证券代码：300391 证券简称：*ST长药 公告编号：2026-001 长江医药控股股份有限公司 关于公司股票可能被终止上市的风险提示公告 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。 特别提示： 1、财务类强制退市风险 1、公司股票可能被实施财务类强制退市。长江医药控股股份有限公司（以下 简称"公司"或"长药控股"）股票自2025年4月22日起被实施退市风险警示和其 他风险警示，自2025年12月29日起被叠加实施退市风险警示。鉴于公司未在2025 年12月31日前完成重整，2025年度期末净资产预计为负（具体准确的财务数据以公 司正式披露经审计后的2025年年度报告为准）。如公司2025年度期末经审计净资产 为负值，或者2025年度财务会计报告被出具保留意见、无法表示意见或者否定 意见的审计报告，根据《深圳证券交易所创业板股票上市规则》第10.3.11条的规 定，公司触及财务类强制退市情形，公司股票将被终止上市。敬请广大投资者注 意投资风险。 截至本公告披露日，公司可能触及的终止上市情形如下： | 具体情形 | 是否适用 | | --- | --- | ...

Group 1 - The average stock price of A-shares is 14.43 yuan, with 33 stocks priced below 2 yuan, the lowest being *ST Changyao at 0.88 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 27.27% of the total [1] - In terms of market performance, 25 of the low-priced stocks increased in price, with Yongtai Energy, Dongtong Tui, and *ST Aowei leading the gains at 5.70%, 5.51%, and 5.26% respectively [1] Group 2 - The lowest priced stock, *ST Changyao, has a closing price of 0.88 yuan and a daily turnover rate of 15.68% [1] - Other notable low-priced stocks include *ST Lifan at 1.04 yuan and Dongtong Tui at 1.34 yuan, with daily price changes of 0.00% and 5.51% respectively [1] - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, and industry classifications [2]

Group 1: Innovation in Pharmaceuticals - In 2025, China approved a record 76 innovative drugs, significantly surpassing the 48 approved in 2024, marking a historical high [1] - The total amount of foreign licensing transactions for innovative drugs in China exceeded $130 billion in 2025, with over 150 transactions, also a historical high [1] - Among the 76 approved innovative drugs, 47 are chemical drugs, 23 are biological products, and 6 are traditional Chinese medicines, with a high proportion of domestic innovations [1] Group 2: Drug Approval and Clinical Trials - China Medical's subsidiary Tianfang Pharmaceutical received approval for clarithromycin tablets, which passed the consistency evaluation for generic drugs [2] - Microchip Biotech announced that its CS08399 tablets for treating tumors with MTAP deficiency have had their clinical trial application accepted [3] - Frontier Biotech's FB7013 injection, targeting MASP-2 for IgA nephropathy, received acceptance for its clinical trial application, marking it as a first-in-class drug [4] Group 3: Capital Market Activities - Yifang Biotechnology submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [5] - Wanyi Medical also submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the exclusive sponsor [6] Group 4: Corporate Investments and Acquisitions - Yunnan Baiyao plans to invest up to 45% of its net assets in financial products in 2026 [7] - Haili Biological's subsidiary intends to acquire 51% stakes in seven dental chain companies for 61.2 million yuan, expecting to increase revenue by approximately 100 million yuan [9] Group 5: Corporate Restructuring and Legal Matters - *ST Chang Pharmaceutical announced that its restructuring investors intend to terminate the restructuring investment agreement [10] - Zai Lab entered a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, with potential milestone payments totaling up to $10.75 billion [11] - Tianyu Biotech's actual controller received a notice from the China Securities Regulatory Commission regarding an investigation into alleged illegal stock reduction [13]

Core Insights - The domestic pharmaceutical industry faced unprecedented challenges in 2025 due to policy adjustments, capital withdrawal, and intense competition, leading to a brutal industry reshuffle [2] - The shift in industry dynamics emphasizes clinical value as the core focus, with capital returning to rationality and competition shifting towards hard power [2] Group 1: Company Failures - *ST Changyao faced multiple crises, including a failed restructuring and financial fraud, resulting in a net asset of -643 million yuan and facing dual delisting risks [3] - Simi Biological, an early player in the mRNA field, entered bankruptcy liquidation due to a broken funding chain after raising over 1.3 billion yuan from 2020 to 2023 [5] - Green Valley Pharmaceutical's core product, "Jiuyi Yi," faced production halts due to expired registration and financial difficulties, leading to operational paralysis [6] - *ST Longjin was delisted due to reliance on a single product, with sales dropping significantly after price reductions and failed diversification attempts [7] - Shanghai Jinzhongnuomei, once a rising star, faced bankruptcy liquidation due to funding issues and high R&D costs [8] - Lizhu Group exited the PD-1 market after incurring significant losses, highlighting the challenges of entering saturated markets [9] - Ruike Biological's founder lost control of the company despite nearing commercialization of a core product, reflecting the struggles of innovation-driven firms [10] - Betta Pharmaceuticals faced a trust crisis due to overdue milestone payments, exposing cash flow issues in the innovative drug sector [11] - Keyuan Pharmaceutical's 3.58 billion yuan acquisition plan fell through, missing a critical transformation opportunity amid market changes [13] - Jikai Gene's founder faced legal issues due to an inability to repay 227 million yuan in debt, illustrating the pressures of capital constraints on companies [14]

Core Viewpoint - The regulatory bodies are intensifying accountability measures against accounting firms involved in financial misconduct and information disclosure violations by listed companies, indicating a trend towards stricter enforcement and higher penalties [1][5][6]. Group 1: Recent Penalties and Trends - On December 24, 2025, the Zhejiang Securities Regulatory Bureau imposed a penalty of 5.66 million yuan on Suya Jincheng Accounting Firm for failing to perform due diligence during the audit of Aikang Technology's financial reports from 2021 to 2023, which resulted in significant omissions in the audit reports [1][3]. - This penalty follows a similar timeline where Aikang Technology was fined 41 million yuan for information disclosure violations just a month prior [4]. - There is a noticeable acceleration in the accountability measures taken against accounting firms involved in financial misconduct, with penalties now including suspensions from securities business and market bans, in addition to the traditional fines [6][5]. Group 2: Industry Implications - Experts believe that timely and strict penalties for negligent accounting firms will help purify the capital market environment and enhance the overall quality of the auditing profession [2][7]. - The increased scrutiny and penalties are expected to lead to a competitive differentiation within the auditing industry, pushing firms to prioritize compliance and quality to maintain their market position [8][9]. - The trend of heightened regulatory oversight is likely to continue, especially with advancements in regulatory technologies such as big data monitoring, which will further reinforce these accountability measures [6][2]. Group 3: Recommendations for Accounting Firms - Accounting firms are advised to enhance their internal governance and professional capabilities to avoid high penalties and maintain their market presence [8][9]. - Firms should shift their focus from scale to quality, ensuring that they conduct thorough risk assessments and adhere strictly to professional ethics and standards during audits [9][10]. - Establishing robust internal quality review and compliance mechanisms is crucial for preventing audit risks and maintaining a good reputation in the market [9][10].

Core Viewpoint - *ST Changyao (300391.SZ) is undergoing a restructuring process, with recent developments indicating the withdrawal of restructuring investors and changes in management oversight [1] Group 1: Restructuring Developments - The company has received letters from restructuring investors, including Sichuan Jiadaobowen Ecological Technology Co., Ltd. and Hefei Dangge Changhong Venture Capital Partnership, requesting the termination of the restructuring investment agreement [1] - The temporary administrator has informed all relevant restructuring investors and the company about the intention to terminate the restructuring investment agreement and return the investment deposit as per the agreement [1] Group 2: Management Changes - On December 30, 2025, the company received a decision from the Intermediate People's Court of Shiyan City, Hubei Province, regarding the resignation of the original administrator, Shanghai Jintiancheng Law Firm [1] - The court has decided to relieve Shanghai Jintiancheng Law Firm of its duties as the administrator for the substantive merger restructuring case of Changjiangxing and seven other companies, appointing Beijing Tianda Gonghe (Wuhan) Law Firm as the new administrator, with Liu Jun as the responsible administrator [1]

Core Viewpoint - *ST Changyao (300391) is undergoing significant changes in its restructuring process, with investors requesting to terminate the restructuring investment agreement and the appointment of a new management team for the bankruptcy case [1] Group 1: Restructuring Developments - The company has received letters from restructuring investors, including Sichuan Jiadaobowen Ecological Technology Co., Ltd. and Hefei Dangge Changhong Venture Capital Partnership (Limited Partnership), requesting the termination of the restructuring investment agreement [1] - The temporary management has informed all relevant restructuring investors and the company about the intention to terminate the restructuring investment agreement and return the investment deposit as per the agreement [1] Group 2: Legal Proceedings - On December 30, the company received a decision from the Intermediate People's Court of Shiyan City, Hubei Province, regarding the resignation of the original management team, Shanghai Jintiancheng Law Firm [1] - The court has decided to relieve Shanghai Jintiancheng Law Firm from its role as the manager of the substantive merger restructuring case involving Changjiangxing and six other companies, appointing Beijing Tianda Gonghe (Wuhan) Law Firm as the new manager, with Liu Jun as the responsible manager [1]

证券代码：300391 证券简称：*ST长药 公告编号：2025-110 长江医药控股股份有限公司 关于公司重整投资人解除重整投资协议暨 子公司更换破产清算管理人的公告 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。 特别提示： 1、2025年12月29日，长江医药控股股份有限公司（以下简称"公司"或"长 药控股"）收到湖北省十堰市中级人民法院送达的（2024）鄂03破申76号《民事裁 定书》、（2024）鄂03破申76号之三《决定书》，法院裁定不予受理十堰市郧胥工 贸有限公司对公司的重整申请，决定依法终结公司预重整程序。同日，公司收到湖 北省十堰市中级人民法院送达的（2025）鄂03破1号《民事裁定书》，法院裁定终 止湖北长江星医药股份有限公司等七家公司实质合并重整程序，宣告湖北长江星医 药股份有限公司等七家公司破产。 2、近日公司陆续收到重整投资人四川嘉道博文生态科技有限公司、合肥当歌 长弘创业投资合伙企业(有限合伙)等的函，重整投资人根据协议约定提出解除《重 整投资协议》，并要求公司和临时管理人按照约定履行相关义务。临时管理人已告 知所有相关重整投资人及公 ...

Core Insights - The A-share market concluded the last trading day of 2025 with a mixed performance, where the Shanghai Composite Index rose by 0.09% to 3968.84 points, while the Shenzhen Component Index fell by 0.58% to 13525.02 points, and the ChiNext Index decreased by 1.23% to 3203.17 points [1] - In 2025, the A-share market experienced a "slow bull" trend, with the total market capitalization surpassing 100 trillion yuan, and the Shanghai Composite Index returning to the 4000-point mark for the first time in a decade [1] - Notably, the Hong Kong stock market regained its position as the global leader in fundraising [1] Stock Performance - Top-performing stocks in 2025 included: - Shangwei New Materials (688585.SH) with an increase of over 18 times, earning the title of the best-performing stock of the year - Tianpu Co., Ltd. (605255.SH) and Xingtou Measurement Control (920116.BJ) both saw increases exceeding 1600% [1][2] - The worst-performing stocks included: - Guangdao Tui (920680.BJ) with a cumulative decline of 94.18%, followed by Dongtong Tui (300379.SZ) with a drop of 91.78% [2][3]

Core Insights - The average stock price of A-shares is 13.99 yuan, with 35 stocks priced below 2 yuan, the lowest being Guandao Tui at 0.86 yuan [1] - The Shanghai Composite Index closed at 3968.84 points, indicating a relatively low proportion of both high-priced and low-priced stocks in the A-share market [1] Low-Priced Stocks Overview - Among the low-priced stocks, 10 are ST stocks, accounting for 28.57% of those priced below 2 yuan [1] - The stocks with the highest daily increase include *ST Huifeng (5.14%), HNA Holding (2.26%), and Greenland Holdings (1.22%) [1] - The stocks with the largest daily declines include Guandao Tui (-21.82%), *ST Changyao (-8.42%), and *ST Lifang (-6.42%) [1] Detailed Low-Priced Stock Data - Guandao Tui (code: 920680) has a latest closing price of 0.86 yuan with a daily drop of 21.82% and a turnover rate of 60.23% [1] - *ST Changyao (code: 300391) closed at 0.87 yuan, down 8.42% with a turnover rate of 23.64% [1] - *ST Lifang (code: 300344) closed at 1.02 yuan, down 6.42% with a turnover rate of 10.25% [1] - Other notable low-priced stocks include Dongtong Tui (1.24 yuan), *ST Aowei (1.40 yuan), and *ST Jinke (1.44 yuan) [1][2]