Market Overview - On January 30, the food processing sector declined by 0.68%, with *ST Chuntian leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the food processing sector included: - Baba Foods (605338) with a closing price of 31.30, up 3.16% [1] - Chunxue Foods (605567) at 11.75, up 2.00% [1] - Weizhi Xiang (6805609) at 29.88, up 1.81% [1] - Major decliners included: - *ST Chuntian (600381) at 3.51, down 4.88% [2] - Gaisi Foods (920826) at 13.54, down 3.63% [2] - Tangchen Beijian (300146) at 12.17, down 2.48% [2] Capital Flow - The food processing sector experienced a net outflow of 57.72 million yuan from institutional investors, while retail investors saw a net outflow of 46.55 million yuan [2] - Conversely, speculative funds recorded a net inflow of 104 million yuan [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Huadong Shares (002840) with a net outflow of 9.89 million yuan from institutional investors [3] - Chunxue Foods (605567) saw a net inflow of 7.02 million yuan from institutional investors [3] - Qianwei Yangchu (001215) had a net inflow of 6.95 million yuan from speculative funds [3]

*ST春天（维权）(600381.SH)一字跌停，封单逾16万手；现报3.51元，股价创2025年5月8日以来近9个月新低。*ST春天公布，公司于2025年4月30日披露了 《关于公司股票交易被实施退市风险警示的公告》，公司股票已于2025年4月30日起被实施退市风险警示。若公司经审计的2025年年度报告的相关财务数据 出现不符合《股票上市规则》第9.3.7条规定的撤销退市风险警示的情形，公司股票可能被上海证券交易所终止上市，请广大投资者注意投资风险。(格隆汇) ...

Summary of Key Points Core Viewpoint - Several companies are experiencing significant shareholder reductions, indicating potential shifts in ownership and market sentiment [1]. Shareholder Reductions - Guangpu Co., Ltd.'s actual controller Lin Wenkun plans to reduce his stake by no more than 3% [1] - Mingyang Electric's director and president Guo Xianqing intends to reduce his stake by no more than 1.15% [1] - Zhonglai Co., Ltd.'s general manager Lin Jianwei plans to reduce his stake by no more than 3% [1] - Lianjian Technology's shareholder Yu Ronghan intends to reduce his stake by no more than 1% [1] - Yandong Micro's shareholder Yizhuang Guotou plans to reduce his stake by no more than 1% [1] - Naxin Micro's shareholder Huiyue Growth intends to reduce his stake by no more than 1.39% [1] - Kang En Bei's shareholder Kang En Bei Group plans to reduce no more than 25.36 million shares [1] - Dingsheng New Materials' shareholders Purun Square and Purun Square No. 1 plan to collectively reduce their stake by no more than 3% [1] - Debang Technology's shareholder Zhoushan Tai Zhong intends to reduce his stake by no more than 2.84 million shares [1] - Shanghai Construction's shareholder Guosheng Group plans to reduce his stake by no more than 3% [1] - Shikong Technology's shareholder Yang Yaohua intends to reduce his stake by no more than 3% [1] - Hebang Biological plans to reduce no more than 2% of its repurchased shares [1] - Wanlang Pobo's controlling shareholder Shiqian Zhong plans to reduce his stake by 1.61% [1] Other Notable Events - *ST Chuntian's stock may be delisted [1] - *ST Taihe's stock may also be delisted [1]

Group 1 - The core point of the article is that *ST Chuntian (600381.SH) has announced that its stock will be subject to delisting risk warning starting from April 30, 2025 [1] - The company disclosed that if the audited financial data for the year 2025 does not meet the criteria for lifting the delisting risk warning as per the Stock Listing Rules, its stock may be terminated from listing on the Shanghai Stock Exchange [1] - Investors are advised to be cautious regarding investment risks associated with the company's stock due to the delisting risk warning [1]

股票代码：600381 股票简称：*ST 春天 公告编号：2026-003 青海春天药用资源科技股份有限公司 关于公司股票可能被终止上市的风险提示公告 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。 重要内容提示： 青海春天药用资源科技股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日披露了《关于公司股票交易被实施退市风险警示的公告》，公司股票已于 2025 年 4 月 30 日起被实施退市风险警示。若公司经审计的 2025 年年度报告的相关财务数据出 现不符合《股票上市规则》第 9.3.7 条规定的撤销退市风险警示的情形，公司股票可 能被上海证券交易所终止上市，请广大投资者注意投资风险。 年审会计师出具的专项说明显示，"截至本专项说明出具之日止，根据我们已 经实施的审计程序和已获得的审计证据，我们尚不能确定青海春天业绩预告中 2025 年 扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入超过 3 亿元， 以及青海春天预计将消除财务类退市指标"。 如预付投资款无法收回，年审会计师将出具无法表示意见 ...

Core Viewpoint - The company *ST Chuntian (Qinghai Chuntian) has disclosed a performance forecast indicating a significant expected loss for 2025, raising concerns about its financial stability and potential delisting risk [2][3]. Financial Indicators - For 2025, *ST Chuntian anticipates a net profit loss ranging from 44 million to 59.5 million yuan, with projected revenue between 342.7 million and 371.4 million yuan, and a revenue after deductions expected to be between 338.3 million and 367 million yuan [2]. - The company must either achieve profitability or ensure that its revenue after deductions remains above 300 million yuan to avoid delisting [3]. Audit Opinions - The auditing firm Zhengdan Zhiyuan has not yet provided a definitive opinion on the company's performance forecast, indicating uncertainty regarding the revenue figures presented [3]. - Without a clean audit opinion, *ST Chuntian remains at risk of being delisted, as the audit firm highlighted potential issues with the recoverability of a loan converted from an investment [4]. Related Company Information - *ST Chuntian is involved with Yibin Tinghua Wine Trade Co., which is a subsidiary of Yibin Tinghua Wine Industry Development Co., and is responsible for selling Tinghua wine produced by the latter [5]. - As of September 30, 2025, *ST Chuntian had a prepaid balance of approximately 140.18 million yuan and an investment prepayment of 100 million yuan to Yibin Tinghua, with risks of impairment due to potential non-recovery of these amounts [5].

Core Viewpoint - *ST Chuntian (600381.SH) is expected to report significant losses in 2025, with projected net profits ranging from -44 million to -59.5 million yuan, indicating a challenging financial outlook for the company [1] Financial Projections - The company anticipates a total profit loss of between -31.3 million and -46.8 million yuan for the year 2025 [1] - Expected net profit attributable to shareholders is projected to be between -44 million and -59.5 million yuan [1] - The net profit after deducting non-recurring gains and losses is estimated to be between -56.4 million and -71.9 million yuan [1] - Projected operating revenue for 2025 is estimated to be between 342.7 million and 371.4 million yuan [1] - After excluding unrelated business income and income without commercial substance, the operating revenue is expected to be between 338.3 million and 367 million yuan [1]

Financial Projections - The company expects a total profit loss of between -31.3 million and -46.8 million CNY for the fiscal year 2025, with a net profit attributable to shareholders projected to be between -44 million and -59.5 million CNY[5]. - Estimated operating revenue for 2025 is projected to be between 342.7 million and 371.4 million CNY, with revenue after excluding unrelated business income expected to be between 338.3 million and 367 million CNY[6]. - The net asset value at the end of 2025 is anticipated to be between 977.4 million and 992.9 million CNY[6]. - The company reported a total profit loss of -201.2 million CNY for the previous year, with a net profit attributable to shareholders of -198.8 million CNY[8]. - The company’s previous year operating revenue was reported at 270.3 million CNY, with adjusted revenue of 223.6 million CNY after excluding unrelated business income[8]. Risks and Uncertainties - The primary reason for the expected loss in 2025 is due to anticipated losses from long-term equity investments and asset impairment provisions[9]. - The company’s stock has been under delisting risk warning since April 30, 2025, and may face termination of listing if financial data continues to meet delisting criteria[12]. - The annual auditor has indicated uncertainty regarding the recoverability of a loan converted from an investment payment, which could impact the audit opinion[4]. - The company emphasizes the importance of monitoring investment risks due to the potential for significant financial implications if the loan recovery does not progress[13]. Financial Data Status - The company has not yet finalized its financial data, and the figures provided are preliminary estimates subject to change upon audit[10].

股票代码：600381 股票简称：*ST 春天 公告编号：2026-002 青海春天药用资源科技股份有限公司 2025 年度业绩预亏暨风险提示公告 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。 重要内容提示： 本期业绩预告适用于《上海证券交易所股票上市规则》第 9.2.3 条规定的股票 已被实施退市风险警示的情形。 公司存在终止上市风险：本期业绩预告的数据均未经审计。公司股票已于 2025 年 4 月 30 日被实施退市风险警示，如公司 2025 年度经审计的相关财务数据仍触及《上 海证券交易所股票上市规则》规定的财务类退市指标或存在其他不能消除退市风险警 示的情况，公司股票将终止上市，敬请广大投资者注意投资风险。 经财务部门初步测算，公司预计 2025 年度实现利润总额-3,130.00 万元至 -4,680.00 万元，预计归属于上市公司股东的净利润为-4,400.00 万元至-5,950.00 万 1 股票代码：600381 股票简称：*ST 春天 公告编号：2026-002 年审会计师出具的专项说明显示，"截至本专项 ...

地 址：深圳市福田区鹏程一路广电金融中心11F 电 话：+86-755-88605026 www.zdcpa.com 关 于 青 海 春 天 药 用 资 源 科 技 股 份 有 限 公 司 2 0 2 5 年 度 业 绩 预 告 情 况 的 专 项 说 明 政旦志远核字第 260000013 号 青海春天药用资源科技股份有限公司全体股东： 第1页 政旦志远核字第 260000013 号退市风险警示有关情形消除预审计情况的专项说明 我们注意到，青海春天向宜宾听花预付的投资款截至 2025 年 11 月 已到期，经双方协商，该投资款已转为借款并收取利息。在此，需着 重指出的是，若截至 2025 年度审计报告出具前，此笔由投资款转化 而来的借款在回收方面未能取得实质性进展，这将极大影响我们对该 笔借款可回收性的专业判断。基于审计准则要求，在此种情形下，我 们预计将对青海春天的财务报表发表无法表示意见的审计报告。 本专项说明仅供青海春天披露 2025 年度业绩预告时使用，不得 用作其他用途。由于使用不当所造成的后果，与执行本业务的注册会 计师和会计师事务所无关。 政旦志远（深圳）会计师事务所 （特殊普通合伙） 中国注 ...