Core Viewpoint - *ST Yuancheng announced that its stock price experienced a significant decline, indicating potential risks related to forced delisting and financial instability [1] Group 1: Stock Performance - The company's stock price fell over 12% in total over three consecutive trading days from October 29 to 31, indicating abnormal volatility [1] - As of October 31, the total market value was 254 million yuan, which has been below 500 million yuan for 14 consecutive days [1] - The closing price was 0.78 yuan, remaining below 1 yuan for five consecutive days [1] Group 2: Delisting Risks - The company faces multiple risks related to forced delisting, including trading-related and major legal violations [1] - There were false records in the annual reports from 2020 to 2022, and fabricated content in the 2022 non-public issuance documents [1] Group 3: Financial Performance - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss of 126.80 million yuan [1] - Additional risks include concerns over ongoing operations, fundraising, and stock pledges [1]

Group 1: New Stock Issuances - Multiple new stock issuances are scheduled for October 31, 2025, including Jiangbolong (301308) and Shikong Technology (605178) [1] - A total of 30 companies have announcements related to stock issuance or trading on this date [1] Group 2: Trading Alerts - Jiangbolong (301308) reported severe abnormal fluctuations in trading [1] - Other companies such as ST Wanfang (000638) and Yashichuangneng (603378) also have trading alerts on the same date [1] Group 3: Recent Announcements - Recent announcements include companies like Tianpu Co. (605255) and Kangsheng Co. (002418) with updates on October 31, 2025 [1] - The announcements cover various sectors, indicating a broad market activity [1]

Core Insights - *ST Yuancheng (603388.SH) released its Q3 2025 report on October 31, 2025, indicating the current status of institutional ownership and shareholding structure [1] Institutional Ownership - As of October 30, 2025, there are 2 institutional investors disclosing their holdings in *ST Yuancheng A-shares, with a total holding of 22.957 million shares, representing 7.05% of the total share capital [1] - The institutional investors include Northeast Securities Co., Ltd. and Hangzhou Beijia Investment Co., Ltd., maintaining a combined holding ratio of 7.05% [1]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 30, there are 983 stocks with a circulating market value below 3 billion yuan, and 385 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,694 stocks have a total market value below 5 billion yuan, with 580 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST元成: 267 million yuan - *ST高鸿: 430 million yuan - 坤泰股份: 642 million yuan [1] - The three stocks with the smallest total market values are: - *ST元成: 267 million yuan - *ST高鸿: 440 million yuan - *ST苏吴: 718 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: 267 million yuan, total market value 267 million yuan, PE ratio not applicable, industry: Construction Decoration - *ST高鸿: 430 million yuan, total market value 440 million yuan, PE ratio not applicable, industry: Communication - 坤泰股份: 642 million yuan, total market value 2.325 billion yuan, PE ratio 46.70, industry: Automotive - 康力源: 683 million yuan, total market value 2.674 billion yuan, PE ratio 35.36, industry: Light Industry Manufacturing - 科瑞思: 709 million yuan, total market value 2.411 billion yuan, PE ratio 173.40, industry: Communication [1][2]

Core Viewpoint - *ST Yuancheng (603388.SH) is facing multiple delisting risks, including trading-related, major violation, and financial delisting risks, with a market capitalization that has fallen below the threshold for continued listing [1][2][3] Group 1: Delisting Risks - The company has a total market capitalization of 2.8 billion yuan as of October 29, which has been below 5 billion yuan for 12 consecutive trading days, triggering trading-related delisting risks [1][2] - The stock price closed at 0.86 yuan on October 29, marking three consecutive trading days below 1 yuan, which also contributes to the trading-related delisting risk [2][3] - The company is also at risk of major violation delisting due to administrative penalties for financial misconduct, including inflated revenues and profits over three years [3][4] Group 2: Financial Misconduct - The company has been found to have inflated its revenue by 209 million yuan and profits by 50 million yuan from 2020 to 2022, leading to administrative penalties from the China Securities Regulatory Commission (CSRC) [4][5] - The CSRC has proposed fines totaling 37.45 million yuan against the company and 42 million yuan against five responsible individuals, along with a 10-year market ban for the actual controller [4][5] - The financial misconduct has resulted in the company being subject to risk warnings and potential delisting if it fails to meet the requirements after the 2025 annual report [3][4]

Core Viewpoint - *ST Yuancheng (603388.SH) is facing multiple delisting risks, including trading-related, major violation, and financial delisting risks, with a market capitalization that has fallen below the threshold for mandatory delisting [2][3][4] Group 1: Delisting Risks - The company announced on October 29 that its stock closed with a total market value of 280 million yuan, having been below 500 million yuan for 12 consecutive trading days, which could lead to trading-related mandatory delisting [2][3] - The company is also at risk of major violation delisting and financial delisting, as it has been penalized for inflating revenue and profits for three consecutive years [3][4] - According to the Shanghai Stock Exchange rules, if a company faces two or more delisting risk warnings, it will be subject to risk warnings and delisting based on the first applicable rule [4][6] Group 2: Financial Misconduct - On October 10, the China Securities Regulatory Commission (CSRC) announced that *ST Yuancheng had inflated its revenue and profits for three consecutive years, leading to administrative penalties [4][5] - The company was found to have inflated its revenue by 209 million yuan and profit by 50 million yuan through various fraudulent accounting practices [5][6] - The CSRC plans to impose a fine of 37.45 million yuan on the company and additional fines on responsible individuals, along with a 10-year market ban for the actual controller [5][6] Group 3: Financial Performance - For the first half of 2025, the company reported an unaudited revenue of 82.34 million yuan and a net loss attributable to shareholders of 126.80 million yuan [3][4] - If the company fails to meet the requirements for delisting removal after the 2024 annual report, its stock will be terminated from listing [3][4]

| 原素要目念 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | 是否为专场 | | 025-10-30 | *ST元成 | 603388 | 0.82 24.65 30.06 | 费普曼希美贸易累 | 畜暑见高原菜男婴 | ка | 10月30日，*ST元成大宗交易成交30.06万股，成交额24.65万元，占当日总成交额的56.5%，成交价0.82 元，较市场收盘价0.82元持平。 ...

Group 1: Stock Issuance and Trading Alerts - Multiple stocks experienced significant abnormal fluctuations, including 香农芯创 (300475) and 天普股份 (605255) with announcements on October 24 and 21 respectively[1] - 盈新发展 (000620) and *ST宝鹰 (002047) had announcements on October 30 indicating potential trading alerts[1] - A total of 30 stocks were flagged for abnormal trading activities on October 30, indicating a heightened market volatility[1] Group 2: Recent Announcements - 许多公司如 ST万方 (000638) and 农心科技 (001231) had their announcements published on October 27, indicating ongoing corporate activities[2] - The report includes links to detailed announcements for 30 different stocks, providing transparency and access to information for investors[2] - The announcements cover a range of sectors, highlighting the diverse nature of the market and the potential for investment opportunities[2]

● 元成环境股份有限公司（以下简称"公司"） 股票 2025 年 10 月 30 日 收盘总市值为 2.67 亿元，已连续 13 个交易日总市值低于 5 亿元，即使后续 7 个交易日（不包含公司股票全天停牌日）连续涨停，也将因连续 20 个交易日收 盘总市值低于 5 亿元而触及交易类强制退市。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（五）项的规 定，上市公司出现连续 20 个交易日在上海证券交易所（以下简称"上交所"） 的每日股票收盘总市值均低于 5 亿元情形的，上交所将决定终止公司股票上市， 属于交易类强制退市。敬请广大投资者注意投资风险。 ● 公司股票 2025 年 10 月 30 日收盘价为 0.82 元，已连续 4 个交易日低于 1 元。根据《股票上市规则》第 9.2.1 条第一款第（一）项的规定，上市公司出 现连续 20 个交易日在上交所的每日股票收盘价均低于 1 元的，上交所将决定终 止公司股票上市，属于交易类强制退市。敬请广大投资者注意投资风险。 ● 根据《股票上市规则》第 9.6.1 条第二款的规定，交易类强制退市公司 股票不进入退市整理期 ...

公司负责人【祝昌人】、主管会计工作负责人【张彤】及会计机构负责人（会计主管人员）【程 俊】保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 元成环境股份有限公司 2025 年第三季度报告 证券代码：603388 证券简称：*ST 元成 元成环境股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 20,144,699.65 | ...