天茂实业集团股份有限公司 董事会议事规则 第一章 总 则 第一条 为了便于天茂实业集团股份有限公司（以下简称公司）董事会依法行 使职权，规范董事会成员的议事行为，提高议事效率，确保董事会的工作效率和科 学决策，根据《公司法》和公司章程的有关规定，结合董事会的工作实际，制定本 规则。 3、聘任或者解聘上市公司财务负责人； 第二条 董事会是公司的常设议事机构，负责审议公司的一切重大事项，执行 股东会决议，对股东会负责。 第三条 董事会审议议案、决定事项时，必须遵守国家有关法律、法规及公司 章程的规定。董事会具体的议事程序为：会议通知、召开会议、提出议案、议案的 审议、议案的表决、形成决议和会议记录。 第四条 董事会成员必须依法在其职责范围内谨慎、认真、勤勉地行使公司所 赋予的权利，忠实履行职责。以保证公司的商业行为符合国家的法律、行政法规以 及国家各项经济政策的要求，商业活动不超越营业执照规定的业务范围；公平对待 所有股东；认真阅读上市公司的各项商务、财务报告，及时了解公司业务经营管理 状况；亲自行使被合法赋予的公司管理处置权，不得受他人操纵，非经法律、行政 法规允许或者得到股东会在知情的情况下批准，不得将其处置 ...

天茂实业集团股份有限公司 公司章程 目 录 第六章 高级管理人员 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第八章 通知和公告 2 第二节 内部审计 第三节 会计师事务所的聘任 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组 织和行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《证券法》）和其他有关规定，制订本章 程。 第二条 公司系依照《公司法》、《证券法》和其他有关 ...

据公告，*ST天茂主动退市议案需经股东会两个"三分之二"通过：全体股东表决权的三分之二以上，以及中小股东（持股5%以下）表决权的三分之二以 上。 由于控股股东新理益集团及实控人刘益谦家族合计持有公司32.75亿股，占总股本的66.78%。因此，中小股东将成为决定*ST天茂能否主动退市的关键。截 至2025年7月18日，*ST天茂的股东人数约为11.19万人。 临时股东会现场上证报丁鹏摄 8月25日下午，*ST天茂（000627）在湖北荆门召开2025年第一次临时股东会，审议公司以股东会决议方式主动终止上市相关议案。 据一名现场出席临时股东会的中小投资者向记者介绍，12名投资人在现场投票，有9名投资人同意主动终止上市议案，3位投资人投出反对票。 8月9日，*ST天茂发布公告称，公司拟以股东会决议方式主动撤回A股股票在深交所的上市交易，并在股票终止上市后申请转入全国中小企业股份转让系 统有限责任公司代为管理的退市板块转让。 另据一位参会的股东介绍，在参会前他曾接到匿名电话，对方劝他投赞成票，拿到现金选择权可以减少损失。他曾追问对方的身份，也未获得正面回应。 根据此前公告，*ST天茂此次申请主动退市，对中小投资者做 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-041 天茂实业集团股份有限公司 关于公司股票停牌的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 天茂实业集团股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开第十届董事会 第四次会议，审议通过了《关于以股东会决议方式主动终止公司股票上市事项的议案》：公司 拟以股东会决议方式主动撤回 A 股股票在深圳证券交易所的上市交易，并在股票终止上市后申 请转入全国中小企业股份转让系统有限责任公司代为管理的退市板块转让。具体内容详见公司 于 2025 年 8 月 9 日刊登在《中国证券报》《证券时报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）上的《关于以股东会决议方式主动终止公司股票上市的公告》等（公 告编号：2025-033）。 本次以股东会决议方式主动终止上市事项尚需经公司 2025 年第一次临时股东会审议通过。 根据《深圳证券交易所股票上市规则》第 9.7.4 条的相关规定：公司本次通过股东会决议主动 终止公司股票上市的方式下，公司应当向深圳证券交易 ...

Core Viewpoint - Tianmao Industrial Group Co., Ltd. is facing the risk of being delisted due to its inability to disclose the 2024 annual report and the 2025 first-quarter report within the legal timeframe [2][4] Group 1: Reasons for Potential Delisting - The company has been unable to disclose the 2024 annual report and the 2025 first-quarter report, leading to a trading suspension since May 6, 2025 [4] - The stock was resumed trading on July 8, 2025, but was subject to delisting risk warning due to the failure to disclose the required reports [4] - According to Shenzhen Stock Exchange regulations, if the company does not disclose a majority of the board's assurance of the reports within two months of the delisting risk warning, the exchange will decide to terminate the company's stock listing [4][7] Group 2: History of Delisting Risk Announcements - The company has issued multiple delisting risk announcements, with the first one on July 15, 2025, and subsequent announcements on July 22, July 29, August 5, and August 12, 2025 [5][6] - This announcement is the sixth risk warning regarding potential delisting [6] Group 3: Other Information - The company's board has approved a resolution to voluntarily withdraw its A-shares from the Shenzhen Stock Exchange and apply for transfer to the National Equities Exchange and Quotations system after delisting [3][7] - The company received a notice from the China Securities Regulatory Commission on May 6, 2025, regarding an investigation for failing to disclose periodic reports on time [3][7]

证券代码：000627 证券简称：*ST天茂 公告编号：2025-040 天茂实业集团股份有限公司 股票可能被终止上市的第六次风险提示公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 1、天茂实业集团股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日披露了《关于股 票交易被实施退市风险警示暨停复牌安排的公告》（公告编号：2025-022），公司无法在法定 期限内披露 2024 年年度报告和 2025 年第一季度报告，公司股票已自 2025 年 5 月 6 日开市起 停牌，公司在股票停牌的两个月内仍未能披露 2024 年年度报告和 2025 年第一季度报告，公司 股票于 2025 年 7 月 8 日复牌并被实施退市风险警示。 一、公司股票可能被终止上市的原因 公司无法在法定期限内披露 2024 年年度报告和 2025 年第一季度报告，公司股票已自 2025 年 5 月 6 日开市起停牌，公司在股票停牌的两个月内仍未能披露 2024 年年度报告和 2025 年第 一季度报告，公司股票于 2025 年 7 月 8 日复牌并被实施退市风险警 ...

Core Viewpoint - The company *ST Tianmao plans to voluntarily delist from the Shenzhen Stock Exchange due to significant uncertainties in its business restructuring, which may have a major impact on the company and its shareholders [1][2] Group 1: Company Actions and Financial Situation - The company announced a cash option for shareholders at a price of 1.6 yuan per share, with an estimated total cost not exceeding 26.07 billion yuan to acquire up to approximately 1.629 billion shares, representing about 33% of the total share capital [1] - The company has been under delisting risk warning since July 8 due to failure to disclose its 2024 annual report and the first quarter report for 2025 within the stipulated time [1][2] - The stock price has significantly declined from over 3 yuan to as low as 1.35 yuan, currently standing at 1.58 yuan as of August 13 [2] Group 2: Investor Decision-Making - Investors face three scenarios for decision-making: significant losses reported, normal operations of the main subsidiary despite losses, or severe losses necessitating drastic measures like delisting [3] - The lack of timely financial reports has severely limited investors' ability to make rational decisions [3][4] Group 3: Risks and Concerns - There is a concern that the company's financial difficulties may lead to a situation where the actual controller acquires shares at a low cost due to the forced selling of shares by investors facing delisting risks [4] - The total assets of Tianmao Group exceed 280 billion yuan, with financial investments amounting to 122.9 billion yuan, indicating that slight changes in discount rates could lead to significant value fluctuations [4] - The planned acquisition price implies a total valuation of only 7.8 billion yuan, raising questions about the fairness of the transaction [4]

Core Viewpoint - *ST Tianmao has faced a series of challenges since 2025, including delayed annual reports, stock price drops, and plans to voluntarily delist, raising concerns about investor rights and company transparency [1][2][4]. Group 1: Disclosure Issues - On April 29, 2025, *ST Tianmao announced it could not release its 2024 annual report and Q1 2025 report on time, citing the need for further information [2]. - The stock price fell to 3.04 yuan per share, marking the largest single-day drop in three months, reflecting investor concerns over the company's disclosure practices [2]. Group 2: Financial Performance and Liquidity Concerns - The company is primarily reliant on its subsidiary, Guohua Life, which is facing significant operational pressures, with a projected loss of 500 million to 750 million yuan for the full year of 2024 [3]. - Guohua Life reported a high surrender payment of 20.6 billion yuan in 2023, with compensation expenses surging to 21.822 billion yuan in the first three quarters of 2024, indicating increasing liquidity risks [3]. Group 3: Delisting Plans - On August 14, 2025, *ST Tianmao announced plans to voluntarily withdraw its A-shares from the Shenzhen Stock Exchange due to significant uncertainties affecting the company [4]. - A shareholder meeting is scheduled for August 25, 2025, to discuss the delisting proposal, with stock trading suspended from August 14, 2025 [4].

Core Viewpoint - Tianmao Group is facing delisting risks due to failure to disclose its 2024 annual report and Q1 2025 report on time, leading to a choice of voluntary delisting to protect investors [1][4] Group 1: Company Financial Situation - The company announced a projected loss of 500 million to 750 million yuan for 2024, which caused a significant drop in stock price, although it only fell by 5.54% on the announcement day [2] - The stock price has continued to decline, reaching as low as 1.35 yuan, and was at 1.58 yuan as of August 13 [1] - The actual controller has taken responsibility, offering investors a cash option to mitigate losses, with a buyback price set at 1.6 yuan per share, potentially costing up to 2.607 billion yuan [4] Group 2: Investor Decision-Making - Investors face three scenarios: continued holding due to potential recovery, accepting cash options due to severe losses, or uncertainty leading to forced selling at low prices [2][3] - The lack of timely financial disclosures has severely impacted investors' ability to make informed decisions, leading to fears regarding delisting and stock performance [3] Group 3: Market Implications - The company’s total assets exceed 280 billion yuan, with financial investments amounting to 122.9 billion yuan, indicating that slight changes in discount rates could lead to significant financial impacts [3] - The valuation of Tianmao Group is concerning, with a net asset value of 21.8 billion yuan, while the buyback plan suggests a total valuation of only 7.8 billion yuan, raising questions about the fairness of the transaction [5]

Group 1 - As of August 14, a total of 305 A-share stocks have their prices falling below the net asset value per share, excluding negative data [1] - The companies with the lowest price-to-net asset ratios include Meikailong at 0.272 times, Jindi Group at 0.299 times, and *ST Tianmao at 0.357 times [1]