Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges plan to adjust the price fluctuation limit for risk warning stocks from 5% to 10%, aiming to enhance pricing efficiency in the market [2][9]. Group 1: Risk Warning Stocks - Risk warning stocks include "*ST" and "ST" stocks, which are subject to trading restrictions due to financial irregularities that may lead to forced delisting [2]. - As of July 2, there are 99 "*ST" stocks and 74 "ST" stocks in the main boards of the Shanghai and Shenzhen markets [2]. - "*ST" stocks have a higher risk of delisting compared to "ST" stocks, with most stocks that were forcibly delisted this year being "*ST" stocks [2]. Group 2: Stock Performance - Stocks that received a "*ST" designation often experience significant price declines prior to delisting, with examples showing price drops between 75% and 92% in the year leading up to their delisting [2]. - For instance, after being designated as "*ST", Taihe Water's stock price fell by 20% in the month prior to the announcement and dropped 9.54% on the announcement day [3]. - Highong Co. transitioned from "ST" to "*ST" in April 2024, with its stock price declining by 48% over the year and an additional 9% from the beginning of the year to July 2 [4]. Group 3: Market Implications - The adjustment of the fluctuation limit to 10% means that if a company's fundamentals improve, its stock price can rise more quickly, and conversely, if the fundamentals worsen, the stock price can fall rapidly, potentially leading to faster delisting [9]. - Experts advise that ordinary investors should avoid "*ST" and "ST" stocks due to their inherent risks and historical performance trends [9].

Core Viewpoint - The safety concerns surrounding traditional Chinese medicine (TCM) injection solutions, particularly the case of a patient who died after receiving a Schisandra injection, have reignited discussions about the risks associated with these products and the need for improved regulatory oversight [1][3][11]. Industry Overview - The market for TCM injection solutions has seen a significant decline, with total market size dropping from 831.3 billion in 2015 to 479.8 billion in 2023, a nearly 50% reduction [7]. - Major companies in the sector, such as ST Longjin and Dali Pharmaceutical, have faced severe financial difficulties, with ST Longjin's revenue declining by 36.19% to 0.48 billion in 2024 [8][9]. - Despite the challenges, some companies remain optimistic about the potential for TCM injections, with predictions that products like Kanyuan Pharmaceutical's Hot Toxic Ning injection could benefit from increased insurance coverage and expanded indications [5]. Regulatory Environment - The National Medical Products Administration (NMPA) has been actively revising the instructions for TCM injections, adding warnings about severe allergic reactions and requiring monitoring after administration [11][12]. - Recent changes in the 2023 medical insurance drug directory have relaxed some payment restrictions on TCM injections, allowing for broader use in clinical settings [13][14]. - However, the existing risk management system still has shortcomings, such as delayed implementation of revised instructions and insufficient training for medical staff on proper medication use [12]. Safety Concerns - Reports indicate that adverse reactions to TCM injections, particularly allergic reactions, are common, especially among older patients [3][6]. - The complexity of TCM injection formulations and the potential for contamination during production contribute to safety risks [6][10]. - The industry faces ongoing scrutiny regarding the quality control of TCM injections, with calls for stricter regulations and better monitoring of adverse reactions [10][15]. Future Outlook - The TCM injection industry must navigate its way out of the current downturn by focusing on product upgrades, regulatory compliance, and enhancing safety monitoring systems [10][16]. - Companies are encouraged to adopt modern scientific methods to assess the safety of TCM injections and to implement stricter quality control measures [16].

Core Viewpoint - *ST Dayao (603963.SH) is set to be delisted from the Shanghai Stock Exchange on March 21 due to negative net profit and revenue below 100 million yuan in 2023, marking a significant decline in its financial health since its IPO in 2017 [1][2][4]. Financial Performance - The company's market capitalization is currently 259 million yuan, the lowest among A-share listed companies [2]. - Since its peak revenue of 401 million yuan in 2018, *ST Dayao has experienced a continuous decline in revenue for six consecutive years, dropping below 100 million yuan in 2023 [5]. - The company has reported losses for three consecutive years from 2021 to 2023 [5]. Delisting Circumstances - The Shanghai Stock Exchange has decided to terminate the company's listing without a delisting adjustment period due to its failure to meet financial performance standards [1][4]. - The company has triggered both financial and trading-related delisting criteria, making it one of the few companies in A-share market to face such circumstances [2][4]. - The company’s stock price fell below the 5 billion yuan threshold, leading to a trading-related delisting decision after 20 consecutive trading days of market capitalization below this level [4][6]. Management and Control Issues - The company's controlling shareholder, Yang Junxiang, faced legal issues that hindered his ability to fulfill his duties, impacting the company's management [3][4]. - Following Yang's investigation, his family members took over the management responsibilities, but the company missed its last opportunity for self-rescue [3][4]. Future Outlook - With the new delisting regulations set to take effect in 2025, the revenue threshold for delisting will increase to 300 million yuan, further complicating *ST Dayao's ability to meet compliance standards [6]. - The company is projected to report negative profits and revenues between 62 million to 74 million yuan for 2024, far below the new revenue threshold [6][9].

证券代码：603963 证券简称：*ST 大药 公告编号：2025-028 大理药业股份有限公司 股票终止上市暨摘牌的公告 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： 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主办券商代 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。敬请广大 投资者关注主办券商后续披露在全国中小企业股份转让系统（www.neeq.com.cn） 的股份确权公告，尽快完成股份确权手续，并办理加挂资金账户等交易结算手续。 大理药业股份有限公司（以下简称"公司"）于 2025 年 3 月 14 日收到上海证 券交易所（以下简称"上交所"）出具的《关于大理药业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〕43 号），上交所决定终止公 司股票上市。 第一节 终止上市股票的证券种类、简称、代码、终止上市决定日期 公司终止上市不适用退市整理期的情形。 终止上市暨摘牌日为 2025 年 3 月 21 日。 是否进入退市板块挂牌：是。 主办券商：太平 ...

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。 大理药业股份有限公司（以下简称"公司"）于 2024 年 9 月 2 日披露了《关 于实际控制人、董事长兼总经理被留置的公告》（公告编号：2024-066），公司实 际控制人、董事长兼总经理杨君祥先生被镇康县监察委员会留置、立案调查。 近日，公司收到杨君祥先生家属的通知，镇康县监察委员会已解除对杨君祥 先生的留置措施；同时，杨君祥先生被公安机关采取监视居住措施，所涉事项与 公司无关。 证券代码：603963 证券简称：*ST 大药 公告编号：2025-027 大理药业股份有限公司 关于实际控制人、董事长兼总经理解除留置 及被监视居住的公告 特此公告。 大理药业股份有限公司董事会 2025 年 3 月 12 日 杨君祥先生在监视居住期间暂时无法履行法定代表人、董事长、总经理的职 责，公司于 2025 年 3 月 11 日召开第五届董事会第十二次会议，审议通过了《关 于推举尹翠仙女士代行公司法定代表人、董事长职责的议案》（同意 9 票，反对 0 票，弃权 0 票，杨君祥先生因个人原因 ...

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个别及连带责任。 大理药业股份有限公司（以下简称"公司"）股票自 2025 年 1 月 3 日至 2025 年 2 月 7 日已连续 20 个交易日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》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 2 月 7 日收到上交所下发的《关于拟终止大理药业股份有限 公司股票上市的事先告知书》，上交所将对公司股票作出终止上市的决定。 根据《上海证券交易所股票上市规则》第 9.1.15 条相关规定，公司股票被 强制终止上市后，应当聘请具有主办券商业务资格的证券公司，在上交所作出终 止公司股票上市决定后立即安排股票转入全国中小企业股份转让系统等证券交 易场所进行股份转让相关事宜，保证公司股票在摘牌之日起 45 个交易日内可以 转让。 ...

一、本所已向公司发出交易类强制退市的事先告知书，请公司及时披露并充 分提示风险，做好股票终止上市的有关工作。 二、公司全体董事、监事、高级管理人员应当勤勉尽责，维护公司正常生产 经营活动，保护公司和全体股东利益。 三、公司股票被本所摘牌前，公司和全体董事、监事、高级管理人员及相关 信息披露义务人应当继续遵守相关法律、行政法规、部门规章、其他规范性文件、 股票上市规则和本所其他文件，并履行相关义务，披露重要信息。 四、公司应根据《股票上市规则》第 9.1.15 条等规定，尽快聘请主办券商， 做好公司股票进入全国中小企业股份转让系统的具体安排和信息披露工作，确保 公司股票在摘牌之日起 45 个交易日内可以转让，保护投资者股份转让权利。 证券代码：603963 证券简称：*ST 大药 公告编号：2025-025 大理药业股份有限公司关于收到 公司股票终止上市相关事项的监管工作函的公告 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个别及连带责任。 大理药业股份有限公司（以下简称"公司"）于 2025 年 2 月 7 日收到上海证 券交易所下发 ...

证券代码：603963 证券简称：*ST 大药 公告编号：2025-024 大理药业股份有限公司 关于收到拟终止公司股票上市的事先告知书的公告 如你公司申请听证，应当在收到本通知后 5 个交易日内，向我部提交载明申 请听证事项及申辩理由的书面听证申请。" 特此公告。 大理药业股份有限公司董事会 2025 年 2 月 8 日 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个别及连带责任。 大理药业股份有限公司（以下简称"公司"）于 2025 年 2 月 7 日收到上海证 券交易所下发的《关于拟终止大理药业股份有限公司股票上市的事先告知书》（以 下简称"事先告知书"），现将事先告知书全文公告如下： "截至 2025 年 2 月 7 日，你公司股票已连续 20 个交易日的每日股票收盘总 市值均低于 5 亿元，根据《上海证券交易所股票上市规则（2024 年 4 月修订）》 （以下简称《股票上市规则》）第 9.2.1 条等规定，你公司股票已经触及终止上 市情形。 本所将根据《股票上市规则》第 9.1.10 条、第 9.2.7 条等规定，对你公司 ...

证券代码：603963 证券简称：*ST 大药 公告编号：2025-023 大理药业股份有限公司 关于公司股票触及交易类强制退市的风险提示 暨停牌公告 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： 因大理药业股份有限公司（以下简称"公司"）股票连续 20 个交易日的每日收盘总 市值均低于人民币 5 亿元，已触及《上海证券交易所股票上市规则》（以下简称"《股 票上市规则》"）规定的交易类强制退市指标，根据《股票上市规则》的相关规定， 本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603963 | *ST | 大药 | A 股 | 停牌 | 2025/2/10 | | | | 截至 2025 年 2 月 7 日，公司股票收盘总市值为 2.59 亿元，已连续 20 个交易 日低于人民币 5 亿元。根 ...

证券代码：603963 证券简称：*ST 大药 公告编号：2025-020 大理药业股份有限公司 关于公司股票可能存在因市值低于 5 亿元 而终止上市的第十次风险提示公告 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个别及连带责任。 重要内容提示： 公司存在交易类退市风险。大理药业股份有限公司（以下简称"公司"） 股票 2025 年 1 月 3 日收盘价为 2.20 元，市值为 4.83 亿元，首次低于 5 亿元。 2025 年 2 月 5 日，公司股票收盘价为 1.30 元，市值为 2.86 亿元，已连续 18 个 交易日收盘市值低于 5 亿元。即使后续 2 个交易日（不包含公司股票全天停牌 日）连续涨停，也将因市值连续 20 个交易日低于 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》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的每日股票收盘总市值均低于 5 亿元情形的，上海证券交易所将决定终止公司股票上市，属于交易类强制退市。 敬请广大投资者理性投资，注意投资风 ...