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。 市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、完整的 2024 年年度报告， 深圳证券交易所将决定终止公司股票上市交易。 证券代码：000627 证券简称：*ST天茂 公告编号：2025-024 天茂实业集团股份有限公司 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： 本公告为公司可能触发规范类强制退市的第一次终止上市风险提示公告。 三、其他说明及风险提示 目前公司正常经营，公司定期报告涉及的部分信息仍在进一步核实、补充完善中，定期报 告编制工作尚未完成。公司会尽最大努力加强与各方的沟通，组织有关人员抓紧完成定期报告 的编制工作，尽快完成公司 2024 年年度报告和 2025 ...

Major Events - Zhonghua Equipment plans to acquire 100% equity of Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025 [3] - Suzhou Planning intends to purchase 100% equity of Dongjin Aerospace through a combination of cash and stock issuance, with stock resuming trading on July 15, 2025 [4] - Aerospace Development's independent director was detained for personal reasons unrelated to the company's operations, which remain stable [5][6] - *ST Tianmao issued a risk warning regarding potential delisting due to failure to disclose annual reports in time [7] - ST Shuntian will suspend trading for one day on July 15, 2025, and will remove other risk warnings, changing its stock name to Jiangsu Shuntian [8] - Xinghui Entertainment plans to transfer 99.66% equity of Espanyol Football Club for €130 million, focusing on core business areas [9] Performance Reports - China Salt Chemical reported a 5.76% decrease in revenue to ¥5.998 billion and an 88.04% drop in net profit to ¥52.71 million for the first half of 2025 [10] - Jiu Gui Jiu expects a net profit of ¥8 million to ¥12 million, down 90.08% to 93.39% year-on-year, with revenue around ¥560 million, a 43% decline [11] - Suli Co. anticipates a net profit of ¥72 million to ¥86 million, up 1008.39% to 1223.91% year-on-year, driven by increased sales and prices [12] - Te Yi Pharmaceutical expects a net profit of ¥34 million to ¥38 million, a growth of 1164.22% to 1312.95% year-on-year, due to strong sales of its core product [13] - Huahong Technology forecasts a net profit of ¥70 million to ¥85 million, up 3047.48% to 3721.94% year-on-year, benefiting from improved market conditions [14] - Qianfang Technology expects a net profit of ¥150 million to ¥200 million, an increase of 1125.99% to 1534.65% year-on-year, influenced by fair value changes of equity instruments [15] - Huaxia Airlines anticipates a net profit of ¥220 million to ¥290 million, up 741.26% to 1008.93% year-on-year, due to improved flight demand [16] - Xianfeng Holdings expects a net profit of ¥34 million to ¥42 million, a growth of 524.58% to 671.53% year-on-year, mainly from non-recurring gains [17] - Xinyi Sheng expects a net profit of ¥370 million to ¥420 million, up 327.68% to 385.47% year-on-year, driven by AI-related investments [18] - Haili Co. anticipates a net profit of ¥30.5 million to ¥36 million, a growth of 625.83% to 756.71% year-on-year, due to improved sales [19] - Hengsheng Electronics expects a net profit of approximately ¥251 million, an increase of about 740.95% year-on-year, due to significant non-recurring gains [20] - Tianqi Lithium expects a net profit of ¥0 to ¥155 million, recovering from a loss of ¥5.206 billion in the previous year [21] - Shui Jing Fang forecasts revenue of ¥1.498 billion, down 12.84%, and a net profit of ¥105 million, down 56.52% [22] - CICC expects a net profit of ¥3.453 billion to ¥3.966 billion, an increase of 55% to 78% year-on-year [23] - Shenwan Hongyuan anticipates a net profit of ¥4.1 billion to ¥4.5 billion, a growth of 92.66% to 111.46% year-on-year [24] - Xinda Securities expects a net profit of ¥921 million to ¥1.044 billion, an increase of 50% to 70% year-on-year [25] - Shanxi Securities anticipates a net profit of ¥504 million to ¥544 million, a growth of 58.17% to 70.72% year-on-year [26] - Guohai Securities expects a net profit of ¥370 million, a growth of 159.26% year-on-year [27] - Guocheng Mining anticipates a net profit of ¥493 million to ¥548 million, a growth of 1046.75% to 1174.69% year-on-year [28] - China Rare Earth expects a net profit of ¥136 million to ¥176 million, recovering from a loss of ¥244 million [29] - Perfect World anticipates a net profit of ¥480 million to ¥520 million, recovering from a loss of ¥177 million [30] - Fangda Carbon expects a net profit of ¥50 million to ¥60 million, down 65.13% to 70.93% year-on-year [31] - Huanghe Xuanfeng expects a net loss of ¥285 million [32] - JA Solar anticipates a net loss of ¥2.5 billion to ¥3 billion, worsening from a loss of ¥874 million [33] - Shanxi Black Cat expects a net loss of ¥490 million to ¥540 million [34] - Ganfeng Lithium anticipates a net loss of ¥300 million to ¥550 million, improving from a loss of ¥760 million [35] - Xinda Real Estate expects a net loss of ¥3.5 billion to ¥3.9 billion [36] - Greenland Holdings anticipates a net loss of ¥3 billion to ¥3.5 billion [37] - Air China expects a net loss of ¥1.7 billion to ¥2.2 billion [39] - OFILM expects a net loss of ¥85 million to ¥115 million [40] - Vanke A expects a net loss of ¥10 billion to ¥12 billion [41] Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth ¥379 million, accounting for 12.26% of its 2024 audited revenue [42] - Gaode Infrared signed a procurement agreement worth ¥879 million, representing 32.84% of its 2024 audited revenue [43]

证券代码：000627 证券简称：*ST天茂 公告编号：2025-024 天茂实业集团股份有限公司 股票可能被终止上市的第一次风险提示公告 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。 2、根据《深圳证券交易所股票上市规则》第 9.4.18 条规定，若公司在股票交易被实施退 市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、完整的 2024 年年度报告， 深圳证券交易所将决定终止公司股票上市交易。 二、历次终止上市风险提示公告的披露情况 根据《深圳证券交易所股票上市规则》第 9.4.1 ...

New Stock Issuance - Shanda Electric (Stock Code: 301609) issued at a price of 14.66[1] - Jiyuan Group (Stock Code: 732262) issued at a price of 10.88[1] Market Alerts - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - The last trading day for Tuisan Jinguang (Stock Code: 600190) is July 14, 2025, with 4 trading days remaining[1] - The last trading day for Tuisan Jinjing (Stock Code: 900952) is also July 14, 2025, with 4 trading days remaining[1] Abnormal Fluctuations - *ST Zitian (Stock Code: 300280) reported severe abnormal fluctuations on July 10, 2025[1] - *ST Yushun (Stock Code: 002289) reported abnormal fluctuations on July 11, 2025[1] Other Notable Announcements - Longyuan Green Energy (Stock Code: 603185) announced on July 11, 2025[1] - Kedi Pharmaceutical (Stock Code: 000590) announced on July 14, 2025[1]

财报难产 点燃这根引线的，是迟迟难发的财务报告。 7月11日，*ST天茂继续跌停，已录得复牌后的第四个一字跌停板。7月8日，天茂集团股票简称由"天茂集 团"变更为"*ST天茂"，正式被实施退市风险警示。 今年4月28日晚，天茂集团（*ST天茂，下同）发布风险提示公告，称原定于2025年4月29日披露2024年年度报 告和2025年第一季度报告。因定期报告涉及的部分信息需要进一步补充提供，公司无法在2025年4月29日披露 2024年年度报告和2025年第一季度报告，也可能无法在法定期限内（2025年4月30日）披露上述定期报告。 彼时，公司表示公司正常经营，2024年度报告编制工作仍在进行中，会尽最大努力加强与各方的沟通，组织有 关人员抓紧完成定期报告的编制工作，披露2024年年度报告及2025年第一季度报告。 天茂集团于1996年公开发行股票并上市，是"法人股大王"刘益谦资本布局中的重要一子。叱咤市场近30 年，一夕之间，天茂集团走到了退市边缘。 上述财报至今未能发布。 5月5日晚，天茂集团正式发布"关于无法在法定期限内披露定期报告暨股票停牌的公 告"。5月6日，天茂集团股票开市起停牌。同日，因涉嫌未按期披 ...

Market Activity - On July 11, the A-share market showed active trends with 61 stocks hitting the daily limit up, and a total of 17 stocks achieved consecutive limit ups, resulting in a success rate of 69% for limit orders [1] - The market focused on several strong stocks, with Sifang New Materials achieving a remarkable five consecutive limit ups, and Guotou Zhonglu also performing well with a T-shaped limit up, reaching five consecutive limit ups [1] - Stocks like Jingyi Co. and Yamaton achieved their fifth limit up within eight trading days through reverse limit up strategies [1] Stock Performance - Among the stocks with consecutive limit ups, Forest Packaging demonstrated a strong performance with seven consecutive limit ups, while companies like Shuangwei New Materials, Nanhua Futures, and Hemei Group achieved three consecutive limit ups [1] - ST Yazhen maintained an impressive performance with 12 limit ups over 15 days, while Yamaton and Jingyi Co. kept a pace of five limit ups over eight days [2] Market Sentiment and Capital Inflow - The market showed positive sentiment with active participation from investors, as evidenced by over 15 billion yuan in limit order funds supporting Shuangwei New Materials, and several other stocks like Sifang New Materials and Jin'an Guoji also receiving billions in limit order funds [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan, marking the highest level in nearly four months, indicating a significant increase in overall market activity and investor engagement [1] Sector Performance - The non-ferrous metal sector was notably active, with stocks like Hunan Silver and China Nonferrous Metals achieving limit ups [1] - The rare earth permanent magnet sector also showed strength, with companies like Northern Rare Earth and Jingyuntong achieving two consecutive limit ups, while Baogang Group and China Rare Earth also hit limit ups [1] - The securities IT sector attracted capital interest, with stocks like Jinzhen Co. and Guo'ao Technology hitting limit ups [1]

Core Viewpoint - The company, Tianmao Industrial Group Co., Ltd., is facing regulatory scrutiny due to failure to timely disclose financial reports, leading to a risk of delisting from the Shenzhen Stock Exchange [1][2]. Group 1: Stock Trading and Regulatory Actions - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price drop exceeding 12% over three consecutive trading days from July 8 to July 10, 2025 [2]. - The China Securities Regulatory Commission (CSRC) issued a notice of investigation on May 6, 2025, due to the company's failure to disclose periodic reports as required by law [1][2]. - Following the investigation, the company was suspended from trading for two months starting May 6, 2025, and resumed trading on July 8, 2025, under a delisting risk warning [1][2]. Group 2: Disclosure and Corporate Governance - The company's board confirmed that aside from the delayed disclosure of the 2024 annual report and the 2025 first-quarter report, there are no other undisclosed significant matters that should be reported according to the Shenzhen Stock Exchange's regulations [2]. - The board has not been made aware of any other information that could significantly impact the trading price of the company's stock or its derivatives that has not been disclosed [2].

证券代码：000627 证券简称：*ST天茂 公告编号：2025-023 天茂实业集团股份有限公司 股票交易异常波动公告 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。 风险提示： 1、公司于 2025 年 5 月 6 日披露了《关于收到中国证券监督管理委员会立案告知书的公 告》（公告编号：2025-015），公司收到中国证券监督管理委员会下发的《立案告知书》（证 监立案字 00502025004 号），因涉嫌未按期披露定期报告，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，2025 年 5 月 6 日，中国证券监督管理委员会决 定对公司立案。 2、近期公共传媒未报道可能或已经对本公司股票交易价格产生较大影响的未公开重大信 息。 3、近期公司经营情况及内外部经营环境未发生重大变化。 二、公司关注、核实的相关情况 针对公司股票异常波动，公司对有关事项进行了核查，有关情况说明如下： 2、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），公司自 2025 年 5 月 ...

Group 1 - Tianmao Group has been issued a delisting risk warning by the Shenzhen Stock Exchange due to its failure to disclose the 2024 annual report and the 2025 Q1 report within the statutory deadline [2] - Tianmao Group's stock will resume trading on July 8, 2025, with its name changed to "*ST Tianmao" and a daily price fluctuation limit reduced to 5% [2] Group 2 - Tianmao Group is the controlling parent company of Guohua Life Insurance Co., Ltd., holding a 51% stake, and Guohua Life has been a significant profit contributor for Tianmao Group [4] - Guohua Life reported a net loss of 1.155 billion yuan in 2023, with losses expanding to 705 million yuan in the first three quarters of 2024, primarily due to increased reserves from declining interest rates [4] - Guohua Life's premium income for 2024 is approximately 34.639 billion yuan, a year-on-year decrease of 14.21%, attributed to a strategic reduction in single premium business to optimize its structure [4] - Industry experts suggest that the delisting risk of the parent company may indirectly impact Guohua Life's capital replenishment ability, regulatory scrutiny, and business expansion, potentially affecting policy sales and cash flow stability [4] - Guohua Life asserts that the parent company's situation does not affect its normal operations and performance, as it is actively adjusting its business strategy to reduce reliance on bank insurance channels and is developing the elderly care industry [4] - The market is focused on Guohua Life's ability to return to profitability and manage potential risks, which will test its strategic resilience [4]

Core Viewpoint - Guohua Life Insurance Co., Ltd. has transitioned from a profit of 2.2 billion to a loss exceeding 1 billion, facing significant challenges alongside its parent company Tianmao Group, which is at risk of delisting due to failure to disclose financial reports on time [1][4] Financial Performance - Guohua Life reported a loss of 1.155 billion in 2023, marking a 338.6% year-on-year decline [3][10] - The company’s premium income for 2024 is approximately 34.639 billion, reflecting a 14.21% decrease compared to the previous year [11] - The net profit has consistently declined since 2020, with a drop to 1.111 billion in 2020 and only 484 million in 2022 [10] Corporate Governance and Strategy - The company has been criticized for its governance structure, with a CIIGI rating primarily at "BBB" from 2016 to 2023, indicating room for improvement [11] - Guohua Life is urged to establish an independent survival capability and develop a unique business model to achieve sustainable growth [12] Market Position and Challenges - The parent company Tianmao Group holds a 51% stake in Guohua Life, and its potential delisting poses risks to the insurance company’s capital and operational stability [4][5] - The insurance sector is experiencing increased scrutiny and regulatory challenges, particularly for companies with parent firms facing delisting risks [5][6] Business Model and Adjustments - Guohua Life is shifting its business strategy to focus on high-quality sustainable development, actively controlling the scale of its business and optimizing its product structure [11][15] - The company is also diversifying into the elder care industry, launching the "He Yue Jia" brand and developing a comprehensive elder care ecosystem [16] Distribution Channels - The proportion of premium income from the bancassurance channel has decreased from over 94% in 2018 to around 90% in 2023, indicating a strategic shift in distribution [14][15]