Market Performance - Major market indices opened with mixed results, with the Shanghai Composite Index rising by 0.09% to 4086.76 points, while the Shenzhen Component Index fell by 0.30% to 13917.78 points, and the ChiNext Index decreased by 0.69% to 3279.38 points [1] Individual Stock Performance - A total of 2051 stocks rose at the opening, with 25 stocks hitting the daily limit up, including Fenglong Co. with 11 consecutive limit ups, *ST Dongyi with 13 limit ups in 10 days, and Luxin Investment with 11 limit ups in 9 days [1] - Conversely, 2493 stocks declined at the opening, with 2 stocks hitting the daily limit down, namely ST Derun and *ST Chuntian [1] Price Continuity Statistics - Among the stocks that hit the limit up yesterday, 21 stocks continued to hit the limit up today, including Zhizhi New Materials and Hangxiao Steel Structure [1] - Stocks that opened lower today included Puni Testing, Bibet, and Aipeng Medical, with declines of 8.20%, 7.41%, and 6.03% respectively [1] - Among the stocks that hit the limit down yesterday, ST Derun and *ST Chuntian continued to hit the limit down today [1]

| 第八章 | 通知和公告 | | 49 | | --- | --- | --- | --- | | 第一节 | 通知 | __________________________________________________________ | 49 | | 第二节 | 公告 | __________________________________________________________ | 49 | | 第九章 | 合并、分立、增资、减资、解散和清算 | | 50 | | 第一节 | 合并、分立、增资和减资 | ________________________________________ | 50 | | 第二节 | 解散和清算 | ____________________________________________________ | 51 | | 第十章 | 修改章程 | | 53 | | 第十一章 附则 | | | 54 | 青海春天药用资源科技 股份有限公司 章 程 二零二五年十二月修订 1 / 54 | 第一章 | 总则 | | 4 | | --- | --- | --- | -- ...

近日，公司按相关程序完成了上述事项的变更登记手续，并取得了青海省市场监督 管理局换发的《营业执照》。公司已于2025年12月2日披露了《关于修改公司经营范围 暨修订公司〈章程〉部分条款的公告》，此次公司经营范围是根据工商登记规范表述 的要求进行的修改，公司经营范围、主营业务均未发生变化。 特此公告。 青海春天药用资源科技股份有限公司 股票代码：600381 股票简称：*ST 春天 公告编号：2025-057 青海春天药用资源科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 青海春天药用资源科技股份有限公司（以下简称"公司"）第九届董事会第十七次 会议以及2025年第三次临时股东会审议通过了《关于修改公司经营范围暨修订公司<章 程>部分条款的议案》，并由股东会授权公司董事会委派人员办理相关的工商变更登记 等事宜，具体内容详见公司2025-052号及2025-056号公告。 董事会 2025 年 12 月 29 日 ...

Group 1 - The food processing sector experienced a decline of 0.82% on December 26, with Hai Xin Food leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Key stocks in the food processing sector showed varied performance, with *ST Chuntian rising by 1.65% and Hai Xin Food falling by 6.88% [2][1] Group 2 - The food processing sector saw a net outflow of 272 million yuan from institutional investors, while retail investors had a net inflow of 295 million yuan [2] - Individual stock fund flows indicated that De Li Si had a net inflow of 14.21 million yuan from institutional investors, while Hai Xin Food experienced a significant outflow of 84.25 million yuan [3][2]

证券代码：600381 证券简称：*ST 春天 公告编号：2025-056 青海春天药用资源科技股份有限公司 2025年第三次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 221 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 272,139,737 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 46.3563 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事长张雪峰先生主持，本次会议的召开程序、提案的审议 (一) 股东会召开的时间：2025 年 12 月 17 日 (二) 股东会召开的地点：青海省西宁市城北区生物园区经二路 12 号 4 楼会议 室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 和表决程序均符合《公司法》、《上海证券 ...

关于青海春天药用资源科技股份有限公司 2025 年第三次临时股东会之 法律意见书 0 法律意见书 青海树人律师事务所 关于青海春天药用资源科技股份有限公司 2025 年第三次临时股东会之法律意见书 树律意见字[2025]第 120 号 致：青海春天药用资源科技股份有限公司 青海春天药用资源科技股份有限公司（以下简称"青海春天"或"公司"） 2025 年第三次临时股东会会议（以下简称"本次会议"）于 2025 年 12 月 17 日 14;30 在青海省西宁市城北区生物园区经二路 12 号 4 楼会议室召开，青海树人 律师事务所（以下简称"本所"）接受青海春天委托，指派蒲文茜、吴安崎律师 出席本次会议，并就本次会议的相关法律问题发表意见。 声 明 1.本所及经办律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》（以下简称"《管理办法》"）《律 师事务所证券法律业务执业规则(试行)》（以下简称"《执业规则》"）等规定 及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵 循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定 的事 ...

Core Viewpoint - *ST Chuntian is on the brink of delisting, primarily due to its unsuccessful transition and reliance on the high-end liquor brand "Tinghua," which has not gained traction in the competitive market [1][3]. Financial Performance - In the first three quarters of 2025, the company achieved approximately 213 million yuan in revenue, with a net loss attributable to shareholders of 2.83 million yuan and a non-recurring net loss of 5.89 million yuan [4]. - If the 2025 revenue falls below 300 million yuan and both total profit and non-recurring net profit are negative, the company will face delisting risks [4]. - The company previously managed to avoid ST status from 2020 to 2023 but faced significant challenges in 2024 [4]. Business Challenges - The decline of *ST Chuntian is attributed to the cessation of its flagship product, the Extreme Grass 5X, due to regulatory changes, leading to a rapid shrinkage of its business scale [6]. - The company has ventured into liquor distribution since 2018, launching the high-end brand "Tinghua" in late 2020, but it has struggled to establish a foothold in the mainstream market [7]. - In the first three quarters of 2025, the liquor segment generated 87.68 million yuan in revenue, with significant reliance on a few major clients [7]. Accounts Receivable and Prepayments - The company reported a low collection rate of 24.1% for its winter worm summer grass sales, with outstanding receivables amounting to 67.89 million yuan as of September 30 [8]. - There are significant prepayment issues, with approximately 140 million yuan in prepayments to suppliers and 100 million yuan in investment prepayments, raising concerns about potential impairment risks [9][10]. Strategic Adjustments - In response to its precarious situation, *ST Chuntian is actively seeking changes, including modifying its business scope and articles of association [11][12]. - Proposed changes include expanding into the processing and wholesale of edible agricultural products and engaging in investment activities [13][14]. - The adjustments may indicate preparations for future capital actions and a potential expansion into new sectors, although the liquor business remains a critical focus [15][16].

Core Viewpoint - Qinghai Spring is on the verge of delisting from the A-share market, transitioning from a peak as the "first stock of Cordyceps" to being labeled as *ST Spring, with significant concerns regarding its financial health and core business operations [1] Group 1: Financial Performance and Risks - For the first three quarters of 2025, Qinghai Spring reported a main business revenue of approximately 209 million yuan, with specific revenues from liquor at 87.68 million yuan, traditional Chinese medicine at 36.26 million yuan, and Cordyceps sales at 84.99 million yuan [2] - The company has adopted a credit sales strategy, leading to a significant accounts receivable of 67.89 million yuan for Cordyceps sales, raising concerns about the potential inability to recognize some sales revenue [2][4] - The company has not received terminal sales data from liquor distributors, which may affect revenue recognition, echoing previous concerns from the 2024 annual report regarding unrecognized revenue of 68.11 million yuan due to inventory and return risks [2] Group 2: Prepayment Issues - Qinghai Spring has over 100 million yuan in prepayments to Yibin Tinghua Wine Trading Co., with 140.18 million yuan outstanding as of September 30, 2025, raising regulatory concerns [3][4] - The company plans to reduce the prepayment balance to around 100 million yuan by the end of the year and align it with procurement scales by mid-2026 [4] - There is a risk of impairment for the prepayments due to potential delays in repayment from Yibin Tinghua, which could also impact the company's liquor sales business [4] Group 3: Delisting Risk - The company faces delisting risk as its audited profit totals for 2024 may fall below the thresholds set by the Shanghai Stock Exchange, with a warning that its stock could be suspended if financial metrics do not improve [5]

股票代码：600381 股票简称：*ST 春天 2025-055 青海春天药用资源科技股份有限公司 对上海证券交易所《<关于青海春天药用资源科技股份有限公司 2025 年三季度报告的信息披露监管工作函>的回复》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。 重要提示： ● 公司存在退市风险：因青海春天药用资源科技股份有限公司（以下简称"公 司"）2024 年度经审计的利润总额、净利润或者扣除非经常性损益后的净利润孰 低者为负值且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 业收入低于 3 亿元，公司股票于 2025 年 4 月 30 日被实施退市风险警。公司 2025 年 1-9 月营业收入为 21,253.03 万元、净利润仍为负值，如公司 2025 年度报告 披露后，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。 ● 公司酒水业务经销商尚未向公司提供今年的终端销售数据，公司与相关 客户的销售收入确认以经审计的数据为准 ...

Group 1 - The core viewpoint of the news highlights the growth in the number of industrial enterprises in Qinghai Province, which reached 674 by October 2025, marking an increase of 6 enterprises compared to the same period last year, representing a year-on-year growth of 0.9% and accounting for 0.13% of the national total [1][2] Group 2 - The report referenced is the "2025-2031 China Industrial Cloud Industry Market Deep Assessment and Investment Opportunity Forecast Report" published by Zhiyan Consulting, indicating a focus on the industrial cloud sector [1] - The data regarding industrial enterprises is based on the criteria for large-scale industrial enterprises, which was updated in 2011 to require an annual main business income of at least 20 million yuan [1]