CYG(SH:600525) Shen Zhen Shang Bao·2025-12-26 16:09Core Viewpoint - ST Changyuan is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which raises concerns about its operational and stock price impacts [1] Group 1: Regulatory Investigation - On December 26, 2025, ST Changyuan received a notice from the CSRC regarding an investigation due to suspected information disclosure violations [1] - The company stated that its production and operational activities are currently normal and it will cooperate with the investigation while adhering to disclosure obligations [1] - The specific reasons for the alleged violations have not yet been disclosed, leading to market speculation about potential impacts on the company's operations and stock price [1] Group 2: Corporate Governance Issues - On December 23, 2025, ST Changyuan's largest shareholder, Zhuhai Gree Financial Investment Management Co., proposed a temporary shareholders' meeting to replace the chairman, Qiao Wenjian, who has been detained for suspected job-related violations [1] - Qiao Wenjian has held various positions within the company since June 2022, including president and chairman, and was appointed chairman only three months prior to his detention [1] Group 3: Financial Performance and Legal Challenges - ST Changyuan has faced significant financial difficulties, including losses and high debt levels, leading to its designation as a special treatment (ST) company due to financial fraud [2] - The company reported cumulative losses of 10.26 billion yuan and 9.78 billion yuan in 2021 and 2024, respectively, with total losses exceeding 11 billion yuan from 2020 to 2024 [3] - As of the third quarter of 2025, ST Changyuan achieved total revenue of 54.38 billion yuan, a year-on-year decrease of 1.34%, and reported a net loss of 3.28 billion yuan [3]