证券代码：603388 证券简称：*ST 元成 公告编号：2025-101 元成环境股份有限公司 关于控股股东、实际控制人所持公司部分股份 被第二次司法拍卖流拍的公告 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。 重要内容提示： ● 本次被司法拍卖的股票为公司控股股东、实际控制人祝昌人先生持有的 公司 975,520 股股票，占其所持有公司股份数量的 2.98%，占公司总股本的 0.3%。 ● 截至本公告披露日，本次司法拍卖网拍阶段已经结束，上述 975,520 股 股票因无人出价已流拍。 ● 本次司法拍卖事项不会对公司经营管理产生重大不利影响，亦不会导致 公司控股股东和实际控制人发生变化。 一、本次拍卖的基本情况 2025 年 9 月 10 日，公司通过"淘宝网司法拍卖网络平台"查询获悉，2025 年 9 月 9 日 10 时至 2025 年 9 月 10 日 10 时止（延时除外）对公司控股股东、实 际控制人祝昌人先生其所持有的 975,520 股股票进行的公开拍卖活动，因无人出 价本次拍卖已流拍。 1 三、其他事项说明 ...

Market Overview - On September 10, the infrastructure sector declined by 0.24% compared to the previous trading day, with *ST Yuan Cheng leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Performers in Infrastructure Sector - Dongzhu Ecology (603359) closed at 9.22, up 10.02% with a trading volume of 17,600 lots and a transaction value of 16.21 million [1] - Chengbang Co., Ltd. (603316) closed at 10.02, up 9.99% with a trading volume of 158,500 lots and a transaction value of 156 million [1] - ST Lingnan (002717) closed at 1.60, up 5.26% with a trading volume of 1,375,000 lots and a transaction value of 206 million [1] Underperformers in Infrastructure Sector - *ST Yuan Cheng (603388) closed at 1.85, down 5.13% with a trading volume of 17,500 lots and a transaction value of 3.24 million [2] - Hongrun Construction (002062) closed at 9.05, down 3.52% with a trading volume of 786,900 lots and a transaction value of 712 million [2] - Pudong Construction (600284) closed at 8.65, down 2.70% with a trading volume of 310,700 lots and a transaction value of 27.4 million [2] Capital Flow Analysis - The infrastructure sector saw a net inflow of 99.53 million from main funds, while retail investors experienced a net outflow of 123 million [2][3] - The main funds showed significant net inflows in several stocks, including: - Huylv Ecology (001267) with a net inflow of 14.5 million [3] - Chengbang Co., Ltd. (603316) with a net inflow of 66.68 million [3] - Xinjiang Communications Construction (002941) with a net inflow of 53.23 million [3]

Summary of Key Points Core Viewpoint - *ST Yuancheng (603388) is facing significant financial and operational challenges, including an ongoing investigation by the China Securities Regulatory Commission (CSRC) for alleged false disclosures in its annual reports, which could lead to delisting risks. Company Announcements - The company received a notice from the CSRC on July 1, 2025, regarding the investigation for suspected false disclosure of financial data in its annual reports [1][2] - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss attributable to shareholders of 126.80 million yuan [1][2] - The company and its subsidiaries have had multiple bank accounts frozen, with a total amount of 330.52 million yuan, representing 39.02% of the latest audited net assets [1][2] Stock Performance - As of September 5, 2025, *ST Yuancheng's stock closed at 2.16 yuan, down 2.26% from the previous week [1] - The stock reached a weekly high of 2.30 yuan on September 3 and a low of 2.13 yuan on September 4 [1] - The company's total market capitalization is currently 704 million yuan, ranking 45th in the infrastructure sector and 5151st in the overall A-share market [1]

Group 1 - The article highlights that small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of September 2, there are 994 stocks with a circulating market value below 3 billion yuan, and 414 of these have a circulating market value below 2 billion yuan [1] - A total of 1,674 stocks have a total market value below 5 billion yuan, with 598 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Zitian at 440 million yuan, Bofei Electric at 608 million yuan, and Hongming Co. at 620 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Yuancheng at 726 million yuan, and *ST Suwu at 775 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, basic chemicals, machinery, and more, with notable examples like *ST Zitian and Bofei Electric [1][2]

Group 1 - The stock of *ST Yuancheng (603388) closed at 2.25 yuan on September 1, 2025, with an increase of 1.81% and a turnover rate of 2.97%, totaling a trading volume of 96,900 hands and a transaction amount of 21.67 million yuan [1] - On September 1, 2025, the net inflow of main funds was 2.0273 million yuan, accounting for 9.36% of the total transaction amount, while retail investors experienced a net outflow of 1.4529 million yuan, representing 6.7% of the total transaction amount [1][3] - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosures in its annual reports, which may lead to a significant risk of forced delisting if found guilty [1][3] Group 2 - For the first half of 2025, the company reported an operating income of 82.34 million yuan and a net profit attributable to shareholders of -126.80 million yuan, indicating continuous losses over the past three years [1] - The company has multiple frozen bank accounts with a total amount of 330.52 million yuan, which accounts for 39.02% of the latest audited net assets [1] - The company is required to disclose risk warning announcements monthly as the investigation is ongoing [1]

Core Viewpoint - The company, Yuancheng Environment Co., Ltd., is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosures in financial reports, which poses significant risks of forced delisting due to major violations [1][3]. Financial Risks - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss attributable to shareholders of 126.80 million yuan, which may lead to delisting risks if the annual report does not meet the requirements set by the Shanghai Stock Exchange [2]. - The company is subject to a risk warning due to its financial performance, and if the 2025 annual report does not meet the delisting criteria, the company's stock may be terminated from listing [2]. Operational Status - As of the announcement date, the company's business activities are reported to be operating normally, and the CSRC's investigation is ongoing without any conclusive findings yet [3]. - The company and its controlling shareholder are cooperating with the CSRC's investigation and will provide monthly updates on the progress of the investigation as required by the stock listing rules [3]. Risk Warnings - The company faces uncertainties regarding its ability to continue operations and liquidity risks, with multiple bank accounts frozen, totaling a significant amount in restricted funds [2].

证券代码：603388 证券简称：*ST 元成 公告编号：2025-100 元成环境股份有限公司 关于立案调查进展暨风险提示公告 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。 重要风险提示： ● 重大违法强制退市风险。2025 年 7 月 1 日收到中国证券监督管理委员会 （以下简称"中国证监会"）《立案告知书》（编号：证监立案字 01120250019 号）因公司涉嫌年报等定期报告财务数据虚假披露，根据《中华人民共和国证 券法》《中华人民共和国行政处罚法》等法律法规，决定对公司立案，同时公 司控股股东、实际控制人祝昌人先生也被同步立案（编号：证监立案字 01120250020 号）。若后续经中国证监会行政处罚认定的事实，触及《上海证券 交易所股票上市规则》（以下简称《股票上市规则》）规定的重大违法强制退 市情形，公司股票将被实施重大违法强制退市。 ● 财务类退市风险。公司 2025 年半年度（未经注册会计师审计），营业收 入为 8,233.93 万元，归属于母公司股东的净利润为-12,679.50 万元，根据《上 海证券交 ...

Core Viewpoint - *ST Yuancheng (603388) reported a mixed financial performance for the first half of 2025, with significant revenue growth but a substantial decline in net profit, indicating underlying operational challenges and financial strain [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 82.34 million yuan, a year-on-year increase of 42.17% compared to 57.92 million yuan in the same period of 2024 [1] - The net profit attributable to shareholders was -127 million yuan, reflecting a 94.52% decline from -65.18 million yuan in the previous year [1] - The gross profit margin improved to 7.19%, a significant increase of 181.94% from -8.78% in the prior year [1] - The net profit margin was -154.95%, a decrease of 24.16% from -124.80% in the previous year [1] - Total receivables accounted for 596.89% of the latest annual revenue, indicating a high level of outstanding payments [1] Cost and Expense Analysis - Total operating expenses (selling, administrative, and financial expenses) amounted to 34.38 million yuan, representing 41.76% of revenue, a decrease of 39.45% year-on-year [1] - Management expenses decreased by 43.65% due to reduced wages and daily expenditures [6] - Financial expenses increased by 46.71% due to interest income from delayed payments in the previous period [7] Cash Flow and Debt Situation - Operating cash flow per share improved to 0.01 yuan, a year-on-year increase of 119.35% from -0.07 yuan [1] - The company’s cash flow from operating activities showed a net increase of 26.93 million yuan, despite ongoing challenges in project collections [7] - The ratio of monetary funds to current liabilities was only 0.91%, indicating potential liquidity issues [8] Asset and Liability Changes - Inventory decreased by 50.39% due to the transfer of subsidiaries [3] - Goodwill saw a drastic reduction of 99.82%, also attributed to the transfer of subsidiaries [3] - Long-term borrowings decreased by 100% as they were reclassified to current liabilities [5] Historical Performance Insights - The company has experienced three years of losses since its listing, indicating a fragile business model [6] - The historical median Return on Invested Capital (ROIC) stands at 11.88%, with the worst year being 2024 at -16.59% [6]

Core Viewpoint - *ST Yuan Cheng (603388.SH) reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to adverse macroeconomic conditions affecting the industry and increased market competition [1] Group 1: Financial Performance - The company achieved operating revenue of 82.34 million yuan in the first half of 2025 [1] - The net profit attributable to shareholders was -126.80 million yuan, indicating a substantial loss [1] Group 2: Reasons for Performance Decline - The industry faced significant impacts from macroeconomic downturns, leading to reduced investment from key clients and intensified competition, resulting in a notable decrease in new orders and slow progress on existing orders [1] - Key clients experienced challenges in raising construction funds, which pressured their payment capabilities, causing delays in accounts receivable collections and further contributing to the decline in revenue and profit [1] - The transfer of equity in Silicon Valley Electronics and increased provisions for credit impairment losses also negatively impacted net profit during the reporting period [1]

Group 1 - The core viewpoint of the news is that *ST Yuancheng has experienced a decrease in shareholder numbers and average shareholding value, indicating a potential decline in investor interest [1][2] - As of June 30, 2025, the number of shareholders for *ST Yuancheng is 10,153, a decrease of 371 shareholders or 3.53% from March 31, 2025 [1][2] - The average shareholding value per shareholder is 112,600 yuan, which is lower than the industry average of 247,000 yuan for infrastructure sector A-share listed companies [1][2] Group 2 - From March 31, 2025, to June 30, 2025, *ST Yuancheng's stock price decreased by 5.14%, coinciding with a reduction in shareholder numbers [1][2] - During the same period, the net outflow of main funds was 236 million yuan, while retail investors saw a net inflow of 156 million yuan [2]