证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-141 截至本公告日,累计诉讼、仲裁金额为 327,292.01 万元，占公司最近一期经审计 合并报表净资产的 398.68%，占公司最近一期经审计归母净资产的 549.99%。敬请广大 投资者注意投资风险。 一、已披露诉讼、仲裁事项情况 1.累计诉讼、仲裁披露情况 大唐高鸿网络股份有限公司（以下简称"公司"）根据《深圳证券交易所股票上 市规则》等有关规定，对公司及控股子公司连续十二个月累计涉及诉讼、仲裁事项进 行了统计，公司在《证券时报》和巨潮资讯网（www.cninfo.com.cn）于 2024 年 7 月 18 日披露了《关于累计诉讼、仲裁情况的公告》（公告编号：2024-092）、2024 年 7 月 24 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2024-094）、2024 年 8 月 7 日披露了《关于新增累计诉讼、仲裁情况的公告》（公告编号：2024-103）、 2024 年 8 月 15 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2024-108）、 2024 年 9 月 28 日披露了《关于累 ...

Core Insights - *ST Gaohong reported a significant decline in revenue and an increase in net losses for the third quarter and the first three quarters of the year [1] Financial Performance - In Q3, the company achieved revenue of 170 million yuan, a year-on-year decrease of 33.43% [1] - The net loss attributable to shareholders for Q3 was 292 million yuan, a year-on-year increase of 332.00% [1] - For the first three quarters, the company reported total revenue of 571 million yuan, down 44.64% year-on-year [1] - The net loss attributable to shareholders for the first three quarters was 432 million yuan, reflecting a year-on-year increase of 586.90% [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥169,742,073, a decrease of 33.43% compared to ¥254,978,800 in the same period last year[5] - The net profit attributable to shareholders for Q3 2025 was -¥291,790,700, representing a significant decline of 332.00% from -¥67,487,510 in the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥157,486,500, down 330.00% from ¥68,469,990 in the same period last year[5] - The company's total revenue for the current period was 571,199,845.64 RMB, a decrease of 45% compared to the previous period due to the shutdown of IT sales business[11] - The net profit for the current period was -434,118,210.35 RMB, representing a decline of 528% compared to the previous period, primarily due to significant penalty provisions and litigation impacts[12] - The basic earnings per share for Q3 2025 was -¥0.2520, a decrease of 323.00% from -¥0.0596 in the same period last year[5] - Basic earnings per share were -0.2520 RMB, a decrease of 323% from the previous period, driven by profit decline[11] - The company reported an operating loss of -298,275,595.97 RMB, a decline of 336% from the previous period, primarily due to high interest provisions and litigation impacts[12] - The total comprehensive income for the period was a loss of ¥434,119,390.39, compared to a loss of ¥69,060,552.71 in the previous period, showing a substantial increase in comprehensive losses[35] Cash Flow and Assets - The company reported a net cash flow from operating activities of ¥17,441,290, a substantial increase of 104.80% compared to ¥363,166,500 in the previous year[5] - Cash flow from operating activities was 17,441,200 RMB, a decrease of 93.29% compared to the previous period, indicating reduced cash receipts[11] - As of September 30, 2025, the total current assets amount to 2,208,166,532.61 RMB, a decrease from 2,604,552,690.55 RMB in the previous period[30] - The company's total assets decreased to 4,248,950,931.06 RMB from 4,675,033,053.42 RMB[31] - The company has seen a decrease in cash and cash equivalents from 333,694,772.83 RMB to 209,582,062.80 RMB[30] - The accounts receivable decreased from 661,795,026.77 RMB to 603,432,048.39 RMB[30] Liabilities and Equity - The total liabilities stand at 3,812,594,436.95 RMB, slightly down from 3,865,322,835.43 RMB previously[31] - The equity attributable to shareholders decreased by 74.07% to ¥151,403,021.45 from ¥595,091,933.39 at the end of the previous year[5] - The company's total liabilities increased significantly, with a notable rise in payable employee compensation by 91% to 43,046,757.04 RMB[11] - The total equity attributable to the parent company decreased to 151,403,021.45 RMB from 583,867,849.83 RMB[31] Legal and Regulatory Issues - The company incurred significant penalties due to legal issues, impacting overall financial performance[8] - The company is undergoing accounting error corrections related to previous financial statements, which may affect future reports[6] - Non-recurring losses included a government penalty of ¥134,880,741.76, significantly impacting the financial results[7] - The company is involved in multiple lawsuits, with a total of 21 new cases filed against it, which are similar to previous cases initiated by Changzhou Shidao Trading Co., Ltd.[18] - The company received a notice from the China Securities Regulatory Commission (CSRC) on July 30, 2024, regarding an investigation for suspected violations of information disclosure laws[21] - The CSRC's preliminary findings indicated that the company engaged in fraudulent issuance of shares in 2020 and had false records in annual reports from 2015 to 2023[21] - The company has not yet received a formal penalty decision from the CSRC but is closely monitoring the situation[22] - The company has appealed against the initial rulings in the lawsuits filed by Changzhou Shidao, with hearings taking place in June 2023[15] Corporate Governance - The company held board meetings on August 27-28, 2025, to address prior accounting errors, which affected financial reports from 2015 to 2024, altering the profit and loss nature for 2017, 2021, and 2022[22] - The company has experienced changes in its board, with two independent directors resigning due to personal reasons[26] - The company is taking measures to protect the interests of its shareholders amid ongoing legal challenges[20] - The company has been actively disclosing updates regarding its ongoing litigation and regulatory issues through various announcements[19] - The company is committed to complying with accounting standards and will adjust its financial statements as necessary based on the outcomes of the ongoing investigations[22] Research and Development - Research and development expenditures increased by 38% to 129,177,479.12 RMB, reflecting the accumulation of R&D project costs[11] - The company incurred research and development expenses of ¥50,833,474.67, slightly down from ¥54,537,165.72 in the previous period, indicating a focus on maintaining R&D investment[34] Stock Market and Trading - The company's stock will be delisted from the Shenzhen Stock Exchange due to a continuous closing price below 1 RMB for 20 trading days as of September 26, 2025[24]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 29, there are 952 stocks with a circulating market value below 3 billion yuan, and 377 stocks with a circulating market value below 2 billion yuan across the two exchanges [1] - A total of 1,649 stocks have a total market value below 5 billion yuan, with 562 stocks having a total market value below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 280 million yuan - *ST Gao Hong: 430 million yuan - Kuntai Co., Ltd.: 646 million yuan [1] - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 280 million yuan - *ST Gao Hong: 440 million yuan - *ST Su Wu: 682 million yuan [1] Selected Stocks with Low Market Value - A list of stocks with circulating market values below 2 billion yuan includes: - *ST Yuan Cheng: 280 million yuan, PE ratio: N/A, Industry: Construction Decoration - *ST Gao Hong: 430 million yuan, PE ratio: N/A, Industry: Communication - Kuntai Co., Ltd.: 646 million yuan, PE ratio: 46.97, Industry: Automotive - *ST Su Wu: 682 million yuan, PE ratio: N/A, Industry: Pharmaceutical Biology - Kangliyuan: 693 million yuan, PE ratio: 35.86, Industry: Light Industry Manufacturing - Kereisi: 716 million yuan, PE ratio: 175.03, Industry: Communication - Boen Group: 729 million yuan, PE ratio: N/A, Industry: Agriculture, Forestry, Animal Husbandry, and Fishery [1][2]

Core Insights - The average stock price of A-shares is 14.06 yuan, with 28 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - Among the low-priced stocks, 12 are ST stocks, accounting for 42.86% of the total [1] - In terms of market performance, 11 of the low-priced stocks increased in price, with HNA Holding, ST Lingnan, and Jin Zheng Da showing the highest gains of 3.55%, 2.58%, and 1.68% respectively [1] Low-Priced Stocks Overview - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.86 yuan and *ST Su Wu at 0.96 yuan [1] - The daily performance of low-priced stocks shows that 11 stocks increased while 11 decreased, with *ST Yuan Cheng, ST Jing Lan, and ST Ming Cheng experiencing the largest declines of 4.44%, 2.25%, and 1.60% respectively [1] - The table of low-priced stocks includes various sectors such as telecommunications, construction decoration, pharmaceuticals, real estate, and steel [1][2]

New Stock Issuance - Multiple companies are experiencing significant abnormal fluctuations in stock prices, including 香农芯创 (300475) with a notice date of 2025-10-24[1] - 天普股份 (605255) reported on 2025-10-21[1] - 生益电子 (688183) and 达华智能 (002512) both reported on 2025-10-29[1] Trading Alerts - 21 companies have been flagged for abnormal trading activities as of 2025-10-29, indicating potential volatility in the market[1] - ST新华锦 (600735) and 汇绿生态 (001267) are among those with recent alerts on 2025-10-29[1] - The report includes links to detailed announcements for each company, providing transparency and further information for investors[1] Market Trends - The report highlights a trend of increased scrutiny on companies with abnormal stock price movements, suggesting a potential shift in regulatory focus[1] - Investors are advised to monitor these stocks closely due to the heightened risk associated with abnormal fluctuations[1]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 28, there are 936 stocks with a circulating market value below 3 billion yuan, and 372 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,649 stocks have a total market value below 5 billion yuan, with 542 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST元成: 293 million yuan - *ST高鸿: 430 million yuan - 坤泰股份: 658 million yuan [1] - The three stocks with the smallest total market values are: - *ST元成: 293 million yuan - *ST高鸿: 440 million yuan - *ST苏吴: 682 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: 293 million yuan, PE ratio: N/A, Industry: Construction Decoration - *ST高鸿: 430 million yuan, PE ratio: N/A, Industry: Communication - 坤泰股份: 658 million yuan, PE ratio: 47.90, Industry: Automotive - *ST苏吴: 682 million yuan, PE ratio: N/A, Industry: Pharmaceutical [1][2]

一、已披露诉讼、仲裁事项情况 1.累计诉讼、仲裁披露情况 大唐高鸿网络股份有限公司（以下简称"公司"）根据《深圳证券交易所股票上 市规则》等有关规定，对公司及控股子公司连续十二个月累计涉及诉讼、仲裁事项进 行了统计，公司在《证券时报》和巨潮资讯网（www.cninfo.com.cn）于 2024 年 7 月 18 日披露了《关于累计诉讼、仲裁情况的公告》（公告编号：2024-092）、2024 年 7 月 24 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2024-094）、2024 年 8 月 7 日披露了《关于新增累计诉讼、仲裁情况的公告》（公告编号：2024-103）、 2024 年 8 月 15 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2024-108）、 2024 年 9 月 28 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2024-134）、 2024 年 10 月 11 日披露了《关于新增累计诉讼、仲裁情况及已披露诉讼事项进展的公 告》（公告编号：2024-138）、2024 年 12 月 4 日披露了《关于新增累计诉讼、仲裁 情况及已披露诉讼事项进展的 ...

Core Insights - The average stock price of A-shares is 13.92 yuan, with 27 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - Among the low-priced stocks, 11 are ST stocks, accounting for 40.74% of the total [1] - The market performance shows that 6 of the low-priced stocks increased in value, while 15 decreased, with *ST Yuan Cheng and *ST Su Wu experiencing the largest declines [1] Low-Priced Stocks Overview - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.90 yuan and *ST Su Wu at 0.96 yuan [1] - The daily performance of low-priced stocks includes: - *ST Ling Nan increased by 4.86% - *ST Jing Lan increased by 1.14% - *ST Yuan Cheng decreased by 5.26% - *ST Su Wu decreased by 4.95% [1][2] - The table of low-priced stocks includes various metrics such as daily turnover rate and price-to-book ratio, indicating the financial health and trading activity of these companies [1][2]

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 13.94 yuan, with 26 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] Group 1: Market Performance - As of October 27, the Shanghai Composite Index closed at 3996.94 points, with a notable presence of low-priced stocks in the market [1] - Among the low-priced stocks, 5 stocks increased in price, with Rongsheng Development, Chongqing Steel, and Shandong Steel showing gains of 1.23%, 0.66%, and 0.61% respectively [1] - Conversely, 14 stocks declined, with *ST Yuan Cheng, *ST Yun Wang, and *ST Su Wu experiencing the largest drops of 5.00%, 4.98%, and 4.72% respectively [1] Group 2: Low-Priced Stocks Overview - There are 26 stocks priced below 2 yuan, with 11 of them classified as ST stocks, representing 42.31% of the low-priced stocks [1] - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.95 yuan and *ST Su Wu at 1.01 yuan [1] - The table of low-priced stocks includes various sectors such as telecommunications, construction decoration, and pharmaceuticals, indicating a diverse industry representation among low-priced stocks [1][2]