Market Overview - The Shanghai Composite Index closed at 3877.55 points, with a change of 0.41% [1] - The total trading volume of A-shares reached 1561.918 billion yuan [1] Technical Analysis - A total of 127 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - COFCO Technology: 5-day MA at 11.41 yuan, 10-day MA at 11.52 yuan, difference of -0.92% [1] - Jiuri New Materials: 5-day MA at 27.35 yuan, 10-day MA at 27.59 yuan, difference of -0.86% [1] - Potential Energy Trust: 5-day MA at 20.44 yuan, 10-day MA at 20.59 yuan, difference of -0.77% [1] Individual Stock Performance - COFCO Technology: Today's change of 0.09%, trading volume of 1.13% [1] - Jiuri New Materials: Today's change of 1.49%, trading volume of 1.84% [1] - Potential Energy Trust: Today's change of 0.34%, trading volume of 1.64% [1] - Other notable stocks with death crosses include: - Tongzhou Electronics: Today's change of -0.42%, trading volume of 2.40% [1] - ST Long Pharmaceutical: Today's change of -2.50%, trading volume of 2.14% [1] - Jin Hong Shun: Today's change of -1.44%, trading volume of 2.07% [1]

证券代码：300391 证券简称：*ST长药 公告编号：2025-090 长江医药控股股份有限公司 关于预重整事项进展暨收到 子公司实质合并重整延期批复的公告 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。 一、预重整基本情况 2025年1月20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（下称"十堰中院"）送达的《决定书》，十堰中 院决定对公司启动预重整，并指定上海市锦天城律师事务所担任公司预重整期间的 临时管理人。具体内容详见公司于2025年1月21日在巨潮资讯网披露的《关于法院 同意公司启动预重整程序并指定预重整临时管理人的公告》。 根据进展情况，公司于2025年1月23日在巨潮资讯网披露了《关于公司预重整 案债权申报的公告》、《关于临时管理人公开招募和遴选投资人的公告》；2025 年2月13日披露了《关于公司子公司被债权人申请重整的提示性公告》；2025年3 月14日披露了《关于法院裁定受理子公司重整并指定重整管理人的公告》；2025 年4月2日披露了《关于预重整事项的进展公告》；2025年4月15日披露了 ...

证券代码：300391 证券简称：*ST长药 公告编号：2025-089 长江医药控股股份有限公司 重大诉讼的进展公告 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。 2025年9月8日，长江医药控股股份有限公司（以下简称"公司"、"长药控 股"）收到湖北省十堰市中级人民法院的执行通知书等文书。湖北省十堰市中级 人民法院所在地为十堰市张湾区浙江路66号。诉讼各方当事人如下： 申请执行人(原告)：杭州滨创股权投资有限公司，法定代表人沈伟东。 被执行人（被告)：长江医药控股股份有限公司，法定代表人胡士会。 二、有关本案的基本情况 原告杭州滨创股权投资有限公司与被告长江医药控股股份有限公司、第三人 湖北长江大药房连锁有限公司债权人代位权纠纷案的基本情况，详见公司于2024 年9月19日、2024年11月20日、2024年12月12日、2025年1月14日、2025年2月26 日披露于巨潮资讯网的《重大诉讼公告》、《重大诉讼的进展公告》。 三、诉讼进展情况 原告杭州滨创股权投资有限公司与被告长江医药控股股份有限公司、第三人 湖北长江大药房连锁有限公司债权人代位权纠纷案判 ...

Core Viewpoint - The ongoing legal progress in the capital market has led to several listed companies being ordered to compensate investors for losses due to false securities statements, marking a significant victory for investor rights [1] Group 1: Dragon Yu Co., Ltd. (龙宇股份) - The Shanghai Financial Court ruled in favor of investors in a case against Dragon Yu Co., Ltd., providing a pathway for those harmed by false statements to seek compensation [2] - The court's use of a demonstrative judgment mechanism has improved trial efficiency and reduced the cost of investor rights protection, setting a precedent for similar cases [3] - Despite being delisted, Dragon Yu Co., Ltd. remains liable for investor claims, with the company facing potential severe penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations [3] - Investors who purchased shares between December 16, 2024, and April 29, 2023, and sold or held them at a loss after April 30, 2024, are eligible for compensation [4] Group 2: Caesar Travel Industry (凯撒旅业) - The latest developments in the Caesar Travel Industry case have provided hope for affected investors, with a court ruling in favor of investors following the company's penalties for information disclosure violations [5] - The court determined that both the company and its actual controller would bear joint liability for compensation, reinforcing the legal support for investors [5] - Investors who bought shares between January 8, 2020, and September 5, 2023, and sold or held them at a loss after September 6, 2023, can participate in the compensation process [6] Group 3: Changyao Holdings (长药控股) - Changyao Holdings achieved a significant legal victory, with the court recognizing the causal relationship between the company's violations and investor losses, ordering the company to compensate affected investors [7] - The company was found to have engaged in fund occupation and illegal guarantees, with a total of approximately 179.66 million yuan involved in fund occupation from 2019 to 2023 [6][7] - Investors who purchased shares between March 30, 2019, and April 29, 2024, and sold or held them at a loss after April 30, 2024, are eligible for compensation [7]

1、十堰市盛世郧景股权投资合伙企业(有限合伙)债权人代位权纠纷案的诉 讼各方当事人如下： 证券代码：300391 证券简称：*ST长药 公告编号：2025-088 长江医药控股股份有限公司 重大诉讼的进展公告 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。 重要内容提示： 1、原告十堰市盛世郧景股权投资合伙企业(有限合伙)与被告长江医药控股 股份有限公司、第三人湖北长江大药房连锁有限公司债权人代位权纠纷案，十堰 市中级人民法院于2025年8月24日判决。本案涉案金额154,890,260.10元，预计 不会对公司当期损益产生影响。 2、原告深圳前海盛世轩金投资企业(有限合伙)与被告长江医药控股股份有 限公司、第三人湖北长江大药房连锁有限公司债权人代位权纠纷案，十堰市中级 人民法院于2025年9月2日判决。本案涉案金额86,823,643.75元，预计不会对公 司当期损益产生影响。 一、诉讼事项的基本情况 2025年9月1日，长江医药控股股份有限公司（以下简称"公司"）收到湖北 省十堰市中级人民法院送达的十堰市盛世郧景股权投资合伙企业(有限合伙)债 权人代位权纠纷 ...

Core Viewpoint - *ST Changyao reported a narrowed loss in its 2025 mid-year financial results, with total revenue declining and net profit improving year-on-year [1] Financial Performance Summary - Total revenue for 2025 mid-year was 70.575 million yuan, a decrease of 4.18% compared to 2024 mid-year [1] - The net profit attributable to shareholders was -116 million yuan, an improvement of 23.74% year-on-year [1] - The gross profit margin was 3.66%, down 35.42% year-on-year, while the net profit margin was -200.51%, an increase of 38.90% [1] - Total expenses (selling, administrative, and financial) amounted to 73.9797 million yuan, accounting for 104.82% of revenue, a decrease of 15.49% year-on-year [1] - Earnings per share were -0.33 yuan, an improvement of 23.74% year-on-year [1] Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 271.86%, attributed to increased cash payments for goods and services [3] - The company’s cash and cash equivalents were 9.9185 million yuan, a decrease of 1.41% year-on-year [1] - Interest-bearing liabilities decreased by 23.54% to 640 million yuan [1] - The company’s cash flow situation is concerning, with a cash ratio of 0.52% and negative average operating cash flow over the past three years [4] Management and Financial Costs - Management expenses increased by 24.31% due to higher amortization of long-term deferred expenses and increased intermediary fees [3] - Financial expenses decreased by 44.95% as some creditors ceased interest accrual following the company's pre-restructuring process [3] Investment Return and Historical Performance - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.22% over the past decade and a particularly poor ROIC of -121.64% in 2024 [3] - The company has reported losses in four out of ten years since its listing, indicating a generally poor financial performance [3]

Core Insights - *ST Changyao reported a total operating revenue of 70.575 million yuan for the first half of 2025, a decrease of 3.0787 million yuan compared to the same period last year, representing a year-on-year decline of 4.18% [1] - The company recorded a net profit attributable to shareholders of -116 million yuan as of June 30, 2025 [1] - Operating cash flow showed a net outflow of -112 million yuan, a decrease of 81.9048 million yuan compared to the same period last year [1] Financial Metrics - As of June 30, 2025, the asset-liability ratio was 128.22%, an increase of 3.21 percentage points from the previous quarter and an increase of 53.18 percentage points year-on-year [3] - The gross profit margin was 3.66%, down 2.01 percentage points compared to the same period last year [3] - The diluted earnings per share were -0.33 yuan [3] - The total asset turnover ratio was 0.04 times, and the inventory turnover ratio was 1.38 times as of June 30, 2025 [3] Shareholder Information - The number of shareholders was 15,900, with the top ten shareholders holding a total of 99.0079 million shares, accounting for 28.26% of the total share capital [3] - The top ten shareholders and their respective holdings are as follows: 1. Changxing Shengshi Zhuhua Investment Co., Ltd. - 10.1 million shares 2. Shanghai Yucong Asset Management Co., Ltd. - 5.95 million shares 3. Liu Lili - 5.05 million shares 4. Shouguang City Kangyue Investment Co., Ltd. - 3.46 million shares 5. Cai Ping - 0.86 million shares 6. Wang Fugeng - 0.66 million shares 7. Shanghai Kaishuang Private Fund Management Co., Ltd. - 0.57 million shares 8. Li Yufang - 0.54 million shares 9. Chen Daoming - 0.51 million shares 10. Chen Zhiming - 0.51 million shares [3]

Core Insights - *ST Changyao (300391.SZ) released its semi-annual report for 2025, indicating a total of 70.55 million shares held by institutional investors, representing 20.14% of the company's total share capital [1] - The proportion of shares held by institutional investors increased by 0.58 percentage points compared to the previous quarter [1] Institutional Holdings - As of August 25, 2025, four institutional investors disclosed their holdings in *ST Changyao A-shares [1] - The institutional investors include Changxing Shengshi Fenghua Business Co., Ltd., Shanghai Yucong Asset Management Co., Ltd. - Yucong Tianshun No. 2 Private Securities Investment Fund, Shouguang Kangyue Investment Co., Ltd., and Shanghai Kaishuang Private Fund Management Co., Ltd. - Kaishuang Gongga No. 7 Private Securities Investment Fund [1]

Core Points - The company reported a total operating revenue of 70.575 million yuan, a year-on-year decrease of 4.18%, while the net profit attributable to shareholders was -116.3538 million yuan, an increase of 23.74% year-on-year [3][4] - The decline in operating revenue is primarily attributed to financial constraints leading to decreased income in the pharmaceutical sector [3] - The increase in net profit is mainly due to a reduction in provisions for bad debts and goodwill impairment [3] Pharmaceutical Manufacturing Business - The pharmaceutical manufacturing segment achieved operating revenue of 22.5831 million yuan, a year-on-year decrease of 41.29%, with a net profit of -127.3724 million yuan, an increase of 36.59% year-on-year [4] - The significant revenue decline is due to poor accounts receivable collection and slow development in traditional Chinese medicine [4] - The company entered pre-restructuring procedures, and related creditors ceased interest accrual, leading to reduced financial expenses and initial stabilization of losses [4] Photovoltaic Business - The photovoltaic segment reported operating revenue of 47.9919 million yuan, a year-on-year increase of 36.39%, with a net profit of -13.7125 million yuan, a decrease of 9.87% year-on-year [4] - The revenue growth is attributed to the completion and sale of a production line that generated 23.11 million yuan [4] - The decline in profit is due to a prolonged downturn in the photovoltaic industry, insufficient demand, and intense price competition leading to reduced gross margins [4]

Core Viewpoint - The financial performance of Changjiang Pharmaceutical Holdings Co., Ltd. in the first quarter of 2025 shows a significant decline in revenue and net profit, indicating ongoing financial difficulties and potential risks related to its operations and restructuring efforts [1][5][6]. Financial Data Summary - **Revenue**: The company's operating revenue for the first quarter of 2025 was ¥45,795,675.76, a decrease of 22.50% compared to ¥59,091,762.31 in the same period last year [1][9]. - **Net Profit**: The net profit attributable to shareholders was -¥60,812,317.13, reflecting a decline of 28.01% from -¥47,505,902.27 in the previous year [1][10]. - **Cash Flow**: The net cash flow from operating activities was -¥71,835,780.49, a decrease of 118.90% compared to -¥32,816,721.93 in the previous year, indicating reduced cash inflows from sales [1][11]. - **Total Assets**: As of the end of the reporting period, total assets amounted to ¥2,042,496,723.36, an increase of 2.34% from ¥1,995,717,642.12 at the end of the previous year [1][8]. - **Equity**: The equity attributable to shareholders was -¥493,652,976.34, down 14.05% from -¥432,840,659.21 at the end of the previous year [1][9]. Changes in Financial Indicators - **Operating Costs**: The operating costs for the first quarter were ¥106,127,907.23, up from ¥89,749,307.79 in the previous year, indicating increased expenses despite lower revenue [9]. - **Financial Expenses**: Financial expenses surged by 181.54% to ¥34,973,280.67, primarily due to interest provisions related to ongoing litigation [1][9]. - **Credit Impairment Losses**: Credit impairment losses decreased by 32.04% to -¥31,953,818.21, suggesting improved management of accounts receivable [1][10]. Shareholder Information - **Major Shareholders**: The top ten shareholders include Changxing Shengshi Fenghua Business Co., Ltd. with a 5.99% stake and Shanghai Yucong Asset Management Co., Ltd. with a 5.05% stake [2][3]. - **Shareholder Changes**: The total number of ordinary shareholders at the end of the reporting period was 20,224, with no preferred shareholders reported [2][3]. Other Important Matters - **Restructuring Efforts**: The company is undergoing restructuring due to significant financial losses and has faced legal challenges, including lawsuits and asset freezes [5][6]. - **Going Concern Issues**: There are substantial uncertainties regarding the company's ability to continue as a going concern, with a significant accumulated loss and negative net assets reported [5][6].