Group 1 - The stock of *ST Changyao (300391) closed at 0.87 yuan on January 8, 2026, with a rise of 3.57% and a turnover rate of 20.42%, totaling a trading volume of 715,300 shares and a transaction amount of 61.77 million yuan [1][2] - On January 8, the main funds experienced a net outflow of 2.77 million yuan, while retail investors showed a net inflow of 1.99 million yuan [2] - The company is at risk of being delisted due to its market capitalization falling below 300 million yuan, stock price remaining below 1 yuan for five consecutive trading days, and negative net assets projected for the end of 2024 and the third quarter of 2025 [1][2] Group 2 - The company has been under investigation by the China Securities Regulatory Commission for false reporting in its annual reports from 2021 to 2023, which may lead to mandatory delisting due to significant legal violations [1] - Additional risks include overdue debts, frozen bank accounts, and bankruptcy of subsidiaries [1]

Core Viewpoint - The stock of *ST Changyao (300391) is at risk of being delisted due to trading, financial issues, and significant legal violations, with its market capitalization falling below 300 million yuan [1] Group 1: Stock Performance - As of January 7, 2026, *ST Changyao closed at 0.84 yuan, down 4.55% from the previous trading day, with a total market value of 294 million yuan [1] - The stock opened at 0.87 yuan, reached a high of 0.88 yuan, and a low of 0.83 yuan, with a trading volume of 35.36 million yuan and a turnover rate of 11.85% [1] Group 2: Risk of Delisting - The company issued a risk warning regarding the potential termination of its stock listing due to trading-related, financial-related, and major legal violations [1] - The stock's closing market value has fallen below 300 million yuan, and it has traded below 1 yuan for five consecutive trading days, indicating a risk of delisting due to trading issues [1] - By the end of 2024, the company's net assets are projected to be negative, and if the audited net assets for 2025 are also negative or if the financial report receives a non-standard opinion, it will trigger financial delisting [1] Group 3: Legal and Financial Issues - The company has been under investigation by the China Securities Regulatory Commission (CSRC) for false reporting in its annual reports from 2021 to 2023, which may lead to mandatory delisting due to significant legal violations [1] - The company is facing risks related to large overdue debts, frozen bank accounts, and bankruptcy of subsidiaries [1]

证券代码：300391 证券简称：*ST长药 公告编号：2026-002 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 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，且扣除后的营业收入低于1亿 | | | 元。 | | | 经审计的期末净资产为负值。 | √ | | 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。 | | | 追溯重述后利润总额、净利润、扣除非经常性损益后 | | | 的净利润三者孰低为负值，且扣除后的营业收入低于1 | | | 亿元；或者追溯重述后期末净资产为负值。 | | | 财务报告内部控制被出具无法表示意见或者否定意见 | | | 的审计报告。 | | | 未按照规定披露内部控制审计报告，因实施完成破产 | | | 重整、重组上市或者重大资产重组按照有关规定无法 | | | 披露的除外。 | | | 未在法定期限内披露过半数董事保证真实、准确、完 | | | 整的年度报告。 | | 3、公司股票可能被实施重大违法强制退市。公司因涉嫌定期报告等财务数 据虚假记 ...

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 14.44 yuan, with 34 stocks priced below 2 yuan, the lowest being *ST Changyao at 0.84 yuan [1]. Group 1: Market Overview - As of January 7, the Shanghai Composite Index closed at 4085.77 points, with a relatively small proportion of high-priced and low-priced stocks in the A-share market [1]. - Among the low-priced stocks, 9 are ST stocks, accounting for 26.47% of those priced below 2 yuan [1]. Group 2: Stock Performance - In the low-priced stock category, 4 stocks increased in price today, with the highest gains being 11.94% for Dongtong Tui, 9.94% for Rongsheng Development, and 2.38% for Jiugang Hongxing [1]. - Conversely, 25 stocks declined, with the largest drops being 5.00% for *ST Aowei, 4.55% for *ST Changyao, and 2.88% for *ST Lifang [1]. Group 3: Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, and industry classifications [1][2]. - Notable stocks include *ST Changyao at 0.84 yuan, *ST Lifang at 1.01 yuan, and *ST Aowei at 1.33 yuan, with respective daily changes of -4.55%, -2.88%, and -5.00% [1][2].

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of January 6, there are 915 stocks with a circulating market value below 3 billion yuan, and 364 stocks with a circulating market value below 2 billion yuan [1] - A total of 1580 stocks have a total market value below 5 billion yuan, with 529 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Changyao at 308 million yuan, *ST Aowei at 431 million yuan, and Kuntai Co. at 634 million yuan [1] - The three stocks with the smallest total market values are *ST Changyao at 308 million yuan, *ST Aowei at 486 million yuan, and *ST Lifang at 667 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as pharmaceuticals, defense, automotive, and more, highlighting the diversity within small-cap stocks [1][2]

Group 1 - The stock of *ST Changyao closed at 0.88 yuan on January 6, 2026, down 1.12%, with a turnover rate of 15.68% and a trading volume of 549,400 shares, amounting to a transaction value of 47.54 million yuan [1][2] - On January 6, the net outflow of main funds was 858,100 yuan, while retail investors saw a net inflow of 1,088,700 yuan [2] - The company has issued a risk warning regarding the potential termination of its stock listing due to negative net assets for the fiscal year 2024 and the possibility of receiving a non-standard audit opinion for its financial reports [1][2] Group 2 - The company has faced administrative penalties from the China Securities Regulatory Commission (CSRC) for false disclosures in its annual reports from 2021 to 2023, which may lead to mandatory delisting [1] - The stock price has been below 1 yuan for several consecutive days, and if it remains below this threshold for twenty consecutive trading days, it will trigger a delisting event [1] - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [1]

Core Viewpoint - The company *ST Changyao (300391) is at risk of being delisted due to negative net assets and potential non-standard audit opinions, following a series of financial irregularities and a recent bankruptcy of its subsidiary [1]. Financial Performance - As of January 6, 2026, *ST Changyao's stock closed at 0.88 yuan, down 1.12% from the previous trading day, with a total market capitalization of 308 million yuan [1]. - The stock opened at 0.86 yuan, reached a high of 0.91 yuan, and a low of 0.82 yuan, with a trading volume of 47.54 million yuan and a turnover rate of 15.68% [1]. Risk Factors - The company announced that its net assets for the year 2024 are expected to be negative, and it is projected that it will not complete restructuring by 2025, leading to continued negative net assets by the end of 2025 [1]. - The company has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) due to false disclosures in its annual reports from 2021 to 2023, which may lead to mandatory delisting for major violations [1]. - The stock price has been below 1 yuan for several consecutive days, and if it remains below this threshold for twenty consecutive trading days, it will trigger a trading delisting [1]. - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [1].

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]