*ST长药深陷多重危机，财务造假立案引爆退市警报

Core Viewpoint - *ST Changyao is embroiled in a financial fraud scandal, facing a formal investigation by the China Securities Regulatory Commission (CSRC) due to suspected false reporting of financial data, which could lead to mandatory delisting if deemed a major violation [1][2]. Group 1: Financial Fraud Investigation - The investigation focuses on the authenticity of *ST Changyao's financial data, highlighting severe deficiencies in its information disclosure quality and internal control systems [2]. - The company has already been warned of delisting risks due to a negative net asset value reported for the fiscal year 2024 [2]. Group 2: Deteriorating Operations - Since entering the pharmaceutical industry in 2020 and fully transforming in 2022, *ST Changyao has not achieved expected growth, with revenue plummeting from 1.615 billion yuan in 2022 to 112 million yuan in 2024 [3]. - The company's net profit has been negative for consecutive years, with net assets reported at -433 million yuan by the end of 2024, worsening to -643 million yuan by the end of Q3 2025 [3]. - Operating cash flow has been negative for three consecutive years, raising significant doubts about the company's ability to continue as a going concern [3]. Group 3: Legal and Financial Risks - *ST Changyao is facing multiple legal challenges, with 140 lawsuits involving a total amount of 1.878 billion yuan, which is 434% of its net assets, indicating governance issues and compliance failures [4]. - The company has 1.106 billion yuan in interest-bearing liabilities, with 390 million yuan overdue, leading to severe liquidity issues [4]. - A significant portion of the company's bank accounts, 67.7%, are frozen, impacting daily operations and cash flow management [4]. Group 4: Conclusion - *ST Changyao is undergoing its most severe test since its listing, facing a crisis that requires urgent resolution of debts and regulatory concerns to maintain its position in the capital market [5].