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].

Core Viewpoint - The article highlights the increasing pressure on companies facing delisting risks due to stringent regulations aimed at maintaining a healthy capital market, with a significant number of companies already under warning for poor financial performance and misconduct [1][3]. Group 1: Delisting Risks and Regulations - As of this year, 107 companies have been placed under delisting risk warnings, with 83 from the main board and 19 from the ChiNext board [3]. - The new delisting regulations are the strictest in history, targeting companies with long-term poor performance, financial fraud, or other serious issues [1][3]. - Companies on the main board face delisting if they have negative net profits for two consecutive years and revenue below 300 million yuan, while those on the ChiNext and Sci-Tech Innovation boards have lower thresholds [3]. Group 2: Financial Performance of Affected Companies - Among the 83 main board companies, 55 reported revenues below 300 million yuan in their latest audits [3]. - Six companies are undergoing legal restructuring or bankruptcy proceedings, and another six have been involved in fraudulent issuance or severe financial misconduct [3][4]. - Twelve companies reported negative net assets in their latest audits, and four were unable to provide audit reports [3]. Group 3: Industry Impact - The construction and decoration industry has the highest number of companies facing delisting risks, with 12 companies affected [10][11]. - The downturn in the real estate market has directly impacted construction companies, leading to reduced demand and delayed payments, which in turn affects their revenues and profitability [12]. - The complexity of the construction industry, involving multiple stages and significant capital investment, increases the risk of financial instability [12].

证券代码：600193 证券简称：*ST 创兴 公告编号：2025－065 上海创兴资源开发股份有限公司 关于公司与全资子公司为关联方提供反担保的进展公告 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。 一、反担保情况概述 因日常经营发展需要，上海创兴资源开发股份有限公司（以下简称"公司" 或"创兴资源"）全资子公司温岭联盈建筑工程有限公司（以下简称"联盈建筑"） 拟向兴业银行股份有限公司台州温岭支行（以下简称"兴业银行"）申请借款， 公司关联方利欧集团股份有限公司（以下简称"利欧股份"）为上述借款事项向 兴业银行提供连带责任保证，并与其签署《最高额保证合同》，担保的最高本金 限额为人民币 1 亿元。 公司及联盈建筑为上述担保事项提供反担保措施。 上述反担保事项已经公司 2025 年第三次临时股东大会审议通过。 具体内容详见公司分别于 2025 年 9 月 8 日及 2025 年 9 月 24 日刊登在上海证 券交易所网站（www.sse.com.cn）及《中国证券报》、《上海证券报》、《证券日 报》、《证券时报》上的《关于关 ...

Market Overview - On September 30, the decoration and renovation sector rose by 0.29% compared to the previous trading day, with *ST Dongyi leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - The closing prices and performance of key stocks in the decoration and renovation sector are as follows: - *ST Dongyi: Closed at 5.70, down 4.97% with a trading volume of 27,700 and a turnover of 15.81 million [1] - ST Keli Da: Closed at 4.89, up 4.94% with a trading volume of 65,500 and a turnover of 31.26 million [1] - Other notable stocks include *ST Chuangxing, Mengersai, and Zhengzhong Design, with respective closing prices and slight increases [1] Capital Flow - The decoration and renovation sector saw a net inflow of 473,400 yuan from institutional investors, while retail investors contributed a net inflow of 604,520 yuan [2] - However, there was a net outflow of 651,860 yuan from speculative funds [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Quanzhu Co., with a net inflow of 9.05 million yuan from institutional investors [3] - Jianghe Group, with a net inflow of 8.49 million yuan [3] - Hainan Development, with a net inflow of 5.46 million yuan [3] - Conversely, *ST Dongyi experienced a net inflow of 2.79 million yuan from institutional investors but had outflows from both speculative and retail investors [3]

Core Viewpoint - The renovation and decoration sector experienced a 0.9% increase on September 29, with *ST Zhongzhuang leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] - The top-performing stocks in the renovation and decoration sector included *ST Zhongzhuang, which rose by 5.03% to a closing price of 3.55, and *ST Dongyi, which also increased by 5.03% to 5.43 [1] Group 2: Trading Volume and Value - *ST Zhongzhuang had a trading volume of 191,300 shares and a transaction value of 66.987 million yuan [1] - Other notable stocks included ST Mingjiahui with a closing price of 4.12, up 3.52%, and a trading volume of 148,600 shares, resulting in a transaction value of 60.7807 million yuan [1] Group 3: Capital Flow - The renovation and decoration sector saw a net inflow of 44.94 million yuan from institutional investors, while retail investors contributed a net inflow of 94.455 million yuan [2] - Conversely, speculative funds experienced a net outflow of 989.49 million yuan [2]

| 反崇垫五日思 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 奥出营业部 | 是否为专场 | | 025-09-24 | *ST側兴 | 600193 | 4.2 210 2 50 發動產業態は習品 | 蛋白菜的背景感染 | | 190 | 9月24日，*ST创兴大宗交易成交50万股，成交额210万元，占当日总成交额的7.06%，成交价4.2元，较 市场收盘价4.22元折价0.47%。 ...