天茂集团披星戴帽，12万散户面临退市风险

Group 1 - Tianmao Group (天茂集团) has issued a warning of potential delisting due to its inability to disclose the 2024 annual report and the 2025 Q1 report within the legal deadline [2][5] - The stock will be suspended for one trading day starting July 7, 2025, and will resume trading on July 8, 2025, under the new name "*ST Tianmao" with the same stock code [2][5] - If the company fails to disclose the annual report by September 6, 2025, it may face termination of its stock listing on the A-share market [5][7] Group 2 - As of the suspension date, Tianmao Group's stock price was 2.74 CNY per share, with a total market value of 13.537 billion CNY [5] - The actual controller Liu Yiqian's family has seen their investment in Tianmao Group drop from 10.392 billion CNY to less than 9 billion CNY due to the company's declining stock value [5][29] - Approximately 120,000 retail investors are concerned about the company's future [7] Group 3 - Tianmao Group's stock has been significantly devalued, with a fund estimating its value at 0.27 CNY per share, a reduction of over 90% from the pre-suspension price [9] - The company is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports on time [5][9] - Concerns about potential financial fraud have arisen due to the company's inability to release financial statements [9][11] Group 4 - Tianmao Group reported a loss of 652 million CNY in 2023, marking a 337.82% decline year-on-year, and canceled its dividend for that year [16] - The 2024 performance forecast indicates continued losses, with expected revenue between 40 billion CNY and 43 billion CNY, a year-on-year decline of 13.48% to 19.52% [16][17] - The company attributes its losses to a declining interest rate environment affecting its subsidiary, Guohua Life Insurance [16][25] Group 5 - Guohua Life Insurance, a key subsidiary of Tianmao Group, has also reported significant financial difficulties, with a net loss of 1.155 billion CNY in 2023 [21] - The company's premium income for 2024 is projected to decrease by over 13% compared to the previous year [17] - Guohua Life's investment income has declined, contributing to the overall financial struggles of Tianmao Group [21][25]