Biocause Pharma(SZ:000627) Zhong Guo Ji Jin Bao·2025-07-01 06:41Core Viewpoint - The valuation of Tianmao Group has been drastically reduced by Huitianfu Fund to 0.27 CNY per share, representing a decline of over 90% from the pre-suspension price of 2.74 CNY per share, indicating severe market pessimism regarding the company's future prospects [2][8][12]. Group 1: Valuation Adjustment - Huitianfu Fund announced on July 1 that it would value its holdings in Tianmao Group at 0.27 CNY per share, effective from June 30, 2025 [4][8]. - This valuation adjustment comes after Tianmao Group's stock was suspended for nearly two months due to its failure to disclose the 2024 annual report on time [10][12]. Group 2: Suspension and Regulatory Risks - Tianmao Group's stock was suspended on May 6 after it confirmed it could not disclose the 2024 annual report by the legal deadline of April 30 [11][12]. - If the company fails to disclose the annual report within two months of suspension (by July 6), it will face a delisting risk warning (*ST) [10][12]. Group 3: Company Background and Financial Issues - Tianmao Group, primarily engaged in life insurance through its subsidiary Guohua Life Insurance, has been facing significant operational challenges, including continuous losses and declining premiums [11][12]. - The inability to timely disclose financial reports is attributed to liquidity pressures and deteriorating asset quality, compounded by regulatory scrutiny [12].