证券代码： 600735 证券简称：ST新华锦 公告编号：2025-057 山东新华锦国际股份有限公司 股票交易异常波动公告 。 重要内容提示： ●山东新华锦国际股份有限公司（以下简称"公司"）股票价格于2025年9月30 日、10月9日、10月10日连续三个交易日内收盘价格跌幅偏离值累计超过12%，属于《 上海证券交易所交易规则》规定的股票交易异常波动情形。 ●经公司董事会自查及发函问询控股股东、实际控制人，截至本公告披露日，公 司不存在应披露而未披露的重大信息。 ●相关风险提示： 公司控股股东及其一致行动人股份质押风险：截至本公告披露日，公司控股股东 及其一致行动人合计持有公司股份185,596,152股，占公司股份总数的43.28%，累计质 押公司股份184,920,000股，占其持股总数的99.64%，占公司股份总数的43.13%。公司控 股股东及其一致行动人股份质押比例较高。 公司控股股东及其一致行动人股份被司法冻结和标记风险：截至本公告披露日， 公司控股股东及其一致行动人合计持有公司股份185,596,152股，占公司股份总数的 43.28%，其中司法冻结股份612,352股、司法标记股份184, ...

Core Viewpoint - ST Xinhua Jin announced that there is no undisclosed significant information as of the announcement date [1] Shareholding Summary - The controlling shareholder and its concerted parties hold a total of 185,596,152 shares, accounting for 43.28% of the total shares [1] - A total of 184,920,000 shares have been pledged by the controlling shareholder and its concerted parties, representing 99.64% of their total holdings and 43.13% of the total shares [1] - The high proportion of pledged shares by the controlling shareholder and its concerted parties indicates potential liquidity concerns [1]

Market Overview - The jewelry sector experienced a decline of 0.86% on October 10, with ST Xinhua Jin leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable gainers included: - Shen Zhonghua A (code: 000017) with a closing price of 7.11, up 3.19% on a trading volume of 463,500 shares and a turnover of 324 million yuan [1] - Ruibeka (code: 600439) closed at 2.85, up 1.42% with a trading volume of 209,200 shares and a turnover of 59.78 million yuan [1] - Chao Hong Ji (code: 002345) closed at 14.41, up 1.05% with a trading volume of 148,200 shares and a turnover of 214 million yuan [1] - Decliners included: - ST Xinhua Jin (code: 600735) closed at 4.80, down 4.95% with a trading volume of 5,980 shares and a turnover of 2.87 million yuan [2] - Mankalon (code: 300945) closed at 20.14, down 4.05% with a trading volume of 193,700 shares and a turnover of 2.67 million yuan [2] - Laikuntongling (code: 603900) closed at 10.21, down 4.04% with a trading volume of 136,400 shares and a turnover of 140 million yuan [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 156 million yuan from institutional investors, while retail investors had a net inflow of 181 million yuan [2] - Key capital flows for selected stocks included: - Chao Hong Ji (code: 002345) had a net inflow of 11.91 million yuan from institutional investors, but a net outflow of 9.05 million yuan from retail investors [3] - Feiya (code: 000026) saw a net inflow of 5.46 million yuan from institutional investors, with a net outflow of 4.25 million yuan from retail investors [3] - ST Xinhua Jin (code: 600735) had a significant net inflow of 0.78 million yuan from institutional investors, but a net outflow of 0.88 million yuan from retail investors [3]

New Stock Listings - New stock "Aomeisen" (920080) listed at an issue price of 8.25 on October 10, 2025[1] - "Shangwei New Materials" (688585) has a tender offer period from September 29 to October 28, 2025[1] Delisting and Trading Alerts - "Zitian Tui" (300280) is in the delisting arrangement period with only 1 trading day remaining[1] - "Pinming Technology" (688109) is experiencing severe abnormal fluctuations[1] Market Updates - Multiple companies including "Kesi Technology" (688788) and "Bory Medical" (688166) have recent announcements related to trading activities[1] - "Ganfeng Lithium" (002460) and "Luoyang Molybdenum" (603993) have also made recent disclosures[1] Additional Information - A total of 30 companies have been highlighted for various trading activities and announcements on October 10, 2025[1] - Links to detailed announcements for each company are provided for further insights[1]

Core Viewpoint - ST Xinhua Jin has encountered significant financial and operational risks, leading to a sharp decline in stock price and investor confidence [2]. Group 1: Financial Performance - The company is facing a serious operational risk with 406 million yuan in fund occupation, which is close to the delisting threshold [2]. - The net profit for 2024 has decreased by 354.59%, and the first half of 2025 shows a further decline of 39.45% [2]. Group 2: Shareholder and Regulatory Issues - The controlling shareholder has 99.64% of shares pledged, nearing full collateralization, and 99.97% of shares are frozen or marked, indicating severe financial risk [2]. - The company received a regulatory notice due to the controlling shareholder's shares being judicially frozen, reflecting ongoing financial issues [2]. Group 3: Market Sentiment and Stock Performance - Despite the introduction of a "low-price" concept on October 1, 2025, it failed to support the stock price amid multiple risk factors [2]. - The stock price has been influenced by various uncertainties, leading to a recent trading halt on October 10, 2025, as investors opted to exit due to concerns over future performance [2].

Group 1 - The core point of the article is the announcement by Xinhua Jin (SH 600735) regarding the dismissal of its Vice President and Chief Financial Officer, Cao Xu, and the appointment of Sun Huimin as the new CFO [1] - The decision to dismiss Cao Xu was made after considering various factors and was approved unanimously by the board during the third meeting of the 14th Board of Directors [1] - The company reported its revenue composition for the first half of 2025, with hair products accounting for 61.93%, e-commerce for 21.37%, textiles for 14.87%, others for 1.81%, and graphite for 0.01% [1] Group 2 - As of the report, Xinhua Jin has a market capitalization of 2.4 billion [1]

Group 1 - The core viewpoint of the news is that the China-South Korea Free Trade Zone concept has experienced a decline of 0.91%, ranking among the top declines in concept sectors, with specific stocks like ST Xinhua Jin hitting the daily limit down [1][3] - The main stocks within the China-South Korea Free Trade Zone concept that saw significant declines include Rizhao Port, Qingdao Food, and Qingdao Port, which contributed to the overall downturn of the sector [1][2] Group 2 - The China-South Korea Free Trade Zone concept faced a net outflow of 0.24 billion yuan in capital today, with nine stocks experiencing net outflows, led by Rizhao Port with a net outflow of 13.43 million yuan [2] - Other notable stocks with significant net outflows include Liao Port Co. with 11.94 million yuan, Qingdao Jinwang with 9.12 million yuan, and Haicheng Bangda with 2.05 million yuan [2] - Conversely, stocks such as Qingdao Double Star, Langzi Co., and Lianyungang saw net inflows of 7.49 million yuan, 6.34 million yuan, and 1.62 million yuan respectively [2]

Core Viewpoint - The company Xinhua Jin has been renamed to "ST Xinhua Jin" due to regulatory warnings triggered by the non-operational occupation of funds amounting to 406 million yuan by its controlling shareholder and related parties, which has not been repaid as of late September 2025 [1][2][4]. Group 1: Financial Crisis - As of the date of the half-year report, the non-operational occupation of funds by Xinhua Jin Group and its related parties reached 406 million yuan, with a regulatory requirement to repay within six months [2]. - The company has issued two progress announcements indicating no repayment of the occupied funds, leading to the triggering of regulatory red lines under the Shanghai Stock Exchange rules [4]. - If the controlling shareholder fails to repay the 406 million yuan within the six-month rectification period, the company will face a clear regulatory penalty and multiple operational crises, including potential delisting [4]. Group 2: Asset Sale as a Solution - The hope for Xinhua Jin lies in the sale of its quality asset, the Jimo Yellow Wine Factory, to Qingdao Beer for 665 million yuan, which theoretically could cover the 406 million yuan occupied funds [6][10]. - However, as of late September, the transaction has not been completed, leading to increased uncertainty regarding the company's financial recovery [6][10]. - The market remains optimistic about the transaction, as reflected in a 10.07% increase in the stock price on September 23, 2025, closing at 6.23 yuan per share [6]. Group 3: Transaction Challenges - The delay in the transaction completion may be due to issues such as the existence of pledged shares and financial transparency concerns regarding the Jimo Yellow Wine [7][10]. - The controlling shareholder, Shandong Lujin Import and Export Group, has all its shares frozen, which complicates the financial situation and limits the ability to resolve the pledged shares [5][11]. - The financial health of the controlling shareholder shows high leverage, with a debt ratio of 57.33%, which raises concerns about its ability to secure additional financing to resolve the pledged shares [11]. Group 4: Market Perception and Future Risks - The high net profit margin of Jimo Yellow Wine, at 18.3%, is attributed to its regional monopoly, but there are doubts about whether this advantage can be replicated nationally [10]. - If the transaction with Qingdao Beer fails, Xinhua Jin may need to explore other asset disposals to raise the necessary funds, but many of its assets are also encumbered by pledges [12][14]. - The urgency of the situation is compounded by the regulatory requirement to complete rectification within six months, making it difficult for potential strategic investors to engage in the process [14].

Group 1: Core Issues - The company has been renamed to "ST Xinhua Jin" due to regulatory warnings triggered by the non-operational occupation of funds amounting to 406 million yuan by its controlling shareholder and related parties [1][2] - The controlling shareholder has failed to repay the occupied funds within the stipulated six-month period, leading to the implementation of risk warnings on the company's stock [2][3] - The potential salvation for the company lies in a 665 million yuan equity transfer agreement with Qingdao Beer for the acquisition of the Jimo Yellow Wine Factory, which has yet to be completed [1][5] Group 2: Financial and Regulatory Challenges - If the controlling shareholder cannot repay the 406 million yuan within the six-month rectification period, the company faces a clear regulatory penalty ladder, including potential suspension and delisting risks [3][6] - The controlling shareholder's shares have been completely frozen, further complicating the company's financial situation and limiting its ability to rectify the fund occupation issue [5][9] - The company’s stock price showed a temporary increase due to market optimism regarding the completion of the Jimo Yellow Wine transaction, despite ongoing uncertainties [6][8] Group 3: Transaction and Asset Issues - The Jimo Yellow Wine transaction has not progressed due to multiple restrictions on the asset's liquidity, including pledges and freezes on shares, which hinder the completion of the deal [6][9] - The financial transparency of Jimo Yellow Wine has raised concerns, as the buyer, Qingdao Beer, requires an audit to confirm the asset's financial data before proceeding with the transaction [7][8] - The controlling shareholder's financial difficulties and the need to resolve multiple asset pledges create a complex situation that complicates the potential sale of other assets to cover the occupied funds [10][12]

Group 1 - The core viewpoint of the news is that ST Xinhua Jin has faced significant financial distress, leading to a trading halt and a subsequent drop in stock price, indicating severe market concerns about the company's viability [1][2] - As of September 30, 2025, ST Xinhua Jin's stock hit the limit down price of 5.32 yuan, reflecting a decline of 5% and a total market capitalization of 2.281 billion yuan [1] - The company has reported a drastic decline in net profit, with a 354.59% decrease in 2024 and a further 39.45% drop in the first half of 2025, raising alarms about its financial health [2] Group 2 - The company is facing high operational risks due to significant shareholder pledges and 406 million yuan in funds occupied by related parties, which could lead to delisting [2] - Recent negative events, including the judicial freezing of 186 million shares held by a major shareholder, have raised concerns about potential liquidity issues and legal disputes, further eroding market confidence [2] - The stock's inclusion in the ST board has led to increased caution among investors, as stocks in this category are often viewed unfavorably due to operational or financial issues [2]