Company Summary - *ST Changyao announced a provision for asset impairment totaling approximately 144 million yuan for the period from January to September 2025, which will impact the total profit for the same period by about -144 million yuan, with credit impairment losses accounting for approximately -144 million yuan and asset impairment losses for about -250,000 yuan [1] - For the first half of 2025, the revenue composition of *ST Changyao is as follows: 68.0% from the photovoltaic industry and 32.0% from the pharmaceutical industry [1] - As of the report date, *ST Changyao has a market capitalization of 1.3 billion yuan [1] Industry Summary - The announcement of significant asset impairment provisions indicates potential challenges within the company, particularly in the photovoltaic and pharmaceutical sectors, which may affect investor sentiment and market performance [1]

Group 1 - The company *ST Changyao (SZ 300391) held its sixth board meeting on October 23, 2025, where it reviewed the Q3 2025 report and other documents [1] - For the first half of 2025, the company's revenue composition was 68.0% from the photovoltaic industry and 32.0% from the pharmaceutical industry [1] - The current market capitalization of *ST Changyao is 1.3 billion yuan [2]

证券代码：300391 证券简称：*ST 长药 公告编号：2025-094 长江医药控股股份有限公司 关于2025年前三季度计提资产减值准备的公告 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。 长江医药控股股份有限公司（以下简称"公司"或"本公司"）于 2025 年 10 月 23 日召开的第六届董事会第三次会议审议通过了《关于 2025 年前三季度 计提资产减值准备的议案》。依据《深圳证券交易所创业板股票上市规则》等法 律法规相关规定，具体如下： 一、本次计提信用减值准备、资产减值准备情况 （一）本次计提信用减值准备、资产减值准备情况概述 1、本次计提信用减值准备、资产减值准备的原因 公司本次计提信用减值准备、资产减值准备，是依照《企业会计准则》及公 司会计政策的相关规定进行的。公司对截至 2025 年 9 月 30 日各类资产进行了全 面清查，并对各类资产进行了充分的评估和分析，本着谨慎性原则，公司需对可 能发生减值损失的相关资产进行计提减值准备。 2、本次计提信用减值准备、资产减值准备的资产范围和总金额 公司对截至 2025 年 9 月 30 日存在可能 ...

证券代码：300391 证券简称：*ST长药 公告编号：2025-095 长江医药控股股份有限公司 2025 年 10 月 23 日，公司召开了第六届董事会第三次会议，审议通过了《关 于提名公司第六届董事会非独立董事候选人的议案》。该议案已经公司董事会提 名委员会审议通过。经公司董事会提名委员会审核，公司董事会提名李娴女士为 公司第六届董事会非独立董事候选人，任期自公司股东会审议通过之日起至第六 届董事会任期届满之日止。非独立董事候选人简历详见附件。 公司本次补选非独立董事事项完成后，董事会中兼任公司高级管理人员职务 的董事人数总计未超过公司董事总数的二分之一。 关于董事辞职暨补选董事的公告 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、董事离任情况 近日，长江医药控股股份有限公司（以下简称"公司"）收到董事顾紫光先 生提交的书面辞呈。因个人原因，顾紫光先生辞去公司第六届董事会董事、提名 委员会委员职务，辞职后不在公司及下属公司担任任何职务。截至本公告披露之 日，顾紫光先生未持有公司股票。 根据《公司法》和《公司章程》的相关规定，顾紫光先生的辞职未导致公司 ...

一、董事会会议召开情况 长江医药控股股份有限公司（以下简称"公司"）第六届董事会第三次会议于 2025年10月23日以现场加通讯表决方式在公司会议室召开，会议通知已于2025年10 月13日以电子邮件方式送达。本次会议由王波先生主持，应参与表决董事8人，实 际参与表决董事8人，其中翁浩先生、韩庆凯先生、孙照宏先生以通讯方式出席并 表决。本次会议为董事会定期会议，召集、召开的程序、方式符合有关法律、行政 法规、部门规章、规范性文件和公司章程规定。 证券代码：300391 证券简称：*ST 长药 公告编号：2025-092 长江医药控股股份有限公司 第六届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 二、董事会会议审议情况 1、2025 年第三季度报告 本议案的财务报告部分已经公司董事会审计委员会审议通过。 详情参见与本公告同日披露于巨潮资讯网的《2025 年第三季度报告》。 表决情况：赞成：8 票；反对：0 票；弃权：0 票。 表决结果：通过。 2、关于 2025 年前三季度计提资产减值准备的议案 本议案已经公司董事会审计委员会审议通 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥34,877,068.40, representing a year-on-year increase of 27.52%[5] - The net profit attributable to shareholders was -¥93,378,373.57, a decline of 228.82% compared to the same period last year[5] - The basic earnings per share were -¥0.2665, reflecting a decrease of 228.61% year-on-year[5] - The company's operating revenue has declined sharply from CNY 1.615 billion in 2022 to CNY 1.198 billion in 2023, and further down to CNY 112 million in 2024, representing a severe drop[13] - The net loss attributable to the parent company was ¥209,732,156.62, compared to a net loss of ¥180,970,726.99 in the previous period, indicating a worsening of approximately 15.87%[22] - Basic and diluted earnings per share were both reported at -0.5987, worsening from -0.5166 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,923,594,020.00, down 3.61% from the end of the previous year[5] - The company's total assets decreased to ¥1,923,594,020.00 from ¥1,995,717,642.12, a decline of about 3.61%[20] - Total liabilities increased to ¥2,591,210,172.97 from ¥2,417,072,664.43, marking an increase of approximately 7.19%[20] - The company's net assets attributable to the parent company as of December 31, 2024, were CNY 432,840,659.21, with retained earnings of CNY -1,589,707,417.48, indicating significant financial distress[13] Cash Flow - The company's cash flow from operating activities showed a net outflow of -¥134,023,825.83, a significant decline of 309.32%[5] - Operating cash flow for the current period was -134,023,825.83 CNY, compared to -32,743,232.81 CNY in the previous period, indicating a significant decline[25] - Cash inflow from operating activities totaled 104,254,239.31 CNY, down from 110,049,012.76 CNY year-over-year[24] - Cash outflow from operating activities increased to 238,278,065.14 CNY, compared to 142,792,245.57 CNY in the previous period[24] - The company's cash and cash equivalents decreased, impacting liquidity, with current assets totaling ¥1,092,293,551.34 compared to ¥1,129,357,419.11 previously[20] - The ending cash and cash equivalents balance increased to 15,420,266.95 CNY from 3,681,317.52 CNY in the previous period[25] Inventory and Receivables - Inventory increased by 101.98% to ¥85,741,647.33, primarily due to the storage of traditional Chinese medicine materials[9] - The accounts receivable stood at CNY 897,822,994.90, down from CNY 979,916,975.01, indicating a decrease in outstanding payments[18] - The company's inventory increased to CNY 85,741,647.33 from CNY 42,450,996.74, suggesting potential overstocking issues[18] Financial Stability and Risks - The company is currently undergoing a pre-restructuring process, with uncertainties regarding its ability to enter formal restructuring proceedings[14] - There is a risk of the company's stock being delisted if it fails to meet specific financial criteria, including negative net assets or insufficient revenue[15] - The company has faced multiple lawsuits due to overdue debts, leading to frozen bank accounts and seized assets[13] - The court has initiated bankruptcy restructuring for several subsidiaries, indicating ongoing financial instability within the group[14] Government Support and Other Income - The company received government subsidies amounting to ¥1,103,311.79, an increase from ¥728,192.91 in the previous period[6] - The company reported a significant increase in other income to ¥728,192.91 from ¥520,871.33, reflecting a growth of approximately 39.77%[22] Operational Efficiency - The company's cash flow from operating activities reflects challenges in operational efficiency, necessitating strategic adjustments[25] - Research and development expenses were recorded at ¥2,350,342.36, down from ¥3,328,745.66, a decrease of approximately 29.36%[21] - The company's financial expenses decreased by 51.50% to ¥30,585,467.96, attributed to the pre-restructuring process where interest is not accrued[9]

Core Points - New Ning Logistics is facing a countdown for investor compensation claims due to false statements, with only about two months left for the statute of limitations [1] - The law firm is currently accepting additional claims from investors who purchased New Ning Logistics stock between April 25, 2019, and December 31, 2022 [2] - Long Pharmaceutical Holdings has had successful compensation claims, with ongoing cases and a recent judgment in favor of investors [2] - Long Pharmaceutical Holdings reported significant financial issues, including fund occupation amounting to 179.66 million, which is 92.08% of its latest audited net assets [3] Summary by Category New Ning Logistics - The company has been implicated in a lawsuit for false statements, with a total of 105,120,500.89 yuan in inflated revenue reported for 2018, representing 10.06% of its annual revenue [1] - Investors who bought shares between April 25, 2019, and December 31, 2022, are eligible to file claims [2] Long Pharmaceutical Holdings - The company has had successful investor compensation cases, with amounts of 622,700 yuan and 316,900 yuan involved in ongoing litigation [2] - A risk warning was issued regarding potential financial issues, including fund occupation and irregular guarantees, with an audit report highlighting significant uncertainties [4] - Investors who purchased shares between March 30, 2019, and April 30, 2024, can still initiate claims [4] Financial Issues - Long Pharmaceutical Holdings has identified fund occupation issues totaling 179,662,019.54 yuan, which is a significant portion of its net assets [3]

证券代码：300391 证券简称：*ST长药 公告编号：2025-091 长江医药控股股份有限公司 关于预重整事项进展暨收到预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《关于预 重整 ...

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 ...