2025强制退市企业再增：连续5年造假、96%净资产被掏空，A股\"医美第一股\"崩塌

Core Viewpoint - The healthcare industry is undergoing a severe "cleansing operation" in 2025, exemplified by the forced delisting of *ST Suwu (Jiangsu Wuzhong) due to significant financial fraud amounting to 1.772 billion [1][19]. Group 1: Major Violations - *ST Suwu was found guilty of three major violations: concealing the change of actual controller, significant financial fraud, and non-operational fund occupation by related parties [2][21]. - The company concealed the change of its actual controller from "Qian Qunying" to "Qian Qunshan" from 2018 to 2023, misrepresenting the controller in annual reports [2][21]. - The financial fraud involved inflating revenue by 1.772 billion from 2020 to 2023 through non-commercial trade activities, with inflated profits of 76 million and inflated operating costs of 1.695 billion during the same period [2][22]. Group 2: Financial Condition - The financial condition of *ST Suwu has deteriorated significantly, with net assets dropping from 1.072 billion in 2020 to 68.35 million in 2023, while liabilities surged from 1.191 billion to 2.202 billion [11][31]. - Cash flow has been consistently negative, reaching -1.63 billion in 2023, indicating severe liquidity issues [11][31]. - By the end of Q3 2025, the company reported a loss of 87.47 million, with cash flow at -894 million and receivables amounting to 2.1 billion [33]. Group 3: Market Impact - The stock price of *ST Suwu has plummeted over 70% from around 6 yuan in 2020 to approximately 1.5 yuan by the end of 2023, reflecting a market valuation drop from 6 billion to 1.7 billion [15][35]. - In 2025, the stock experienced an 89% decline, with multiple warnings issued due to the price falling below 1 yuan [16][36]. - The delisting of *ST Suwu is part of a broader trend, with several healthcare companies facing delisting in 2025 due to financial misconduct, impacting thousands of investors [1][20].