证券代码：300391 证券简称：*ST 长药 公告编号：2025-098 长江医药控股股份有限公司 股票交易异常波动的公告 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、股票交易异常波动情况 5、经问询，本次股票异常波动期间，公司控股股东、实际控制人未发生买 卖公司股票的行为。 6、公司不存在需披露业绩预告的情况。 7、目前公司日常经营管理工作没有显著变化。 三、不存在应披露而未披露信息的说明 长江医药控股股份有限公司（以下简称"公司"）股票于2025年11月10日、 2025年11月11日连续2个交易日内日收盘价格跌幅偏离值累计-34.98%，根据《深 圳证券交易所交易规则》的相关规定，属于股票交易异常波动的情形。敬请广大 投资者注意投资风险。 二、公司关注并核实情况说明 针对本次公司股票交易异常波动，公司董事会就相关事项进行了核实与自查， 具体情况如下： 1、公司前期披露的信息目前不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道可能或已经对公司股票交易价格产生较大 影响的未公开重大信息。 3、2025年11月7日，公司收到中国证券监督管理委 ...

Core Points - *ST Changyao received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false financial reporting [1] - The company was previously known as Kangyue Technology and was listed on the Shenzhen Stock Exchange in August 2014 [1] - *ST Changyao operates primarily in the pharmaceutical manufacturing sector and has a secondary focus on photovoltaic equipment [1] Financial Performance - For the first three quarters of 2025, *ST Changyao reported revenue of 105 million yuan, representing a year-on-year increase of 4.40% [1] - The company recorded a net loss attributable to shareholders of 210 million yuan, a decline of 15.89% compared to the previous year [1] Regulatory Risks - The company indicated that if the CSRC's administrative penalties confirm facts that fall under the major illegal circumstances as per the Shenzhen Stock Exchange's rules, it may face mandatory delisting [2]

Core Viewpoint - The recent addition of companies such as Bayi Steel and *ST Changyao to the investigation list by the China Securities Regulatory Commission (CSRC) has been perceived as a significant negative event, leading to sharp declines in their stock prices. The investigation is primarily due to violations related to information disclosure, with a notable percentage of affected companies facing operational difficulties and financial losses [1][3][4]. Group 1: Investigation Overview - As of November 10, 2023, a total of 60 companies have been investigated by the CSRC this year, with 90% of these cases related to suspected information disclosure violations [1][4]. - The latest companies added to the investigation list, Bayi Steel and *ST Changyao, both experienced a "limit down" in their stock prices on November 10, 2023, closing at 4.01 CNY per share (market cap 6.147 billion CNY) and 2.76 CNY per share (market cap 0.967 billion CNY) respectively [3][4]. Group 2: Financial Performance of Investigated Companies - Among the 60 companies under investigation, approximately 68.33% (41 companies) reported net losses in the first three quarters of 2023, indicating a concerning trend in financial performance [6][7]. - Notably, Bayi Steel recorded the largest net loss, amounting to approximately -572 million CNY, with other companies like Luohua Technology and *ST Muban also reporting significant losses exceeding 100 million CNY [7][8]. Group 3: Regulatory Actions and Penalties - Out of the 60 investigated companies, 25 have received penalties or pre-penalties from the CSRC, with 15 companies already facing fines [11][12]. - The penalties can be severe, with potential fines reaching up to 10 million CNY for administrative violations, and in serious cases, criminal charges may be pursued [4][12].

Core Points - *ST Changyao's stock price fell to 2.76 yuan, hitting a new low since July 3, 2022, with over 650,000 sell orders [1] - The company received a notice from the China Securities Regulatory Commission (CSRC) on November 7, 2025, regarding an investigation into suspected false financial reporting [1] - If the investigation confirms significant violations, the company may face mandatory delisting due to serious misconduct [1]

Core Viewpoint - *ST Changyao (300391.SZ) experienced a significant drop, hitting a limit down at 2.76 yuan, with over 650,000 sell orders, marking a new low since July 3, 2022 [2] Summary by Relevant Sections - **Company Announcement** - The company received a "Notice of Investigation" from the China Securities Regulatory Commission (CSRC) on November 7, 2025, due to suspected false reporting of financial data [2] - The CSRC has decided to initiate an investigation against the company [2] - **Potential Consequences** - If the investigation results in administrative penalties that reveal major violations, the company may face mandatory delisting due to serious misconduct [2]

Core Viewpoint - Changjiang Pharmaceutical Holdings Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which may lead to civil compensation claims from affected investors [1][2]. Summary by Relevant Sections Company Investigation - The CSRC has decided to investigate Changjiang Pharmaceutical due to allegations of false financial reporting, which violates the Securities Law of the People's Republic of China [1]. - The investigation could result in civil liability for the company, its major shareholders, and executives if investors suffer losses due to these alleged misrepresentations [1]. Investor Compensation - A lawyer from Shanghai Hanlian Law Firm is collecting claims from investors who purchased securities of Changjiang Pharmaceutical before November 7, 2025, and either sold or continued to hold them after this date [1]. - The conditions for compensation claims will be adjusted based on the conclusions of the CSRC's administrative penalties and the final court rulings regarding the legal aspects of the claims [1][2]. Legal Process and Requirements - Investors are advised that while they can file lawsuits directly, the lack of an administrative penalty decision may increase the risk of losing such cases [2]. - The progress of civil compensation lawsuits may be affected by the company's potential delisting or bankruptcy proceedings [2]. - Required materials for investors to register for compensation include a copy of their ID, original securities account information, and transaction records [2].

Core Points - *ST Changyao (300391) opened with a limit down at 2.76 CNY per share, reflecting a decline of 20% [2] - The company announced on November 7 that it received a "Notice of Investigation" from the China Securities Regulatory Commission (CSRC) due to suspected false reporting of financial data in regular reports [2] - The CSRC has decided to initiate an investigation against the company based on the Securities Law of the People's Republic of China and the Administrative Penalty Law [2]

Group 1: Government Policies and Economic Indicators - The State Council issued implementation opinions focusing on cultivating new application scenarios across five areas, proposing 22 key fields for development [1] - In October 2025, the national consumer price index rose by 0.2% year-on-year and month-on-month, while the industrial producer price index fell by 2.1% year-on-year, with a month-on-month increase of 0.1% [2] - The People's Bank of China reported foreign exchange reserves at $3.343 trillion at the end of October, with gold reserves increasing by 30,000 ounces to approximately 2,304.457 tons [2] Group 2: Company Announcements - *ST Changyao was investigated by the China Securities Regulatory Commission for suspected false financial reporting [3] - Intercontinental Oil and Gas announced that a shareholder was investigated for failing to halt trading after reaching a 5% shareholding threshold [4] - ST Huatuo applied to revoke other risk warnings, while Huadian Technology signed a contract for a sea wind power project worth approximately 3.415 billion yuan [5] - Shanshui Technology announced a change in actual control due to the divorce settlement of its controlling shareholders [6] - Bayi Steel was investigated by the China Securities Regulatory Commission for suspected information disclosure violations [7] - Shenzhen Sanda A reported a tax payment of 112 million yuan, expected to reduce net profit by approximately 57.36 million yuan [8] - Founder Technology announced an investment of 1.364 billion yuan for an AI expansion project in Chongqing [9] - Huadian Energy plans to invest 12.043 billion yuan in a combined heat and power project [10] - Meihua Biology's controlling shareholder was sentenced to three years in prison for market manipulation [11] Group 3: Market Analysis and Sector Performance - GF Securities analyzed October inflation data, noting significant price increases in upstream coal and non-ferrous metals, while automotive manufacturing showed a slight recovery [12] - Zhongtai Securities reported a divergence in industry performance, with improved profit margins in steel and media sectors, while many consumer sectors faced pressure [13] - The military and media sectors showed a notable increase in net profit growth compared to the second quarter [14]

Core Viewpoint - *ST Changyao has been placed under delisting risk warning due to operational pressures and has now received further negative news regarding a formal investigation by the China Securities Regulatory Commission (CSRC) for suspected false financial reporting [1][3] Financial and Operational Summary - On November 7, *ST Changyao received a notice from the CSRC regarding an investigation into potential false reporting of financial data, which could lead to severe penalties and delisting if found guilty [1][3] - The company has been under delisting risk warning since April due to negative net assets, which stood at -433 million yuan at the end of 2024, worsening to -643 million yuan by the end of Q3 2024 [3][4] - The company has reported continuous net losses for three consecutive years, with revenues of approximately 1.615 billion yuan in 2022, 1.198 billion yuan in 2023, and a projected 112 million yuan in 2024, alongside net losses of -23 million yuan, -606 million yuan, and -628 million yuan respectively [3][4] Legal and Restructuring Challenges - *ST Changyao is currently in a pre-restructuring phase, with a court decision extending this period until January 20, 2024, following a previous ruling to initiate pre-restructuring on January 20, 2023 [4][5] - The company faces significant risks related to its restructuring efforts, including the possibility of failure in the restructuring plan, which could lead to bankruptcy and delisting [5] - There are ongoing legal challenges, with 140 lawsuits and arbitration cases involving a total of 1.878 billion yuan, representing 434% of the company's latest audited net assets [5]

Core Viewpoint - The article highlights the ongoing stringent regulatory environment in the A-share market, with multiple companies facing investigations and penalties for violations related to information disclosure and financial misconduct [2][10]. Group 1: Companies Under Investigation - Eight companies disclosed that they or their controlling shareholders and executives are under investigation by the China Securities Regulatory Commission (CSRC) for violations such as information disclosure and insider trading [2][3]. - Specific companies involved include Bayi Steel, Delisted Haiyue, Intercontinental Oil & Gas, Shanghai Washba, and *ST Changyao, with allegations ranging from information disclosure violations to false financial reporting [3][4]. Group 2: Administrative Penalties - Three companies, including Delisted Longyu, ST Tiantian, and *ST Jintai, received administrative penalties, with Delisted Longyu facing fines exceeding 30 million yuan for years of financial fraud [6][8]. - Delisted Longyu was found to have inflated revenue by approximately 14.54 billion yuan and profits by 37.32 million yuan through fictitious trading activities from 2019 to 2022 [6][7]. Group 3: Impact on Companies - Companies such as Intercontinental Oil & Gas and Shanghai Washba stated that the investigations would not adversely affect their operations, as the inquiries pertain to individual shareholders rather than the companies themselves [5]. - However, *ST Changyao warned that if the CSRC's findings lead to administrative penalties, it could trigger mandatory delisting due to serious violations [5]. Group 4: Broader Regulatory Trends - The article notes a trend of increasing accountability for companies that have been delisted, emphasizing that delisting does not exempt them from regulatory scrutiny [10]. - Recent cases show that even companies that have been delisted for over a year continue to face investigations and penalties for past violations [10][11].