Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of December 1, there are 912 stocks with a circulating market value below 3 billion yuan, and 354 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,633 stocks have a total market value below 5 billion yuan, with 512 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Yuan Cheng at 0.189 billion yuan, Kuntai Co. at 0.651 billion yuan, and Kangliyuan at 0.698 billion yuan [1] - The three stocks with the smallest total market values are *ST Yuan Cheng at 0.189 billion yuan, *ST Changyao at 0.781 billion yuan, and *ST Suwu at 0.881 billion yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as construction decoration, automotive, light manufacturing, and more [1][2]

Group 1: BYD Performance - BYD announced a production of 474,200 new energy vehicles (NEVs) and sales of 480,200 NEVs in November 2025 [1] - Cumulative production for the year reached 4,117,600 units, representing a year-on-year increase of 7.29% [1] - Cumulative sales for the year totaled 4,182,000 units, with a year-on-year growth of 11.30% [1] - In November, BYD exported 131,900 NEVs and installed approximately 27.669 GWh of power batteries and energy storage batteries [1] Group 2: Investment Initiatives - Lushin Venture Capital plans to establish a 400 million yuan investment fund focusing on life sciences, advanced manufacturing, and AI [2] - Chint Electric's wholly-owned subsidiary intends to invest up to 201 million yuan in a green private equity investment fund with a total scale of 700 million yuan [8] Group 3: Corporate Actions - Qianwei Central Kitchen will conduct a shareholder reward activity, offering a product package worth 200 yuan to individual shareholders holding 100 shares or more [3] - Huaxia Happiness plans to use trust beneficiary rights to offset financial debts totaling up to 24 billion yuan as part of its debt restructuring plan [4] - Tailong Pharmaceutical's controlling shareholder is planning a share transfer, leading to a temporary suspension of the company's stock [5] - ST Xianhe has applied to revoke other risk warnings, pending approval from the Shenzhen Stock Exchange [6] - *ST Yuancheng's stock will be delisted due to a market value below 500 million yuan for 20 consecutive trading days [7] Group 4: Sales and Contracts - SAIC Group reported sales of 4,108,000 vehicles from January to November 2025, a year-on-year increase of 16.4% [10] - Geely Automobile's total sales in November reached 310,428 units, marking a 24% increase year-on-year [11] - Far East Holdings' subsidiaries secured contracts worth 2.383 billion yuan in November, positively impacting future earnings [18] - Samsung Medical's subsidiary signed a contract for an annual bidding project in Indonesia worth approximately 160 million yuan [19] - Zhongchao Holdings' subsidiaries recently won contracts totaling 1.318 billion yuan [20] - Changhua Group received a project development notice from a domestic automaker, with an expected total sales amount of approximately 732 million yuan [21]

统一社会信用代码：9131000063159284XQ 企业类型：其他股份有限公司（上市） 1 证券代码：603388 证券简称：*ST 元成 公告编号：2025-146 元成环境股份有限公司 关于聘请主办券商的公告 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。 一、聘请主办券商的情况说明 元成环境股份有限公司（以下简称"公司"）股票自 2025 年 10 月 14 日至 2025 年 11 月 10 日，公司连续 20 个交易日的每日收盘总市值均低于 5 亿元，根 据《上海证券交易所股票上市规则（2025 年 4 月修订）》（以下简称"《股票 上市规则》"）第 9.2.1 条第一款第五项的规定，在上海证券交易所（以下简称 "上交所"）仅发行 A 股股票的上市公司，如果公司股票连续 20 个交易日的每 日收盘总市值均低于 5 亿元，公司股票可能被上交所终止上市交易。公司于 2025 年 11 月 28 日收到上交所下发的《关于元成环境股份有限公司股票终止上市的决 定》（上海证券交易所自律监管决定书〔2025〕274 号），上 ...

Core Points - The average stock price of A-shares is 13.69 yuan, with 24 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 37.50% of the total [1] - The Shanghai Composite Index closed at 3914.01 points as of December 1 [1] Low-Priced Stocks Summary - The lowest priced stock is *ST Yuan Cheng at 0.58 yuan, followed by *ST Su Wu at 1.24 yuan and Chongqing Steel at 1.47 yuan [1] - In terms of market performance, 10 of the low-priced stocks increased in price, with Shandong Steel, HNA Holding, and Chongqing Steel showing gains of 2.01%, 1.73%, and 1.38% respectively [1] - Conversely, 8 stocks declined, with ST Lingnan, Energy Saving Iron Han, and *ST Hui Feng experiencing drops of 2.72%, 1.50%, and 1.12% respectively [1] Low-Priced Stocks Table - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1][2]

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 November 28, there are 919 stocks with a circulating market value below 3 billion yuan, and 356 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,641 stocks have a total market value below 5 billion yuan, with 514 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 189 million yuan - Kuntai Co., Ltd.: 651 million yuan - Kangliyuan: 698 million yuan [1] - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 189 million yuan - *ST Changyao: 813 million yuan - *ST Suwu: 881 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST Yuan Cheng: 189 million yuan, PE ratio: N/A, Industry: Construction Decoration - Kuntai Co., Ltd.: 651 million yuan, PE ratio: 47.32, Industry: Automotive - Kangliyuan: 698 million yuan, PE ratio: 36.15, Industry: Light Industry Manufacturing - Other notable stocks include: - Yangzhou Jinqiao: 719 million yuan, PE ratio: 25.10, Industry: Textile and Apparel - Keres: 735 million yuan, PE ratio: 179.75, Industry: Communication [1][2]

Core Viewpoint - The delisting of ST Yuancheng is a result of severe financial fraud, leading to significant losses for investors and highlighting the risks in the A-share market [2][4]. Group 1: Company Overview - ST Yuancheng, primarily engaged in landscaping engineering, attempted to diversify into online gaming but faced regulatory backlash [2]. - The company was found to have inflated project costs and fabricated revenue, reporting a fictitious income of 209 million yuan and overstating profits by over 50 million yuan from 2020 to 2022 [2]. Group 2: Financial Impact - Following the revelation of financial misconduct, ST Yuancheng's market value fell below 500 million yuan for the first time on October 14, with a subsequent decline to 218 million yuan by November 5, remaining below the delisting threshold for 17 consecutive trading days [4]. - The stock price plummeted from 2 yuan to 0.58 yuan, culminating in its delisting on December 5, leaving investors with no opportunity to exit [6]. Group 3: Investor Behavior - Despite the impending delisting, the number of shareholders in ST Yuancheng increased by 23.86% in the last quarter, reaching 12,600, indicating a misguided attempt by some investors to capitalize on potential rebounds [4]. - These investors faced a harsh reality as the stock experienced 21 consecutive trading halts [5]. Group 4: Broader Industry Context - The case of ST Yuancheng is part of a larger trend, with over 60 companies in the A-share market under investigation and 13 facing delisting due to financial fraud in the past year [16]. - Other companies, such as Yongtai Energy and Tianfeng Securities, are also facing scrutiny for information disclosure violations, further contributing to investor anxiety in the market [8][11].

*ST元成（元成环境股份有限公司，股票代码603388）是一家以服务于"大环境"为宗旨，以生态景观、 绿色环保、休闲旅游为核心领域，以规划设计为引领，以产业投资为发展的产业链一体化的环境综合服 务商，其终止上市的具体情况及公司类型分析如下： 终止上市情况 公司类型及业务范围 公司资质与荣誉 终止上市日期：2025年12月5日。 终止上市原因：根据上交所决定，*ST元成股票终止上市的原因是2025年10月14日至11月10日期 间，公司连续20个交易日每日收盘总市值均低于5亿元，触及交易类强制退市情形。此外，公司还 涉嫌年报等定期报告财务数据虚假披露，证监会已对公司及公司控股股东、实际控制人立案调 查，这也可能对其退市产生了影响。 后续安排：公司股票终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办股份转 让系统设立并代为管理的两网公司及退市公司板块挂牌转让。 公司类型：环境综合服务商。 业务范围： 生态景观工程：包括园林绿化工程、园林古建筑工程等，公司具备风景园林工程设计专项甲级、 城市园林绿化壹级等资质。 绿色环保工程：涵盖污染治理及生态修复工程，如水污染治理工程、土壤修复工程、大气污染治 理工程 ...

Core Viewpoint - *ST Yuancheng has received a decision from the Shanghai Stock Exchange to terminate its stock listing due to continuous low market capitalization and financial losses, with the delisting date set for December 5, 2025 [1][3]. Group 1: Delisting Decision - The Shanghai Stock Exchange decided to terminate the listing of *ST Yuancheng's stock, effective December 5, 2025 [1]. - From October 14 to November 10, 2025, *ST Yuancheng's market capitalization was below 500 million yuan for 20 consecutive trading days [3]. - Following the delisting, the company's stock will be transferred to the National Equities Exchange and Quotations system for trading [3]. Group 2: Financial Performance - In the first three quarters of the year, *ST Yuancheng reported revenue of 102 million yuan and a net loss of 143 million yuan [7]. - The company's revenue has been declining, with figures of 294 million yuan, 274 million yuan, and 146 million yuan from 2022 to 2024, respectively, while net losses increased from 65.48 million yuan to 325 million yuan during the same period [7]. - The company has faced continuous operational challenges, leading to a warning about its ability to continue as a going concern in the 2024 audit report [7]. Group 3: Regulatory Issues - On October 10, 2025, *ST Yuancheng received a notice from the China Securities Regulatory Commission regarding administrative penalties for false reporting in annual reports from 2020 to 2022 [8]. - The company was found to have inflated project costs and revenues, which could lead to a forced delisting due to significant violations of stock listing rules [8]. - Proposed penalties include a fine of 37.45 million yuan for the company and a total of 42 million yuan for five responsible individuals, including the controlling shareholder [8].

Core Points - *ST Yuancheng (603388) has received a decision from the Shanghai Stock Exchange to terminate its stock listing, effective December 5, 2025 [1] - The company has been facing financial difficulties, with a continuous decline in market value and a significant drop in stock price [4][7] Financial Performance - From October 14 to November 10, 2025, *ST Yuancheng's market capitalization fell below 500 million yuan for 20 consecutive trading days [4] - The company's stock price was recorded at 0.58 yuan per share as of November 10, with a total market value of approximately 189 million yuan [4] - For the first three quarters of the current year, *ST Yuancheng reported revenue of 102 million yuan and a net loss of 143 million yuan [7] Regulatory Actions - The company has been under financial risk warnings since May 6, and was subjected to additional warnings for major legal violations starting October 13 [7] - In October 2025, the Zhejiang Securities Regulatory Bureau issued a notice indicating that the company's annual reports from 2020 to 2022 contained false records, leading to proposed penalties totaling 37.45 million yuan [7] - The company’s actual controller and former chairman, Zhu Changren, faces a personal fine of 28 million yuan and a 10-year ban from the securities market [7]

11月28日，*ST元成(603388.SH)公告称，公司于11月28日收到上交所出具的《关于元成环境股份有限公司股票终止上市的决定》，上交所决定终止公司股 票上市。公司终止上市暨摘牌日为2025年12月5日。 公司股票终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办股份转让系统设立并代为管理的两网公司及退市公司板块挂牌转让。 *ST元成将于12月5日终止上市。 2025年10月10日，证监会对*ST元成涉嫌定期报告等财务数据存在虚假记载作出行政处罚并事先告知，*ST元成涉嫌触及重大违法强制退市情形，上交所 将依法启动退市程序。 证监会官网显示，*ST元成连续三年虚增收入和利润，违反证券法律法规。经查明，*ST元成主要通过以下手段造假： 一是虚增越龙山项目成本与产值，导致2020年至2022年年报中的营业收入和利润总额严重失实。 其中，*ST元成累计虚增营业成本约1.58亿元、营收2.09亿元、利润总额达5046.02万元。其中，2020年年报虚增利润总额3848.04万元，占当期披露金额的 36.60%；2021年年报虚增利润总额1109.39万元，占当期披露金额的19.32%；2022年年报虚 ...