300391，拉响退市警报

Core Viewpoint - *ST Changyao is facing multiple delisting risks due to its stock price falling below par value, suspected financial data falsification, and an expected negative net asset at the end of the period, which has attracted significant market attention [1] Group 1: Stock Price and Listing Rules - On December 30, 2025, *ST Changyao's stock closed at 0.95 yuan per share, marking the first instance of the closing price falling below 1 yuan [3] - According to the Shenzhen Stock Exchange's listing rules, if the stock price remains below 1 yuan for twenty consecutive trading days, it will face delisting [3] - The company is required to issue a risk warning announcement the day after the first occurrence of the stock price falling below 1 yuan and must continue to disclose risks if the situation persists [3] Group 2: Regulatory Investigations and Financial Irregularities - On November 7, 2025, *ST Changyao received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation for suspected financial data falsification [3] - The CSRC issued a prior notice of administrative penalty on December 26, 2025, indicating that the company had inflated its revenue by 215 million yuan, 284 million yuan, and 234 million yuan for the years 2021, 2022, and 2023, respectively [4] - The inflated profits for the same years were reported as 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [4] Group 3: Financial Condition and Risks - As of the end of 2024, the audited net assets attributable to shareholders were -433 million yuan, leading to a delisting risk warning [5] - By the end of the third quarter of 2025, the net assets further declined to -643 million yuan, with an expectation of negative net assets by December 31, 2025, which could trigger financial delisting conditions [5] - The company is involved in 152 litigation and arbitration cases, with a total amount of 1.932 billion yuan, which is 446% of the latest audited net assets [5] - The company has significant interest-bearing debts of 1.106 billion yuan, with overdue debts amounting to 390 million yuan, impacting its repayment capacity [5]