Core Viewpoint - The company, Shanghai Chuangxing Resources Development Co., Ltd., is facing significant financial challenges, including continuous losses and a risk of delisting due to negative net profits and insufficient revenue [7][8]. Financial Data - The company reported a net loss of 193,384,912.44 yuan for the year 2024, marking an increase in losses over the previous years [8]. - The company has experienced negative cash flow from operating activities for five consecutive years, with cash and cash equivalents amounting to only 3,540,940.37 yuan as of December 31, 2024 [8]. - The company’s current liabilities exceed current assets by 88,725,715.54 yuan, indicating liquidity issues [8]. Shareholder Information - The company disclosed a change in its controlling shareholder and actual controller, with specific restrictions on share transfers for certain shareholders for 18 months [6]. Impairment Losses - In the third quarter of 2025, the company reversed bad debt provisions amounting to 6,020,299.27 yuan, primarily due to the collection of previously impaired receivables [12][14]. - The company conducted impairment testing on its assets and recognized necessary provisions in accordance with accounting standards [12]. Going Concern Issues - The company’s auditor raised concerns regarding its ability to continue as a going concern due to ongoing financial difficulties and the potential for further losses [8].

证券代码：600193 证券简称：*ST 创兴 编号：2025－067 上海创兴资源开发股份有限公司 2025 年第三季度计提信用减值损失和资产减值损失的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《企业会计准则》和公司相关政策的规定，经管理层充分讨论，公司对 2025 年第三季度的各项资产进行了减值测试，计提了相应的坏账准备及资产减 值准备。 （二）本次计提减值准备的资产范围及金额 公司及合并报表范围内子公司 2025 年第三季度坏账准备转回 6,020,299.27 元，主要系已计提坏账准备的应收账款回款，对应坏账转回所致，具体情况如下： 单位：元 | 项目 | 本期发生额 | | --- | --- | | 应收账款坏账准备 | -6,012,798.29 | | 其他应收款坏账准备 | -7,500.98 | | 合同资产减值准备 | | | 合计 | -6,020,299.27 | 重要内容提示： 上海创兴资源开发股份有限公司（以下简称"创兴资源"或"公司"） 2025 年第三季度坏账准备转回 6,02 ...

Group 1 - The core viewpoint of the article highlights the significant decline in *ST Chuangxing's financial performance for the third quarter of 2023, with a revenue drop of 59.1% year-on-year [1] - The company reported a revenue of approximately 18.73 million yuan for the first three quarters of 2023 [1] - The net loss attributable to shareholders was approximately 14.49 million yuan, with a basic loss per share of 0.034 yuan [1] Group 2 - As of the report, *ST Chuangxing's market capitalization stands at 1.8 billion yuan [2]

Financial Performance - The company's operating revenue for the current period is CNY 18,354,621.05, representing a year-on-year increase of 121.25%[4] - The total profit for the current period is a loss of CNY 1,605,927.42, with a year-to-date loss of CNY 15,007,058.11[4] - The net profit attributable to shareholders for the current period is a loss of CNY 773,841.21, with a year-to-date loss of CNY 14,485,027.57[4] - Total operating revenue for the first three quarters of 2025 was CNY 18,728,608.61, a decrease from CNY 45,788,388.93 in the same period of 2024, representing a decline of approximately 59%[21] - Net profit for the first three quarters of 2025 was a loss of CNY 14,485,027.57, compared to a loss of CNY 19,645,053.42 in the same period of 2024, showing an improvement of approximately 26%[22] - The total comprehensive income attributable to the parent company was -14,485,027.57 RMB, compared to -19,645,053.42 RMB in the previous year[23] Cash Flow - The cash flow from operating activities for the current period is a negative CNY 5,786,255.08, with a year-to-date cash flow of negative CNY 10,130,551.41[5] - Cash inflows from operating activities totaled 74,728,186.87 RMB, an increase from 72,867,919.18 RMB in the same period last year[25] - Cash outflows from operating activities amounted to 84,858,738.28 RMB, compared to 70,898,317.35 RMB in the previous year[26] - The net cash flow from operating activities was -10,130,551.41 RMB, a decline from a positive 1,969,601.83 RMB in the prior year[26] - Cash flow from investing activities generated a net inflow of 2,178,828.00 RMB, recovering from a net outflow of -8,170,856.48 RMB last year[26] - Cash flow from financing activities resulted in a net inflow of 25,574,772.23 RMB, compared to 7,311,082.06 RMB in the previous year[27] - The net increase in cash and cash equivalents was 17,623,048.82 RMB, significantly higher than 1,109,827.41 RMB in the same period last year[27] - The ending balance of cash and cash equivalents was 21,163,989.19 RMB, compared to 5,844,412.19 RMB at the end of the previous year[27] Assets and Liabilities - Total assets at the end of the current period amount to CNY 548,651,699.68, a decrease of 4.15% from the previous year[5] - The company's total assets decreased to CNY 548,651,699.68 from CNY 572,427,808.91, reflecting a decline of about 4.2%[20] - Current liabilities totaled CNY 459,249,028.20, slightly down from CNY 468,523,360.99, a decrease of approximately 2.7%[19] - The total liabilities decreased to CNY 459,548,196.11 from CNY 468,863,577.77, a reduction of approximately 2.8%[19] - Long-term equity investments decreased to CNY 8,266,634.77 from CNY 9,843,213.59, a decline of about 16%[18] Shareholder Information - The company reported a total of 21,917 common shares outstanding at the end of the reporting period[12] - Zhejiang Overseas Chinese Industry Co., Ltd. holds 34,664,147 shares, representing 8.15% of total shares, with all shares frozen[12] - The top ten shareholders collectively hold a significant portion of shares, with the largest shareholder owning 34,664,147 shares[12] Financial Risks and Concerns - The company has a significant risk of default on a loan of approximately 3.79 million RMB due to its wholly-owned subsidiary's failure to repay[15] - The company has been placed under delisting risk warning as of May 6, 2025, due to negative net profit and revenue below 300 million RMB[15] - The company experienced a net loss of 193,384,912.44 RMB in 2024, marking an increase in losses compared to previous years[15] - The company has faced continuous cash flow issues, with negative cash flow from operating activities for five consecutive years[15] - The company is under scrutiny for its ability to continue as a going concern due to ongoing financial difficulties[15] Changes in Expenses - The decrease in net profit attributable to shareholders for the year-to-date is mainly due to the reversal of bad debt provisions[10] - The company reported an increase in cash outflows due to higher payments for goods, impacting both the current and year-to-date cash flow from operating activities[10] - Research and development expenses for the first three quarters of 2025 were CNY 643,304.00, significantly lower than CNY 3,748,039.88 in 2024, indicating a reduction of approximately 83%[21] - The company reported a credit impairment loss of CNY 5,993,621.01 in 2025, compared to a loss of CNY 11,813,836.19 in 2024, showing an improvement of about 49%[22] Earnings Per Share - The basic earnings per share for the current period is CNY -0.002, compared to CNY -0.034 for the year-to-date[5] - Basic and diluted earnings per share were both -0.034 RMB, down from -0.046 RMB year-over-year[23] Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2025[28]

Market Overview - The decoration and renovation sector increased by 0.74% compared to the previous trading day, with *ST Dongyi leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - The top-performing stocks in the decoration and renovation sector included: - *ST Dongyi: Closed at 8.34, up 5.04% with a trading volume of 180,700 shares and a turnover of 151 million yuan [1] - *ST Zhongzhuang: Closed at 3.70, up 4.52% with a trading volume of 231,400 shares and a turnover of 84.8 million yuan [1] - *ST Jianyi: Closed at 10.13, up 4.11% with a trading volume of 55,200 shares and a turnover of 56.1 million yuan [1] Capital Flow - The decoration and renovation sector experienced a net outflow of 76.68 million yuan from institutional investors, while retail investors saw a net inflow of 138 million yuan [2] - The capital flow for specific stocks showed: - *ST Zhongzhuang had a net inflow of 14.56 million yuan from institutional investors [3] - Jin Tanglong saw a net inflow of 10.21 million yuan from institutional investors [3] - Yaxia Co. had a net inflow of 4.51 million yuan from institutional investors [3]

Core Points - The major shareholder, Hainan Furongxing, held 33,139,971 shares of Shanghai Chuangxing Resource Development Co., Ltd., accounting for 7.79% of the total share capital before the reduction plan [2] - The reduction plan was announced on June 26, 2025, with Hainan Furongxing intending to reduce its holdings by up to 12,293,279 shares, or 2.89% of the total share capital, within three months [3] - As of the announcement date, Hainan Furongxing successfully reduced its holdings by 5,053,700 shares, representing 1.19% of the total share capital [3][5] Shareholder Reduction Details - The reduction was due to Hainan Furongxing's funding needs and investment strategy adjustments [3] - The reduction was planned to be executed through block trades and centralized bidding, with a maximum of 8,039,549 shares through block trades and 4,253,730 shares through centralized bidding [3] - The actual reduction met the previously disclosed plan, and there was no early termination of the reduction plan [5]

证券代码：600193 证券简称：*ST 创兴 公告编号：2025-066 上海创兴资源开发股份有限公司 股东减持股份结果公告 本次股份减持计划前，海南芙蓉兴私募基金管理合伙企业（有限合伙）-芙 蓉兴馨香一号私募证券投资基金（以下简称"海南芙蓉兴"）持有上海创兴资源 开发股份有限公司（以下简称"公司"、"创兴资源"）无限售条件流通股 33,139,971 股，占公司总股本的 7.79%； 上述股东本次拟减持的股份来源为协议转让。 减持计划的实施结果情况 2025 年 6 月 26 日，公司披露了《关于持股 5%以上股东减持股份计划公告》， 海南芙蓉兴因自身资金需求及投资策略调整，计划自减持计划公告披露之日起 15 个交易日后的 3 个月内进行减持。在此期间，海南芙蓉兴拟通过大宗交易、 集中竞价方式合计减持不超过公司总股本的 2.89%，即减持数量合计不超过 12,293,279 股。其中：采用大宗交易方式减持不超过公司总股本的 1.89%，即减 持数量不超过 8,039,549 股；采用集中竞价方式减持不超过公司总股本的 1%， 即减持数量不超过 4,253,730 股。截至本公告披露日，本次减持计划期限届满 ...

Core Viewpoint - Hainan Furongxing announced a share reduction plan, intending to reduce up to 2.89% of the total share capital within three months through block trading and centralized bidding [1] Summary by Relevant Sections Share Reduction Plan - The plan was disclosed on June 26, 2025, with a maximum reduction of 12,293,300 shares [1] - The actual reduction amounted to 5,053,700 shares, representing 1.19% of the total share capital [1] Financial Impact - The total amount from the reduction was 21,830,800 yuan [1] - Post-reduction, Hainan Furongxing holds 28,086,300 shares, which is 6.60% of the total share capital [1]

Market Overview - The decoration and renovation sector increased by 1.75% on October 15, with Haoer Sai leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Gainers in the Sector - Haoer Sai (002963) closed at 15.81, up 7.55% with a trading volume of 100,100 shares and a turnover of 155 million [1] - Decai Co., Ltd. (605287) closed at 26.10, up 5.67% with a trading volume of 72,800 shares and a turnover of 187 million [1] - ST Chuangxing (600193) closed at 4.32, up 5.11% with a trading volume of 120,000 shares and a turnover of 51.11 million [1] Other Notable Stocks - ST Dongyi (002713) closed at 7.28, up 5.05% with a trading volume of 14,000 shares and a turnover of 10.20 million [1] - ST Ruihe (002620) closed at 6.06, up 5.03% with a trading volume of 46,600 shares and a turnover of 2.78 million [1] - ST Keli Da (603828) closed at 5.31, up 3.71% with a trading volume of 68,500 shares and a turnover of 36.02 million [1] Market Capital Flow - The decoration and renovation sector saw a net inflow of 5.28 million from institutional investors, while retail investors contributed a net inflow of 8.94 million [2] - Speculative funds experienced a net outflow of 14.23 million [2] Individual Stock Capital Flow - Quanzhu Co. (603030) had a net inflow of 30.46 million from institutional investors, but a net outflow of 13.22 million from speculative funds [3] - ST Chuangxing (600193) saw a net inflow of 13.07 million from institutional investors, with a net outflow of 8.12 million from speculative funds [3] - ST Ruihe (002620) had a net inflow of 5.43 million from institutional investors, while speculative funds experienced a net outflow of 3.42 million [3]

Core Viewpoint - The company has approved a guarantee for its affiliate, providing a total guarantee limit of RMB 300 million for the debts of its subsidiary, with additional arrangements for counter-guarantees from the controlling shareholder [1][2]. Group 1: Guarantee Overview - The company approved a guarantee for its affiliate Shanghai Chuangxing Resource Development Co., Ltd.'s wholly-owned subsidiary, Wenling Lianying Construction Engineering Co., Ltd., with a maximum principal limit of RMB 300 million [1]. - The guarantee is for debts incurred between Wenling Lianying and Industrial Bank Co., Ltd. Taizhou Wenling Branch, as well as Taizhou Jinkong Leasing Co., Ltd. or its subsidiaries [1]. Group 2: Counter-Guarantee Details - The controlling shareholder Wang Xiangrong will provide a counter-guarantee for the company's obligations related to the guarantee provided to Wenling Lianying [2]. - A maximum principal limit of RMB 100 million has been established for the counter-guarantee, effective from September 28, 2025, to September 27, 2026 [2][8]. Group 3: Subsidiary Information - Wenling Lianying Construction Engineering Co., Ltd. was established on July 1, 2020, with a registered capital of RMB 50 million [3]. - As of December 31, 2024, Wenling Lianying reported total assets of RMB 1.5773 million and net assets of RMB 402,500, with an operating income of RMB 3.1215 million and a net profit of RMB 55,600 for the year [4]. Group 4: Guarantee Contract Details - The guarantee includes all debts under the credit agreement between the creditor and the debtor, with a total guarantee limit of RMB 100 million [6]. - The guarantee is structured as a joint liability guarantee, meaning the company is responsible for the entire amount of the debt [7]. Group 5: Current Guarantee Status - As of the announcement date, the company has a total external guarantee balance of RMB 2.5966353 billion, which accounts for 20.15% of the latest audited net assets [9]. - There are no overdue guarantees or guarantees involved in litigation as of the announcement date [9]. Group 6: Reference Documents - The company has made available the "Maximum Guarantee Contract" and the "Counter-Guarantee Agreement" for review [10].