Core Viewpoint - 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 illegal delisting risks for the company's stock [2][4][6]. Group 1: Investigation and Regulatory Actions - The company received a notice of investigation from the CSRC on February 26, 2025, due to suspected violations of information disclosure laws [4]. - On July 13, 2025, the company was issued a preliminary administrative penalty notice by the CSRC, which identified inflated operating income, costs, and profits in annual reports from 2020 to 2023 [5]. - The company’s stock has been subject to significant illegal delisting risk warnings since July 14, 2025, following the CSRC's findings [2][5]. Group 2: Financial Irregularities - The company inflated its operating income by amounts ranging from 37.67 million to 49.53 million yuan from 2020 to 2023, representing 16.82% to 26.46% of the reported operating income for those years [5]. - Operating costs were also inflated by 35.54 million to 48.07 million yuan, accounting for 20.95% to 37.08% of the reported operating costs during the same period [5]. - The total profit was inflated by 1.46 million to 2.12 million yuan, which constituted 2.89% to 51.65% of the reported profit for the respective years [5]. Group 3: Additional Risks - The company faces multiple delisting risks, including financial delisting and risks related to the freezing of shares held by the controlling shareholder [3][8]. - As of the end of 2023, the controlling shareholder's related parties had non-operating fund occupation amounting to 169.26 million yuan, which remains unresolved [8]. - 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 [9].

Core Insights - The domestic medical beauty market in China is becoming increasingly competitive, with significant price reductions and patent disputes among leading companies [1][3][6] - Major players are expanding overseas as domestic profit margins shrink, indicating a strategic shift towards international markets [1][11] Market Competition - New Oxygen launched a low-priced "Miracle Youth Needle" at 2999 yuan, significantly undercutting competitors and causing dissatisfaction among upstream material suppliers [3][6] - Huaxi Biological and Juzi Biological are engaged in a fierce dispute over collagen product patents, highlighting the intense competition in the market [3][4] - The competition is characterized by a shift from regulatory competition to market-driven competition, with a growing number of brands entering the space [6][7] Financial Performance - Major companies like Aimeike and Huaxi Biological reported significant declines in revenue and net profit, with Aimeike's revenue and net profit down 21.59% and 29.57% respectively in the first half of the year [7][10] - Huaxi Biological's revenue and net profit also fell by 19.57% and 35.38% respectively, marking a continuous decline over two years [7][10] International Expansion - Chinese medical beauty companies are increasingly looking to international markets, with firms like Aimeike and Huaxi Biological investing in overseas partnerships [1][11] - The strategy involves acquiring or investing in foreign companies to introduce Chinese products to international markets, rather than relying on traditional business development methods [11][12] Emerging Markets - There is a growing opportunity in emerging markets such as Southeast Asia and Latin America, where demand for cost-effective and multifunctional products is rising [12][13] - Companies are focusing on building technological barriers and moving away from the "low-price" label by investing in advanced materials and techniques [13]

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][6][10] Group 1: Delisting Trends - As of October 15, 2023, 13 companies have triggered mandatory delisting indicators due to major violations, marking a historical high [6][10] - Among these, 8 companies have already been delisted, including notable cases like Zhuolang Technology and Dongfang Group [6][10] - The delisting wave has highlighted the role of investment banks as gatekeepers, with 11 brokerage firms involved in the delisted companies [1][6] Group 2: Investment Banks' Responsibilities - Many problematic companies frequently changed their investment banks during periods of financial misconduct, complicating accountability [2][10] - Most involved investment banks issued "no objection" or "no issues found" reports during the supervision period, raising questions about their diligence [2][10] - The regulatory environment is pushing investment banks to reassess their responsibilities and improve their oversight practices [2][15] Group 3: Case Studies of Violations - ST Dongtong, involved in financial fraud from 2019 to 2022, had its investment bank, First Capital, implicated in fraudulent activities during a stock issuance [8][12] - Guohua Securities was the only firm to issue a risk warning regarding Jiuyou Co., while others remained silent despite ongoing fraud investigations [12][13] - Highong Data had the longest duration of fraud (2015-2023) and changed investment banks multiple times, indicating a pattern of evasion [10][11] Group 4: Regulatory Impact on Investment Banks - The shift towards stricter regulations has led to increased scrutiny of investment banks' roles, with many now enhancing their due diligence processes [15] - Investment banks are reportedly increasing their manpower and resources dedicated to ongoing supervision, reflecting a shift in focus due to regulatory pressures [15]

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-122 江苏吴中医药发展股份有限公司关于公司股票 可能被实施重大违法强制退市的第十四次风险提示公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 重要风险提示： 江苏吴中医药发展股份有限公司(以下简称"公司")因涉嫌信息披露违 法违规，被中国证券监督管理委员会（以下简称"中国证监会"）立案 调查。2025 年 7 月 13 日，公司收到中国证监会下发的《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。 如根据正式的处罚决定书结论，公司触及重大违法强制退市情形，公司 股票将被终止上市。根据《上海证券交易所股票上市规则》第 9.5.7 条、 第 9.5.8 条，如公司后续收到行政处罚决定书，显示公司触及重大违法 类强制退市情形，公司将申请停牌，并及时披露有关 ...

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][5]. Group 1: Regulatory Environment - The new delisting regulations that came into effect at the beginning of the year have led to a historical high of 13 companies reaching the mandatory delisting criteria for major violations as of October 15 [1][5]. - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) enforcing stricter oversight on financial fraud and other illegal activities [4][6]. Group 2: Role of Investment Banks - Eleven investment banks are under scrutiny for their roles in the delisted companies, with only two, First Capital and Wumart Securities, currently facing regulatory action [2][7]. - The complexity of the investment banks' responsibilities is highlighted by the fact that many of the involved companies frequently changed their advisory firms during periods of fraud [4][9]. Group 3: Case Studies of Delisted Companies - Notable cases include *ST Dongtong, which was involved in fraudulent activities from 2019 to 2022, leading to warnings issued to its sponsor, First Capital [7][8]. - Guandao Digital inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices, resulting in penalties for Wumart Securities, which served as its sponsor [8]. Group 4: Investment Banks' Due Diligence - Many investment banks provided "no objection" reports during the supervision periods of companies that were later found to have committed fraud, raising questions about their diligence [4][12]. - National Securities was the only firm to explicitly warn of risks associated with a client, indicating a lack of proactive risk management among other firms [12][13]. Group 5: Changes in Oversight Practices - Investment banks are reportedly increasing their efforts in due diligence, particularly during the ongoing supervision phases, in response to heightened regulatory scrutiny [15]. - Accounting firms are also enhancing their audit processes, adding independent review steps and increasing personnel to ensure thorough examinations [15].

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-121 江苏吴中医药发展股份有限公司关于公司股票 可能存在因股价低于 1 元而终止上市的风险提示公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 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 14 日收盘价为 0.99 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 14 日收盘价为 0.99 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 ...

Core Points - The company has provided a guarantee of 28.5 million RMB for its wholly-owned subsidiary, Jiangsu Wuzhong Medicine Group Co., Ltd. [2][3] - The total amount of guarantees provided by the company to the subsidiary amounts to 801.54 million RMB [2] - The company has a maximum guarantee limit of 1.84 billion RMB for the year 2025 [4] Guarantee Overview - The guarantee is for a bank loan agreement between Jiangsu Wuzhong Medicine Group and Jiangsu Bank, with a maximum guarantee amount of 28.5 million RMB [3] - The company has not provided any counter-guarantee for this loan [3] - The company has a total of 56.87 million RMB in overdue guarantees [3] Subsidiary Information - Jiangsu Wuzhong Medicine Group was established on September 29, 2005, with a registered capital of 740 million RMB [5] - The subsidiary's total assets as of the end of 2024 were 2.63 billion RMB, with total liabilities of 1.43 billion RMB, resulting in a debt-to-asset ratio of 54.27% [6] - For the first half of 2025, the subsidiary reported total assets of 2.11 billion RMB and a net loss of 30.07 million RMB [6] Guarantee Agreement Details - The guarantee covers the principal amount of 28.5 million RMB along with all related interest and fees [6][7] - The guarantee period extends until three years after the debt fulfillment period [7] - The company is responsible for any excess amounts due to currency fluctuations beyond the maximum guarantee amount [8] Board of Directors' Opinion - The board supports the guarantee to facilitate the subsidiary's normal banking operations and meet financing requirements [9] Total Guarantee Amount - As of the announcement date, the total guarantees provided by the company and its subsidiaries amount to 1.34 billion RMB, which is 73.70% of the company's latest audited net assets [10]

每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ （记者 曾健辉） 每经AI快讯，*ST苏吴（SH 600200，收盘价：1元）10月13日晚间发布公告称，江苏吴中医药发展股份 有限公司董事会于近日收到李锐先生的书面辞职报告，因个人原因，李锐先生申请辞去公司证券事务代 表、董事会办公室主任职务，辞职后将不在公司担任任何职务。 2024年1至12月份，*ST苏吴的营业收入构成为：药品行业占比76.9%，医美生科行业占比20.62%，贸易 行业占比1.32%，其他业务占比1.16%。 截至发稿，*ST苏吴市值为7亿元。 ...

证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-120 江苏吴中医药发展股份有限公司 关于为所属全资子公司提供担保进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 重要内容提示: 被担保人名称：江苏吴中医药集团有限公司(以下简称"吴中医药") 一、担保情况概述 （一）本次担保的基本情况 近日，公司与江苏银行股份有限公司苏州分行签署《最高额连带责任保证书》， 约定公司为吴中医药与江苏银行股份有限公司苏州分行签订的《流动资金借款合 同》提供最高额连带责任保证担保，最高担保额为人民币 2,850 万元。 （二）本次担保履行的内部决策程序 2025 年 4 月 29 日及 5 月 21 日，公司分别召开了第十一届董事会第四次会 议及 2024 年年度股东大会，审议通过了《江苏吴中医药发展股份有限公司关于 2025 年度为所属全资子公司提供担保的议案》。同意 2025 年度公司为所属全资 子公司提供担保的最高限额为 184,000 万元。本次担保事项在上述授权范围内， 无需另行召开董事会及股东大会。 本次担保金额及已实际为其提供 ...

2025 年 10 月 13 日，公司召开第十一届董事会 2025 年第三次临时会议（通 讯表决），审议通过了《关于聘任证券事务代表的议案》，经公司董事长提名，聘 任岳文哲先生（简历附后）为公司证券事务代表，协助公司董事会秘书履行职责， 任期自董事会审议通过之日起至本届董事会任期届满为止。 特此公告。 江苏吴中医药发展股份有限公司 董事会 2025 年 10 月 14 日 证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-119 江苏吴中医药发展股份有限公司 关于变更证券事务代表的公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 江苏吴中医药发展股份有限公司（以下简称"公司"）董事会于近日收到李 锐先生的书面辞职报告，因个人原因，李锐先生申请辞去公司证券事务代表、董 事会办公室主任职务，辞职后将不在公司担任任何职务。上述辞职报告自送达公 司董事会之日起生效。公司及董事会对其任职期间为公司发展所作出的贡献表示 衷心感谢！ 附件：岳文哲先生简历 岳文哲，男，1987 年出生，中国国籍，无境外永久居留权，硕 ...