Financial Performance - The company's operating revenue for the third quarter was ¥147,835,679.44, a decrease of 63.93% compared to the same period last year[4] - The total profit for the third quarter was -¥41,463,003.50, reflecting a decline of 282.73% year-over-year[4] - The net profit attributable to shareholders for the third quarter was -¥43,050,201.79, down 308.72% from the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥45,515,934.84, a decrease of 383.34% compared to the same period last year[4] - The basic earnings per share for the third quarter was -¥0.061, a decline of 310.34% year-over-year[5] - Total operating revenue for the first three quarters of 2025 was ¥784,250,095.13, a decrease of 38.9% compared to ¥1,282,583,803.88 in the same period of 2024[23] - The net profit for the first three quarters of 2025 was a loss of ¥73,924,043.29, compared to a net profit of ¥47,123,827.54 in the same period of 2024[24] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.123, compared to ¥0.063 in 2024[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,733,232,828.21, a decrease of 6.08% from the end of the previous year[5] - The company's total assets decreased from ¥3,974,855,380.28 in the previous year to ¥3,733,232,828.21, a decline of 6.1%[20] - Total liabilities decreased from ¥2,085,853,567.82 to ¥1,927,367,011.00, representing a reduction of 7.6%[20] - The total equity attributable to shareholders decreased from ¥1,823,069,365.96 to ¥1,726,389,371.42, a decline of 5.3%[20] Cash Flow - The cash flow from operating activities for the year-to-date was -¥894,170,297.85, indicating a substantial cash outflow[4] - The net cash flow from operating activities was -894,170,297.85, compared to -149,943,597.45 in the previous period, indicating a significant decline[27] - Total cash inflow from financing activities was 914,909,906.09, while cash outflow was 1,056,151,025.77, resulting in a net cash flow of -141,241,119.68[28] - The cash and cash equivalents at the end of the period amounted to 47,733,823.60, down from 1,316,603,221.49 in the previous period[28] - The company paid 987,632,589.89 in cash to repay debts, reflecting a significant cash outflow[28] Revenue and Costs - The company reported a significant decline in revenue from its pharmaceutical and medical beauty businesses, contributing to the overall decrease in financial performance[9] - Total operating costs for the first three quarters of 2025 were ¥775,519,997.57, down from ¥1,252,193,155.38 in 2024, reflecting a reduction of 38.0%[23] - Cash received from sales of goods and services was ¥993,855,198.54, significantly lower than ¥5,327,686,232.29 in the same period of 2024, a decrease of 81.3%[26] Investments and Assets Management - The company’s long-term equity investments increased slightly to approximately RMB 148.84 million from RMB 144.23 million, showing a growth of about 3.6%[18] - The company’s goodwill remained stable at approximately RMB 122.34 million, indicating no significant changes in this asset category[18] - The company reported a total cash outflow from investment activities of 172,975,244.80, indicating increased investment expenditures[27] Regulatory and Legal Issues - The company has received a notice from the China Securities Regulatory Commission regarding potential penalties for overstating revenue and profits from 2020 to 2023, which could lead to mandatory delisting[13] - The company’s stock has been placed under risk warning due to the inability of the auditing firm to express an opinion on the 2024 financial report, which may lead to delisting[15] - The company is currently facing arbitration proceedings related to a breach of contract by RegenBiotech Inc., which may impact its product sales[15] Shareholder Information - The company reported a total of 122,795,762 shares held by its largest shareholder, Suzhou Wuzhong Investment Holdings Co., Ltd., representing a significant portion of the equity[12] Credit and Impairment - The company reported a credit impairment loss of ¥95,431,051.68 in 2025, compared to a loss of ¥3,807,236.26 in 2024, indicating a significant increase in credit risk[24] - Non-operating funds occupied by related parties reached RMB 169.26 million as of the end of 2023, representing 96.09% of the disclosed net assets, indicating a significant financial risk[14]

Core Insights - The average stock price of A-shares is 14.06 yuan, with 28 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - Among the low-priced stocks, 12 are ST stocks, accounting for 42.86% of the total [1] - In terms of market performance, 11 of the low-priced stocks increased in price, with HNA Holding, ST Lingnan, and Jin Zheng Da showing the highest gains of 3.55%, 2.58%, and 1.68% respectively [1] Low-Priced Stocks Overview - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.86 yuan and *ST Su Wu at 0.96 yuan [1] - The daily performance of low-priced stocks shows that 11 stocks increased while 11 decreased, with *ST Yuan Cheng, ST Jing Lan, and ST Ming Cheng experiencing the largest declines of 4.44%, 2.25%, and 1.60% respectively [1] - The table of low-priced stocks includes various sectors such as telecommunications, construction decoration, pharmaceuticals, real estate, and steel [1][2]

New Stock Issuance - Multiple companies are experiencing significant abnormal fluctuations in stock prices, including 香农芯创 (300475) with a notice date of 2025-10-24[1] - 天普股份 (605255) reported on 2025-10-21[1] - 生益电子 (688183) and 达华智能 (002512) both reported on 2025-10-29[1] Trading Alerts - 21 companies have been flagged for abnormal trading activities as of 2025-10-29, indicating potential volatility in the market[1] - ST新华锦 (600735) and 汇绿生态 (001267) are among those with recent alerts on 2025-10-29[1] - The report includes links to detailed announcements for each company, providing transparency and further information for investors[1] Market Trends - The report highlights a trend of increased scrutiny on companies with abnormal stock price movements, suggesting a potential shift in regulatory focus[1] - Investors are advised to monitor these stocks closely due to the heightened risk associated with abnormal fluctuations[1]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 28, there are 936 stocks with a circulating market value below 3 billion yuan, and 372 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,649 stocks have a total market value below 5 billion yuan, with 542 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST元成: 293 million yuan - *ST高鸿: 430 million yuan - 坤泰股份: 658 million yuan [1] - The three stocks with the smallest total market values are: - *ST元成: 293 million yuan - *ST高鸿: 440 million yuan - *ST苏吴: 682 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: 293 million yuan, PE ratio: N/A, Industry: Construction Decoration - *ST高鸿: 430 million yuan, PE ratio: N/A, Industry: Communication - 坤泰股份: 658 million yuan, PE ratio: 47.90, Industry: Automotive - *ST苏吴: 682 million yuan, PE ratio: N/A, Industry: Pharmaceutical [1][2]

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-126 根据《股票上市规则》第 9.6.1 条规定，交易类强制退市公司股票不进入退 市整理期交易。 三、公司存在重大违法退市风险 重要风险提示： 一、公司股票可能被终止上市的原因 根据《股票上市规则》第 9.2.1 条第一款的规定：在上交所仅发行 A 股股票 的上市公司，如果连续 20 个交易日的每日股票收盘价均低于 1 元，公司股票可 能被上交所终止上市交易。公司股票 2025 年 10 月 28 日收盘价为 0.96 元/股， 低于人民币 1 元。如果出现"连续 20 个交易日的每日股票收盘价均低于人民币 1 元"的情形，公司股票可能被上交所终止上市交易。 江苏吴中医药发展股份有限公司(以下简称"公司")股票 2025 年 10 月 28 日收盘价为 0.96 元/股，低于人民币 1 元。根据《上海证券交易所股 票上市规则》（以下简称"《股票上市规则》"）第 9.2.1 条第一款第 一项规定，在上海证券交易所（以下简称"上交所"）仅发行 A 股股票 的上市公司，如果连续 20 个交易日的每日股票收盘价均低于 1 元，公司 股票可能被上 ...

Core Points - *ST Suwu experienced a limit down on October 27, 2025, with a closing price of 1.01 yuan, reflecting a decline of 4.72% and a total market capitalization of 718 million yuan [1] Group 1: Company Performance - The company's ESG rating from Shandao Ronglv for Q3 2025 was downgraded to C, indicating deficiencies in environmental, social, and governance aspects, which may deter ESG-focused institutional investors and lead to capital outflows [2] - On September 26, the company was included in the "Dragon Tiger List" with a negative total sell-off, suggesting a net capital outflow that exerted pressure on the stock price [2] Group 2: Market Sentiment and Trends - Despite the introduction of the "yesterday's consecutive board" concept on October 25, which typically indicates high market interest, this positive sentiment did not support the stock price [2] - The overall market's risk appetite for ST stocks appears to be cautious, potentially impacting the stock's performance [2] - Recent market hotspots seem to be concentrated in other sectors, which may have negatively affected the performance of *ST Suwu [2] Group 3: Financial Outlook - There are concerns among investors regarding the upcoming Q3 earnings report scheduled for October 31, 2025, with expectations of poor performance potentially further depressing the stock price [2]

Group 1 - The stock price of *ST Suwu (600200) increased by 9.28% this week, closing at 1.06 yuan on October 24, 2025, with a total market capitalization of 754 million yuan [1] - The company is currently ranked 150 out of 150 in the chemical pharmaceutical sector and 5158 out of 5160 in the A-share market [1] Group 2 - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, leading to a formal investigation initiated on February 26, 2025 [2] - On July 13, 2025, the company received an administrative penalty notice, indicating that it engaged in trade activities with subsidiaries and related companies that lacked commercial substance, resulting in inflated revenue and profit figures from 2020 to 2023 [2] - The company’s 2024 annual financial report received a disclaimer of opinion, triggering financial delisting risk [3] - As of the end of 2023, the controlling shareholder's related party had non-operating fund occupation amounting to 1.6926071 billion yuan, which remains unresolved [3] - The net profit for the first half of 2025 was -44.4178 million yuan, a year-on-year decline of 281.63% [3] - The arbitration results regarding exclusive agency rights for medical beauty products are uncertain, contributing to multiple delisting risks for the company [2][3]

Core Viewpoint - The company, Jiangsu Wuzhong Pharmaceutical Development Co., Ltd., is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant penalties and potential delisting of its shares [2][4][5]. Group 1: Investigation and Regulatory Actions - The company received a notice from the CSRC on February 26, 2025, regarding the initiation of an investigation due to suspected information disclosure violations [4]. - On July 13, 2025, the company was informed of a preliminary administrative penalty notice, which identified inflated revenue, costs, and profits in its financial reports from 2020 to 2023 [5][6]. - The inflated figures included a total of 495.26 million yuan in revenue, 480.68 million yuan in costs, and 14.58 million yuan in profits for 2020, with similar patterns observed in subsequent years [5]. Group 2: Financial and Operational Risks - The company faces multiple risks, including the potential for major illegal delisting, financial delisting, and other operational risks due to unresolved issues such as significant fund occupation by controlling shareholders and ongoing losses [3][7]. - As of the end of 2023, the controlling shareholders' non-operational fund occupation amounted to 1.69 billion yuan, which remains unresolved [7]. - The company reported a net loss of 44.42 million yuan for the first half of 2025, a decline of 281.63% compared to the same period last year [7]. Group 3: Future Implications - If the formal penalty decision confirms the major illegal delisting situation, the company's shares will be terminated from listing [6][9]. - The company will apply for a trading suspension and disclose relevant information if it receives a formal penalty decision indicating a major illegal delisting situation [9].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. faces significant risks of forced delisting due to major violations of laws and regulations related to information disclosure and financial reporting [2]. Group 1: Stock Performance - As of October 24, 2025, *ST Wuzhong (600200) closed at 1.06 yuan, up 4.95% from the previous trading day, with a total market capitalization of 754 million yuan [1]. - The stock opened at 1.02 yuan, reached a high of 1.06 yuan, and a low of 1.01 yuan, with a trading volume of 68.282 million yuan and a turnover rate of 9.13% [1]. Group 2: Regulatory Issues - The company was investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, leading to a formal investigation initiated on February 26, 2025 [2]. - On July 13, 2025, the company received a notice of administrative penalty, indicating that it engaged in trade activities with subsidiaries and related companies that lacked commercial substance, resulting in inflated revenue, costs, and profits in annual reports from 2020 to 2023 [2]. - The stock has been subject to multiple delisting risks, including major violations, financial issues, and face value concerns, since July 14, 2025 [2]. Group 3: Financial Performance - The company reported a net profit of -44.4178 million yuan for the first half of 2025, showing a significant decline year-on-year [2]. - As of the end of 2023, non-operating funds occupied by related parties of the controlling shareholder amounted to 1.6926071 billion yuan, which remains unresolved [2]. - The financial report for the year 2024 received a disclaimer of opinion, triggering financial delisting risk warnings [2].

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。 重要风险提示： 公司股票近期涨幅较大，可能存在市场情绪过热及非理性炒作迹象，积 累了较大交易风险，存在随时快速下跌的风险。公司存在重大违法强制退市、财 务类退市、面值退市等多重退市风险。同时存在控股股东大额资金占用尚未解决、 控股股东所持股份被全部冻结、医美产品独家代理权仲裁结果存在不确定性等经 营风险。敬请广大投资者理性投资、审慎决策，切勿盲目跟风炒作，避免因公司 股价波动造成投资损失。 2025 年 7 月 13 日，公司收到中国证券监督管理委员会（以下简称"中 国证监会"）下发的《行政处罚事先告知书》（处罚字〔2025〕58 号），认定 公司虚增营业收入、营业成本和利润，2020 年至 2023 年年度报告存在虚假记载， 触及重大违法强制退市情形。公司股票已于 2025 年 7 月 14 日起被叠加实施重大 违法类强制退市风险警示。 公司 2024 年度财务报告被年审机构出具无法表示意见，触及财务类退市 的情形，公司股票已被上海证券交易所实施退市风险警示。具体内容详见公司于 2025 年 4 月 30 日披露的《关于实施退市风险警示及叠加 ...