Group 1 - The trading date for the securities is October 20, 2025, with the stock name being *ST元成 and the stock code 603388 [1] - The transaction price for *ST元成 is 1.22 yuan, with a total transaction amount of 61 million yuan and a trading volume of 50 thousand shares [1] - The major buying institutions include 德邦证券股份有限 and 中国银河证券股份, while the selling institutions are 东海证券股份有限公司南京分公司 and 浙商证券股份有限公司 [1] Group 2 - A total of three transactions for *ST元成 were recorded on the same date, all at the same price of 1.22 yuan [1] - The second transaction had a transaction amount of 36.64 million yuan and a trading volume of 30.03 thousand shares [1] - The third transaction recorded a transaction amount of 36.6 million yuan with a trading volume of 30 thousand shares [1]

Core Points - The average stock price of A-shares is 13.43 yuan, with 31 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1] - As of October 20, the Shanghai Composite Index closed at 3863.89 points, indicating a relatively small proportion of both high-priced and low-priced stocks in the A-share market [1] Low-Priced Stocks Overview - Among the 31 low-priced stocks, 14 are ST stocks, accounting for 45.16% of this group [1] - In terms of market performance, 25 of the low-priced stocks increased in price, with notable gains from Yingxin Development (9.76%), ST Lingnan (5.16%), and HNA Holding (3.57%) [1] - The two stocks that declined were *ST Yuan Cheng and *ST Jin Ke, with decreases of 4.69% and 0.72%, respectively [1] Detailed Low-Priced Stocks Data - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1][2] - For example, *ST Gao Hong has a closing price of 0.38 yuan and a price-to-book ratio of 0.99, while *ST Su Wu is priced at 0.97 yuan with a price-to-book ratio of 0.39 [1][2]

Core Viewpoint - 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 17, there are 1,031 stocks with a circulating market value below 3 billion yuan, and 428 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,746 stocks have a total market value below 5 billion yuan, with 641 stocks below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 417 million yuan - *ST Gao Hong: 430 million yuan - Kuntai Co., Ltd.: 622 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 417 million yuan - *ST Gao Hong: 440 million yuan - *ST Su Wu: 690 million yuan [1] Selected Stocks with Low Market Values - A list of stocks with circulating market values below 2 billion yuan includes: - *ST Yuan Cheng: Circulating market value 417 million yuan, total market value 417 million yuan, PE ratio not applicable, industry: Construction Decoration - *ST Gao Hong: Circulating market value 430 million yuan, total market value 440 million yuan, PE ratio not applicable, industry: Communication - Kuntai Co., Ltd.: Circulating market value 622 million yuan, total market value 2.254 billion yuan, PE ratio 51.19, industry: Automotive - Kangliyuan: Circulating market value 656 million yuan, total market value 2.569 billion yuan, PE ratio 43.86, industry: Light Industry Manufacturing - Keri Si: Circulating market value 659 million yuan, total market value 2.242 billion yuan, PE ratio 183.45, industry: Communication [1][2]

Core Points - *ST Yuancheng's stock price has dropped significantly, closing at 1.28 yuan on October 17, 2025, a decrease of 22.42% from the previous week, reaching its lowest point in nearly a year [1] - The company has a total market capitalization of 4.17 billion yuan, ranking last in the infrastructure sector and overall in the A-share market [1] - The company is facing potential delisting risks due to its market capitalization falling below 5 billion yuan for the first time [2][4] Trading Information Summary - *ST Yuancheng has appeared on the trading alert list twice in the past five trading days due to a cumulative price drop of over 12% [1][3] - The company experienced significant block trades from October 13 to 17, with a total transaction amount of 12.97 million yuan [4] Shareholder Changes - The controlling shareholder, Zhu Changren, has seen a reduction in his shareholding from 32,775,520 shares to 31,800,000 shares due to a judicial transfer related to a private lending dispute, decreasing his ownership percentage from 10.06% to 9.76% [2][5] - The combined shareholding of Zhu and his concerted actors has decreased from 12.17% to 11.87% [2] Company Announcements - The company received a notice from the China Securities Regulatory Commission regarding administrative penalties for inflating revenue and profits from 2020 to 2022, which could lead to significant legal consequences and potential delisting [2][4] - The company reported an unaudited net loss of 126.8 million yuan for the first half of 2025, raising concerns about its ongoing viability [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying its crackdown on financial fraud by targeting actual controllers and major shareholders of listed companies, emphasizing the principle of "chasing the principal offender" to enhance legal deterrence and prevent illegal activities from the source [2][6][8]. Summary by Sections Administrative Penalties - The CSRC has issued administrative penalties against *ST Yuancheng, proposing a fine of 28 million yuan for its actual controller, Zhu Changren, due to severe financial fraud [1][4]. - Since 2025, 39 actual controllers have been penalized, totaling 286 million yuan in fines [3]. Focus on Actual Controllers - The CSRC has highlighted the responsibility of actual controllers in financial fraud cases, as they often orchestrate and benefit from such illegal activities [2][4][8]. - In the case of *ST Guangdao, the actual controller Jin Wenming was fined 15 million yuan and banned for life from the securities market for his role in financial fraud [5]. Legal Framework and Enforcement - The CSRC is enhancing its enforcement mechanisms, including administrative, civil, and criminal liabilities, to ensure accountability among actual controllers [9][10]. - The penalties for financial fraud can range from 1 million to 10 million yuan for major shareholders and actual controllers, with additional fines for directly responsible personnel [9]. Challenges and Recommendations - There are ongoing challenges in enforcing penalties, such as difficulties in evidence collection and the need for improved investor compensation mechanisms [10][11]. - Experts suggest implementing a dynamic adjustment mechanism for administrative penalties and enhancing the legal framework to better protect investors and hold actual controllers accountable [10][11].

Core Viewpoint - Yuan Cheng Environment Co., Ltd. is facing the risk of being delisted due to suspected financial data falsification in its annual reports, as confirmed by the China Securities Regulatory Commission (CSRC) [2][4][6] Group 1: Investigation and Allegations - The company is under investigation by the CSRC for allegedly falsifying financial data in its annual reports from 2020 to 2022, which includes inflating costs and revenues related to the Yuelongshan project [2][4] - The CSRC issued a notice on October 10, 2025, detailing that the company inflated operating costs by approximately 158.44 million yuan, operating income by about 208.90 million yuan, and total profit by around 50.46 million yuan from 2020 to 2022 [4][6] - Specific figures include: - For 2020: inflated costs of 115.08 million yuan, income of 153.56 million yuan, and profit of 38.48 million yuan, representing 22.75%, 21.48%, and 36.60% of the reported amounts respectively - For 2021: inflated costs of 25.08 million yuan, income of 36.17 million yuan, and profit of 11.09 million yuan, representing 5.99%, 6.31%, and 19.32% respectively - For 2022: inflated costs of 18.28 million yuan, income of 19.17 million yuan, and profit of 0.89 million yuan, representing 7.22%, 5.86%, and 1.62% respectively [4][5] Group 2: Potential Consequences - If the formal penalty decision confirms the allegations, the company may face mandatory delisting under the Shanghai Stock Exchange rules [2][6][7] - The company has stated it will cooperate fully with the CSRC and will exercise its rights to defend itself [3][6] - As of October 17, 2025, the company's market capitalization has been below 500 million yuan for four consecutive trading days, which could lead to further delisting actions [7]

Core Viewpoint - The article discusses the severe financial fraud of *ST Yuancheng and how ordinary investors can avoid similar pitfalls, highlighting abnormal related party transactions, liquidity risk signals, and frequent changes in auditing firms as red flags [1][5][9]. Summary by Sections Financial Fraud Details - *ST Yuancheng has been found to have inflated revenues and profits for three consecutive years from 2020 to 2022, violating securities laws [2]. - The company inflated operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan during this period [2]. - Specific years showed significant inflation: in 2020, operating costs were inflated by 115 million yuan (22.75% of reported figures), operating income by 153 million yuan (21.48%), and total profit by 38.48 million yuan (36.6%) [2]. Abnormal Transactions - The company engaged in large related party transactions, particularly with Zhejiang Yuelongshan Tourism Development Co., which accounted for a significant portion of its sales [5][6]. - From 2017 to 2021, the related sales to Yuelongshan were 175 million yuan, 561 million yuan, 457 million yuan, 435 million yuan, and 256 million yuan, representing 20.73%, 45.06%, 45.33%, 60.92%, and 44.66% of total sales respectively [5]. Liquidity Risks - The company showed signs of liquidity tightening, with a cash balance of 79 million yuan against short-term borrowings of 503 million yuan by the end of 2021 [8]. - Despite declining revenues, the company reported a significant increase in cash flow, with a 29.08% drop in revenue in 2020 but a positive cash flow, and a further 19.84% drop in 2021 with an 814.21% increase in cash flow [8]. Auditing Concerns - The company changed its auditing firms frequently, switching from Tianjian to Zhihong and then to Zhongxing in consecutive years, which raises concerns about the reliability of audits [9]. - All three auditing firms issued "standard unqualified" opinions during the years of fraud, prompting questions about their diligence and potential accountability [11].

Core Insights - The average stock price in the A-share market is 13.33 yuan, with 31 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1] - Among the low-priced stocks, 14 are ST stocks, accounting for 45.16% of the total [1] - The market performance shows that out of the low-priced stocks, 4 increased in price while 25 decreased, with *ST Yuan Cheng experiencing the largest drop of 5.19% [1] Low-Priced Stocks Overview - The lowest priced stock is *ST Gao Hong at 0.38 yuan, with a price-to-book ratio of 0.99 and belonging to the telecommunications industry [1] - *ST Yuan Cheng and *ST Su Wu follow with closing prices of 1.28 yuan and 0.97 yuan, respectively, with *ST Yuan Cheng having a price-to-book ratio of 0.58 [1] - The highest daily increase among low-priced stocks was seen in *ST Hui Feng, which rose by 2.60% [1] Market Performance - The Shanghai Composite Index closed at 3839.76 points as of October 17 [1] - The majority of low-priced stocks experienced declines, with notable drops in *ST Yuan Cheng (-5.19%), Jinyu Group (-3.37%), and ST Lingnan (-3.13%) [1] - The trading volume varied, with *ST Su Wu showing a turnover rate of 3.50% while *ST Yuan Cheng had a lower turnover rate of 0.13% [1]

Core Viewpoint - On October 17, *ST Yuancheng experienced significant block trading activity, with a total of 1.1196 million shares traded, amounting to 1.433 million yuan, which represented 72.64% of the total trading volume for the day, with the trading price remaining stable at 1.28 yuan, consistent with the market closing price [1]. Group 1 - The total volume of shares traded in the block transaction was 1.1196 million shares [1]. - The total transaction amount for the block trading was 1.433 million yuan [1]. - The block trading accounted for 72.64% of the total trading volume on that day [1]. Group 2 - The trading price for *ST Yuancheng was 1.28 yuan, which was unchanged from the market closing price [1]. - The trading activity involved multiple buying and selling parties, indicating a diverse interest in the stock [2].

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。 重要风险提示： ● 元成环境股份有限公司(以下简称"公司") 因涉嫌年报等定期报告财务 数据虚假披露，被中国证券监督管理委员会（以下简称"中国证监会"）立案 调查。2025 年 10 月 10 日，公司收到中国证监会下发的《行政处罚事先告知书》 （浙处罚字[2025]14 号）。认定：1、公司 2020 年至 2022 年年报存在虚假记载： （一）通过虚增越龙山项目成本和产值，虚增公司 2020 年至 2022 年年报营业 收入和利润总额；（二）未及时将淮阴项目价审差异入账处理，虚增公司 2022 年年报营业收入和利润总额；2、公司 2022 年非公开发行股票文件编造重大虚 假内容。 证券代码：603388 证券简称：*ST 元成 公告编号：2025-120 ● 如根据正式的处罚决定书结论，公司触及重大违法强制退市情形，公司 股票将被终止上市。根据《上海证券交易所股票上市规则》第 9.5.7 条、第 9.5.8 条，如公司后续收到行政处罚决定书，显示公司触及重大违法类强制退市情形 ...