Core Viewpoint - The regulatory environment in the capital market remains stringent, with nearly 40 listed companies and over 20 responsible individuals being investigated in the first half of the year, primarily for information disclosure violations [1][3]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has initiated investigations against several A-share companies, including Yangmei Chemical and Qing Shui Yuan, mainly for information disclosure violations, false annual report records, and failure to disclose periodic reports on time [1][3]. - More than 80% of the companies investigated this year have been found to have information disclosure violations [3]. - Some companies, even after delisting, continue to face regulatory penalties for past violations, such as *ST Hongtao, which was investigated for information disclosure violations after its delisting [1][10]. Group 2: Financial Performance of Investigated Companies - Many companies under investigation have reported consecutive years of losses and are entangled in lawsuits. For instance, Jiaao Environmental Protection has incurred losses of over 400 million yuan from 2022 to 2024, with a debt ratio exceeding 80% [10]. - Huayang United reported cumulative losses exceeding 1.8 billion yuan from 2022 to 2024 [10]. - Companies like Meichen Technology are facing multiple lawsuits, with new cases involving approximately 993,690 yuan, representing 9.72% of the company's latest audited net assets [10]. Group 3: Implications for Investors - The increasing number of investigations and penalties against companies, especially those at risk of delisting, raises concerns for investors, as these companies may face legal actions and claims from investors [11]. - Legal challenges in claiming compensation from delisted companies are significant, particularly when defendants are in operational distress [11]. - Regulatory authorities are urged to enhance management of delisted companies to ensure they maintain normal operations and comply with information disclosure requirements [11].

Core Viewpoint - The regulatory environment for listed companies in the capital market remains stringent, with numerous companies facing investigations for information disclosure violations, even after delisting [2][12]. Group 1: Regulatory Actions - Nearly 40 listed companies and over 20 responsible individuals have been investigated in the first half of the year, with a focus on information disclosure violations [2]. - Companies such as Yangmei Chemical and Qing Shui Yuan, along with individuals like Su Tong and Yan Chunyu, have been subjected to investigations by the China Securities Regulatory Commission (CSRC) for issues including false annual report disclosures [2][4]. - More than 10 of the investigated companies are ST (Special Treatment) companies, indicating a higher risk profile [2]. Group 2: Recurring Violations - A significant portion of the companies under investigation, over 80%, have been found to have information disclosure violations [4]. - Recent cases include companies like Jiaao Environmental Protection and Jincheng New Materials, which are suspected of information disclosure violations [5]. - Some companies have faced multiple investigations; for instance, Jiaao Environmental Protection was previously penalized for similar violations in 2020 [9]. Group 3: Financial Health of Investigated Companies - Many companies facing investigations have reported consecutive years of losses and are entangled in legal disputes. Jiaao Environmental Protection reported losses exceeding 400 million yuan over three years [11]. - Huayang United has also shown significant losses, totaling over 1.8 billion yuan from 2022 to 2024 [11]. - The financial instability of these companies raises concerns about their ability to comply with regulatory requirements and maintain operations [11]. Group 4: Implications for Investors - The increasing number of investigations and the severity of penalties suggest a tightening regulatory environment, particularly for companies at risk of delisting [12]. - Investors are advised to be cautious with stocks that have delisting risks, as regulatory actions may lead to significant financial repercussions [12][13]. - Legal challenges in recovering losses from delisted companies are prevalent, complicating the investor compensation process [13].

证券代码：603825 证券简称：华扬联众 公告编号：2025-077 华扬联众数字技术股份有限公司 关于向控股股东提供反担保暨关联交易的进展公告 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： 担保对象及基本情况 | | | 被担保人名称 | 湖南湘江新区发展集团有限公司 （以下简称"湘江集团"） | | --- | --- | --- | --- | | | | 被担保人关联关系 | 控股股东、实际控制人及其控制 的主体 □上市公司董事、监管、高级管理 人员及其控制或者任职的主体 □其他______________ | | 担 保 | 对 | | | | 象 | | 本次担保金额 | 20,200 万元 | | | | 实际为其提供的担保余额 | 100,000 万元 | | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | | 本次担保是否有反担保 | 是 □否 □不适用：_________ | 累计担保情况 （一）基本情况 | 对外担保逾期的累计金额（万元） | ...

证券研究报告：传媒 | 公司点评报告 发布时间：2025-06-30 股票投资评级 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | --- | | 最新收盘价（元） | 12.60 | | --- | --- | | 总股本/流通股本（亿股）2.53 / 2.53 | | | 总市值/流通市值（亿元）32 / 32 | | | 52 周内最高/最低价 | 18.38 / 7.61 | | 资产负债率(%) | 90.8% | | 市盈率 | -5.83 | | 第一大股东 | 湖南湘江新区发展集团 | | 有限公司 | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 华扬联众(603825) 实控人变更，治理改善，拓展文旅业务新增长点 ⚫ 事件回顾 2025 年 4 月 29 日，公司发布 2024 年年报及 2025 年一季报。 2024 年公司实现营业收入 20.30 亿元，同比下降 63.07%；归母净利 润-5.47 亿元，上年同期为-6.84 亿元。2025 年一季度公司实现营业收 入 1.75 亿元， ...

Core Viewpoint - The company has approved the use of idle raised funds to temporarily supplement its working capital, totaling up to RMB 16,166 million, with a usage period not exceeding 12 months from the date of board approval [5][19][50]. Group 1: Fund Usage and Approval - The company held a board meeting on June 20, 2025, where it approved the temporary use of idle raised funds amounting to RMB 16,166 million for working capital [19][28][50]. - The board's decision was made in accordance with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [20][50][51]. - The company has previously utilized idle funds for similar purposes, with a history of timely repayments [7][11][12]. Group 2: Fundraising Background - The company raised a total of RMB 384.12 million through a non-public offering, with a net amount of RMB 377.32 million after deducting fees [6][15]. - The funds raised are intended for various projects, including brand new retail network operations and smart marketing cloud platform construction [15][16]. Group 3: Previous Fund Usage - The company has a track record of using idle funds for temporary working capital, including RMB 13 million in 2021 and RMB 8 million in 2022, all of which were repaid within the stipulated time [7][8][9][10]. - The company has consistently notified its sponsor, CITIC Securities, regarding the repayment of these funds [12][13][14].

Core Points - The company has approved the temporary use of idle raised funds for working capital on multiple occasions, totaling RMB 16,166 million [1][2][3] - The funds will be returned to the designated account ahead of schedule, with notifications sent to the sponsor and representative [3] Summary by Document Document 1 - On August 29, 2024, the company approved the use of up to RMB 23.66 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months [1] Document 2 - On September 5, 2024, the company approved the use of up to RMB 130 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months [2] Document 3 - On September 26, 2024, the company approved the use of up to RMB 8 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months [3] - As of June 20, 2025, the company has fully repaid the total of RMB 16.166 million used for temporary working capital to the designated account [3]

中信证券股份有限公司 关于华扬联众数字技术股份有限公司 使用部分闲置募集资金临时补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为华扬联 众数字技术股份有限公司（以下简称"华扬联众"、"公司"、"发行人"）非 公开发行股票的保荐人，根据《证券发行上市保荐业务管理办法》、《上海证券 交易所股票上市规则》、《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求》等相关法律、法规和规范性文件的规定，对华扬联众使用闲 置募集资金临时补充流动资金的事项进行了审慎核查，发表如下核查意见： 一、募集资金基本情况 1、募集资金到账、储存情况 经中国证券监督管理委员会《关于核准华扬联众数字技术股份有限公司非公 开发行股票的批复》（证监许可[2020]2387 号）核准，公司以非公开发行股份方 式向 8 名特定投资者发行了人民币普通股 26,936,880 股，每股发行价格为 14.26 元，募集资金总额 384,119,908.80 元，扣除承销费用及保荐费用合计人民币 5,300,000.00 元（含增值税）后的募集资金为人民币 378,819,908.80 元，扣除其 他与 ...

证券代码：603825 证券简称：华扬联众 公告编号：2025-072 华扬联众数字技术股份有限公司 关于提前归还临时补充流动资金的募集资金的公告 特此公告。 华扬联众数字技术股份有限公司董事会 2025 年 6 月 20 日 华扬联众数字技术股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开第五届董事会第十四次会议、第五届监事会第六次会议，审议通过了《关 于公司使用部分闲置募集资金临时补充流动资金的议案》，同意公司使用不超过 人民币 2,366 万元闲置募集资金临时补充流动资金，使用期限自公司第五届董事 会第十四次会议审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 8 月 31 日在上海证券交易所网站（http://www.sse.com.cn）披露的《关于使用部分 闲置募集资金临时补充流动资金的公告》（公告编号：2024-047）。 公司于 2024 年 9 月 5 日召开第五届董事会第十五次（临时）会议、第五届 监事会第七次（临时）会议，审议通过了《关于公司使用部分闲置募集资金临时 补充流动资金的议案》，同意公司使用不超过人民币 13,000 万元闲置募集资金 临 ...

证券代码：603825 证券简称：华扬联众 公告编号：2025-076 华扬联众数字技术股份有限公司 1、基本情况 公司名称：湖南湘江新区发展集团有限公司 关于向控股股东提供反担保暨关联交易的进展公告 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： 一、 反担保情况概述 为满足公司经营资金需求，公司向长沙银行股份有限公司湘江新区支行申请 新增流动资金贷款人民币 1 亿元，贷款期限不超过 1 年。公司控股股东湘江集团 为上述贷款提供连带责任保证担保。公司与湘江集团签署了相关反担保协议，公 司提供等额的连带责任反担保，并向湘江集团支付费率为 1%/年的担保费。 华扬联众数字技术股份有限公司（以下简称"公司"）控股股东湖南湘江新 区发展集团有限公司（以下简称"湘江集团"）为公司向长沙银行股份有限 公司湘江新区支行申请的新增流动资金贷款人民币1亿元，提供连带责任保 证担保。公司与湘江集团签署了相关反担保协议，公司提供等额的连带责任 反担保，并向湘江集团支付费率为1%/年的担保费。 截至本公告披露日，公司已实际为湘江集团 ...

证券代码：603825 证券简称：华扬联众 公告编号：2025-075 华扬联众数字技术股份有限公司 关于使用部分闲置募集资金临时补充流动资金的公告 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： 华扬联众数字技术股份有限公司（以下简称"公司"）拟使用不超过人民币 16,166.00 万元的闲置募集资金临时补充流动资金，使用期限自公司第六届董事 会第八次（临时）会议审议通过之日起不超过 12 个月。 一、募集资金基本情况 1、募集资金到账、储存情况 经中国证券监督管理委员会《关于核准华扬联众数字技术股份有限公司非公 开发行股票的批复》（证监许可[2020]2387 号）核准，公司以非公开发行股份方 式向 8 名特定投资者发行了人民币普通股 26,936,880 股，每股发行价格为 14.26 元，募集资金总额 384,119,908.80 元，扣除承销费用及保荐费用合计人民币 5,300,000.00 元（含增值税）后的募集资金为人民币 378,819,908.80 元，扣除其 他与非公开发行股票相关的费用 1 ...