators are negative, the stock will be delisted. In addition, the controlling shareholder and its concerted actors have pledged 143.76 million shares, accounting for 24.49% of the total share capital, with a relatively high pledge ratio.