2025.11. 25 本文字数：2447，阅读时长大约4分钟 作者 | 第一财经 周楠 针对上市公司的强监管持续进行，又有一批A股公司被立案或吃罚单。 11月24日晚间，龙佰集团（002601.SZ）、东江环保（002672.SZ）、*ST创兴（600193.SH）均 公告称，公司或子公司收到行政处罚。其中，*ST创兴被查明存在财务数据虚假记载、关联交易披露不 实，公司及9名相关责任人被出具警示函。 几天前，就有多家公司被集中立案或处罚。公告显示，21日晚间，豪尔赛（002963.SZ）、聚石化学 （688669.SH）披露了立案公告，嘉应制药（002198.SZ）等公司收到行政处罚决定。 另据第一财经初步统计，月内，已有超10家A股公司被立案或处罚，涉及多家ST公司，如*ST长药 （300391.SZ）、ST天圣（002872.SZ）、ST东尼（603595.SH）。 接近监管部门的人士告诉记者："对有问题的上市公司'早发现、快惩处、严纠正'，既有利于投资者保 护，也一定程度上挽救了企业。" 上述人士同时表示，给予ST公司一年观察期，即对该类企业给予12个月的整改期限，整改期满后可向 交易所提交撤销ST申 ...

| 新股发行及今日交易提示 | 2025/11/24 | 星期一 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/24 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | | | 787795 | 摩尔线程 | 114.28 | 2025/11/24 | 内地市场权益提示 | | | | | | | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=605255&announcementId=12248099 | 要约收购 | 要约申报期：2025年11月20日至2025年12月19日 | 605255 | 天普股份 | | 28&orgId=9900039799&announcementTime=2025 | -11-18 | https://www.cninfo.com.cn/new/disclosure/detail?s ...

短短一周内，10家上市公司接连曝出被立案调查、收到警示函或被实施风险警示的消息，从信披违规、资金占用到财务造假，风险链条环环相扣。 这场监管"雷暴"不仅揭开了部分上市公司隐匿的治理漏洞，更让投资者意识到——当前市场正处于"劣币驱逐良币"的清算时刻。 11月第三周，证监会的立案通知书密集送达上市公司办公室。 2025年的A股市场，监管风暴来得比往年更猛烈。 豪尔赛（002963）和聚石化学（688669）均因信披违规被立案，尽管两家公司紧急声明"经营正常"，但市场用脚投票，股价应声下跌。 真正的高风险区集中在ST长药（300391）和ST立方（300344）身上。 ST长药因"定期报告财务数据虚假记载"被立案，叠加净资产为负（2025年三季度末-6.43亿元）、141起诉讼（涉案金额18.85亿元）及子公司欠税1.2亿元， 已成为退市风险"火药桶"。 ST立方的立案时间可追溯至今年4月，若调查坐实财务造假，创业板强制退市规则将直接启动。 监管趋势显示，2025年至今已有100家上市公司或高管被立案，其中7月单月达15家峰值。 财务造假与信披违规成为重灾区，占比超九成。 地方证监局的警示函揭示了更普遍的违规模式。 ...

Market Overview - As of November 21, the Shanghai Composite Index closed at 3834.89 points, down 96.16 points, a decline of 2.45% [1] - The Shenzhen Component Index closed at 12538.07 points, down 442.75 points, a decline of 3.41% [1] - The ChiNext Index closed at 2920.08 points, down 122.26 points, a decline of 4.02% [1] Trading Activity - A total of 91 A-shares had a turnover rate exceeding 20% on this day [1] - Notable stocks with high turnover rates included: - Dapeng Industrial (920091) with a turnover rate of 98.28% and a price increase of 1211.11% [1] - Jianglong Shipbuilding (300589) with a turnover rate of 55.14% and a price increase of 14.50% [1] - C Nanshan Data (301638) with a turnover rate of 52.72% and a price increase of 0.91% [1] Notable Stocks - Other significant stocks with high turnover rates included: - C Hengkun (688727) with a turnover rate of 46.22% and a price decrease of 11.47% [1] - Inspur Software (600756) with a turnover rate of 46.20% and a price increase of 6.76% [1] - ST Dongtong (300379) with a turnover rate of 44.50% and a price increase of 4.15% [1] - Additional stocks with notable performance included: - Shennong Agriculture (300189) with a turnover rate of 42.82% and a price increase of 3.67% [1] - Beifang Changlong (301357) with a turnover rate of 42.52% and a price increase of 0.68% [1]

证券代码：300391 证券简称：*ST 长药 公告编号：2025-099 长江医药控股股份有限公司 关于立案调查进展暨风险提示公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 重要风险提示： 1、公司存在重大违法强制退市风险。 3、公司存在财务类强制退市风险。 公司于2025年4月21日披露了《2024年年度报告》，经审计后的年度报告数 据显示，公司2024年度期末归属于上市公司股东的净资产为-432,840,659.21元。 根据《深圳证券交易所创业板股票上市规则》第10.3.1条第（二）项规定，上市 公司出现"最近一个会计年度经审计的期末净资产为负值"的情形，对其股票交 易实施退市风险警示。公司股票交易被实施退市风险警示后，根据《深圳证券交 易所创业板股票上市规则》第10.3.11条规定，上市公司因触及第10.3.1条第一 款情形，其股票交易被实施退市风险警示后，实际触及退市风险警示情形相应年 度次一年度出现以下情形之一的，深圳证券交易所决定终止其股票上市交易： 1）经审计的利润总额、净利润、扣除非经常性损益后的净利润三者孰低为 负值，且扣除后的营业收 ...

Market Overview - The Chinese medicine sector experienced a decline of 0.21% on November 20, with Kanghui Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - *ST Changyao: Closed at 2.83, up 19.92% with a trading volume of 763,900 shares and a turnover of 197 million yuan [1] - Jinhua Co., Ltd.: Closed at 69.8, up 7.15% with a trading volume of 577,400 shares and a turnover of 505 million yuan [1] - Tailong Pharmaceutical: Closed at 7.44, up 3.33% with a trading volume of 344,200 shares and a turnover of 25.2 million yuan [1] - Conversely, Kanghui Co., Ltd. saw a decline of 3.72%, closing at 22.26 with a trading volume of 27,400 shares and a turnover of 61.69 million yuan [2] Capital Flow - The Chinese medicine sector experienced a net outflow of 143 million yuan from institutional investors, while retail investors saw a net inflow of 133 million yuan [2] - Key stocks with significant capital flow included: - Jinhua Co., Ltd.: Institutional net inflow of 99.64 million yuan, retail net outflow of 79.86 million yuan [3] - Zhongsheng Pharmaceutical: Institutional net inflow of 92.18 million yuan, retail net outflow of 51.91 million yuan [3] - Tailong Pharmaceutical: Institutional net inflow of 25.82 million yuan, retail net outflow of 31.90 million yuan [3]

Core Points - *ST Changyao has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false financial reporting [1] - Investors who purchased shares between March 30, 2019, and April 29, 2024, may have the opportunity to claim compensation if they sold or still hold shares at a loss after April 30, 2024 [1] Summary by Sections Company Investigation - The CSRC has decided to initiate a case against *ST Changyao due to allegations of false records in periodic financial reports [1] Investor Compensation - According to lawyer Xu Jin, investors can file civil compensation lawsuits without prior procedures due to new judicial interpretations regarding securities false statements [1] - Compensation claims may include losses from investment differences, stamp duty, and commission losses [1] Claim Conditions - Investors must have bought shares between March 30, 2019, and April 29, 2024, and must have sold or still hold shares at a loss after April 30, 2024, to qualify for claims [1] - Required materials for claims include a copy of the ID, confirmation of securities account opening, and transaction records stamped by the brokerage [1]

Market Overview - During the week of November 10 to November 14, the A-share market saw a collective decline in the three major indices, with the Shanghai Composite Index closing at 3990.49 points, down 0.18% for the week, the Shenzhen Component Index at 13216.03 points, down 1.40%, and the ChiNext Index at 3111.51 points, down 3.01% [2] - Over 56% of individual stocks experienced gains during the week, with 170 stocks rising over 15% and 23 stocks declining over 15%. Sectors such as textiles, retail, beauty care, biomedicine, and food and beverage saw increases, while communication, electronics, computers, machinery, and defense industries faced declines [2] Top Performing Stocks - Huasheng Lithium Battery (688353.SH) led the weekly gainers with a remarkable 79.61% increase, followed by Haike Xinyuan (301292.SZ) at 71.38%. Other notable gainers included Jindike (688670.SH), Furui Shares (002083.SZ), Renmin Tongtai (600829.SH), and Dongbai Group (600693.SH), all exceeding 61% in weekly gains [4] - The stock price of Huasheng Lithium Battery reached a historical high, closing at 139.20 yuan, with a total market capitalization of 22.2 billion yuan. The stock has seen a cumulative increase of over 172% from November 5 to November 14 [5][6] Huasheng Lithium Battery Details - Huasheng Lithium Battery specializes in the research, production, and sales of lithium battery electrolyte additives, with a significant market presence in China and exports to Japan, South Korea, the United States, Europe, and Southeast Asia. The company ranked first in domestic market share for lithium-ion battery electrolyte additives from 2018 to 2020 [5] - The recent price surge in the electrolyte industry has driven the prices of additive products higher, with battery-grade vinyl carbonate rising from 48,800 yuan/ton to 57,000 yuan/ton in October, and a significant daily increase of 8.13% to 66,500 yuan/ton on November 10 [5][6] Underperforming Stocks - *ST Changyao (300391.SZ) was the worst performer of the week, with a decline of 33.62%. Other stocks such as Haitan Shares (603759.SH), Degute (300950.SZ), and Bangji Technology (603151.SH) also saw declines exceeding 17% [9] - The company is under investigation by the China Securities Regulatory Commission for suspected financial fraud, which may lead to forced delisting if significant violations are confirmed [10][11] *ST Changyao Company Overview - *ST Changyao operates in the pharmaceutical industry, focusing on the production and sales of traditional Chinese medicine pieces, medicinal capsules, and medical logistics. The company has faced challenges, including a warning of potential delisting due to negative net profits over the past three years [10][11] - The company reported a revenue of 105 million yuan for the first three quarters of 2025, a year-on-year increase of 4.4%, but a net loss of 210 million yuan, a decline of 15.89% [12]

Core Viewpoint - *ST Changyao is embroiled in a financial fraud scandal, facing a formal investigation by the China Securities Regulatory Commission (CSRC) due to suspected false reporting of financial data, which could lead to mandatory delisting if deemed a major violation [1][2]. Group 1: Financial Fraud Investigation - The investigation focuses on the authenticity of *ST Changyao's financial data, highlighting severe deficiencies in its information disclosure quality and internal control systems [2]. - The company has already been warned of delisting risks due to a negative net asset value reported for the fiscal year 2024 [2]. Group 2: Deteriorating Operations - Since entering the pharmaceutical industry in 2020 and fully transforming in 2022, *ST Changyao has not achieved expected growth, with revenue plummeting from 1.615 billion yuan in 2022 to 112 million yuan in 2024 [3]. - The company's net profit has been negative for consecutive years, with net assets reported at -433 million yuan by the end of 2024, worsening to -643 million yuan by the end of Q3 2025 [3]. - Operating cash flow has been negative for three consecutive years, raising significant doubts about the company's ability to continue as a going concern [3]. Group 3: Legal and Financial Risks - *ST Changyao is facing multiple legal challenges, with 140 lawsuits involving a total amount of 1.878 billion yuan, which is 434% of its net assets, indicating governance issues and compliance failures [4]. - The company has 1.106 billion yuan in interest-bearing liabilities, with 390 million yuan overdue, leading to severe liquidity issues [4]. - A significant portion of the company's bank accounts, 67.7%, are frozen, impacting daily operations and cash flow management [4]. Group 4: Conclusion - *ST Changyao is undergoing its most severe test since its listing, facing a crisis that requires urgent resolution of debts and regulatory concerns to maintain its position in the capital market [5].

New Stock Issuance - Cash option declaration period for Hangzhou Steam Turbine (200771) is from November 19 to November 25, 2025[1] - Acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Trading Alerts - Severe abnormal fluctuation reported for Haike Xinyuan (301292) on November 11, 2025[1] - Abnormal fluctuation noted for ST Yuancheng (603388) on November 11, 2025[1] Company Announcements - Announcement for Tianji Co., Ltd. (002759) on November 13, 2025[1] - Announcement for Huatong Technology (688109) on November 13, 2025[1] Other Notable Events - ST Meigu (000615) reported on November 13, 2025[1] - ST Zhongdi (000609) reported on November 13, 2025[1]