股票代码：600381 股票简称：*ST 春天 公告编号：2025-005 1、关于收入确认合规性。你公司预计 2025 年度实现营业收入为 3.43 亿元至 3.71 亿元，其中第四季度预计实现营业收入 1.30 亿元至 1.58 亿元，实现大幅增长。请公 司区分虫草、酒水、中药等业务板块：（1）列示营业收入以及同比变动情况，重点说 明第四季度业绩大幅增长的主要原因及合理性，是否符合行业趋势；（2）列示各业务 板块前十大客户、供应商信息以及当期业务往来情况，明确交易金额、资金流与货物 流、商品的终端销售情况，充分核查前十大客户与前十大供应商之间是否存在直接或 间接关联关系；（3）逐一排查上市公司与前十大客户、前十大供应商资金流水情况， 相关资金是否与上市公司控股股东、实际控制人及其关联方、董事、高管及其关联方 存在直接或间接的资金往来，是否存在资金闭环情况；（4）结合上述问题，说明上市 公司营业收入确认的具体依据，是否符合《企业会计准则》相关规定，是否存在为规 避终止上市提前确认收入或不符合收入确认情况。请年审会计师对上述问题发表意见， （1）充分核查商品的终端销售客户、比例、金额等情况，是否存在无法穿透核 ...

股票代码：600381 股票简称：*ST 春天 公告编号：2026-004 青海春天药用资源科技股份有限公司 股票交易异常波动公告 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"）股票交易在 2026 年 1 月 30 日、2 月 2 日、2 月 3 日连续 3 个交易日内日收盘价格跌幅偏离值累计达到 12%， 属于股票交易异常波动。 经公司自查及向公司控股股东、实际控制人发函核实、确认，截至本公告披露 日，除公司已披露事项外，不存在其它应披露而未披露的重大事项。 公司股票已根据《上海证券交易所股票上市规则》第 9.3.2 条（一）规定， 于 2025 年 4 月 30 日被实施退市风险警示。如公司经审计的 2025 年年度报告的相关财 务数据出现不符合《上海证券交易所股票上市规则》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 ...

Group 1 - Gujing Gongjiu announced a mid-term dividend of 10 RMB per 10 shares, totaling 528 million RMB, consistent with last year's dividend, to be implemented on February 10 [1] - The total mid-term dividends for leading liquor companies, including Gujing Gongjiu, Kweichow Moutai, Wuliangye, and Luzhou Laojiao, will exceed 42.5 billion RMB [4] - Investors are questioning the sustainability of dividends from liquor stocks due to last year's overall performance decline in the sector [4] Group 2 - Kweichow Moutai's dividend rate is expected to be no less than 75% of its net profit for 2025, while Wuliangye and Luzhou Laojiao's rates are set at 70% [5] - The cash balances of major liquor companies as of Q3 2025 show sufficient funds for dividend commitments, particularly for Wuliangye and Luzhou Laojiao [6] - The competitive landscape and declining performance may lead to a slight reduction in total dividends for the six major liquor companies in 2025 [5] Group 3 - The liquor industry is responding to regulatory calls for increased dividends to attract investors, particularly among companies with strong profitability but slower growth [4] - Other liquor companies like Shanxi Fenjiu and Yanghe have yet to announce their mid-term dividends for 2025, despite previous years' timely disclosures [4] - The overall dividend landscape in the liquor sector is under scrutiny as companies adjust their dividend policies in response to market conditions [5]

Core Viewpoint - A number of listed companies are raising alarms about delisting risks as they release their performance forecasts for 2025, with several *ST companies explicitly warning investors about potential delisting due to financial indicators [1][2]. Group 1: Financial Performance and Delisting Risks - Several *ST companies, including *ST Guandian, *ST Yanshi, *ST Jinglun, and *ST Chuntian, have issued warnings about delisting risks, with *ST Yanshi and *ST Jinglun already meeting financial delisting criteria [1][2]. - The new delisting regulations have tightened financial delisting indicators, raising the revenue threshold for main board loss-making companies from 10 million to 30 million [2]. - *ST Yanshi is projected to have revenues between 48 million to 60 million and a net loss of 180 million to 250 million for 2025, indicating a significant deterioration in its operating conditions [2][3]. Group 2: Audit Opinions and Compliance Issues - Non-standard audit opinions often indicate issues such as misstatements in financial reports or severe doubts about the company's ability to continue as a going concern [3][6]. - Companies like *ST Chun Tian and *ST Mu Bang are facing dual delisting risks due to both financial indicators and non-standard audit opinions, with their auditors unable to confirm whether their adjusted revenues will exceed 30 million [4][6]. - *ST Panda is also at risk of delisting due to unresolved non-standard audit opinion issues, which could lead to further complications if sufficient audit evidence is not obtained [3][4]. Group 3: Revenue Recognition and Financial Manipulation - Some companies are attempting to manipulate financial data to meet delisting thresholds, with *ST Taihe and *ST Chuangxing expected to barely exceed the 30 million revenue mark while reporting net losses [7][8]. - The revenue for these companies is heavily concentrated in the fourth quarter of 2025, raising suspicions of potential revenue recognition manipulation to avoid delisting [7][8]. - *ST Haihua is also under scrutiny, with projected revenues around 336 million and net losses, compounded by the resignation of its auditor without a special report [8]. Group 4: Regulatory Environment and Enforcement - Regulatory authorities maintain a strict stance against various "shell company" behaviors, emphasizing a "zero tolerance" policy towards fraudulent financial reporting [8]. - *ST Changyao faced investigation for alleged false financial reporting, leading to significant penalties and potential delisting [8][9].

Core Viewpoint - A number of listed companies are raising alarms about delisting risks as they release their 2025 performance forecasts, with several *ST companies already indicating they may not meet financial standards necessary to remain listed [1][2]. Group 1: Financial Performance and Delisting Risks - Several *ST companies, including *ST Guandian, *ST Yanshi, *ST Jinglun, and *ST Chuntian, have issued warnings about delisting risks due to poor financial performance [1]. - *ST Yanshi and *ST Jinglun have explicitly reached financial delisting indicators, with both companies expected to report revenues below 300 million yuan and losses in 2025 [2]. - *ST Yanshi forecasts revenues between 48 million to 60 million yuan and net losses between 180 million to 250 million yuan, indicating a significant deterioration in operational conditions [2][3]. Group 2: Audit Opinions and Compliance Issues - Companies like *ST Chun Tian and *ST Mu Bang are facing dual delisting risks due to both financial indicators and non-standard audit opinions, with auditors unable to confirm if their adjusted revenues will exceed 300 million yuan [4]. - *ST Jinglun's revenue is projected at 86.22 million yuan, which is below the 300 million yuan threshold, and the company is also facing scrutiny due to reliance on a single client for its new business [3]. - Non-standard audit opinions often indicate issues such as financial misreporting or severe doubts about a company's ability to continue as a going concern, which can trigger delisting [3][6]. Group 3: Regulatory Environment and Market Reactions - The tightening of delisting regulations has increased pressure on underperforming companies, with the revenue threshold for main board loss-making companies raised from 10 million to 30 million yuan [2]. - Regulatory authorities maintain a strict stance against "shell company" behaviors, as evidenced by the investigation into *ST Changyao for financial data misrepresentation, which could lead to severe penalties and delisting [8]. - The market is witnessing a trend of orderly and timely exits for underperforming companies, reflecting a shift towards a more stringent delisting mechanism [1][2].

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 ...