600200，多重退市警报拉响

Core Viewpoint - Jiangsu Wuzhong (ST Suwu) is facing imminent delisting risks due to significant financial losses, operational stagnation, and regulatory violations, with a net profit loss of 87.468 million yuan and a nearly 40% year-on-year revenue decline in the third quarter [3][4]. Group 1: Delisting Risks - The primary risk for Jiangsu Wuzhong is the potential for mandatory delisting due to major violations, as identified by the China Securities Regulatory Commission (CSRC) [5]. - The company has been found guilty of three major violations, including failing to disclose the actual controller, inflating revenue and profits, and not reporting non-operational fund usage by related parties [5][6]. - The stock price has plummeted 88% since the CSRC investigation began, with the latest closing price at 0.99 yuan, hovering near the delisting threshold of 1 yuan [7]. Group 2: Financial Performance - Jiangsu Wuzhong reported a 38.85% decrease in revenue for the first three quarters, totaling 784 million yuan, with a net profit loss of 87.468 million yuan [9]. - The third quarter alone saw a staggering 63.93% year-on-year revenue drop, with a net profit loss of 43.0502 million yuan, marking a significant operational decline [9][10]. - The company's cumulative undistributed losses reached 505 million yuan by the end of the third quarter, the highest since its listing [9]. Group 3: Business Operations - The core pharmaceutical business has seen a 55.79% decline in revenue, while the medical beauty segment, previously seen as a growth driver, is now at risk due to the termination of exclusive distribution rights for a key product [10][11]. - The medical beauty segment's revenue was 303 million yuan, a 52.78% increase, but the loss of exclusive rights for the AestheFill product could severely impact future earnings [10][11]. - The company is facing severe cash flow issues, with operational funds critically low due to significant related party fund usage, which increased from 127 million yuan in 2020 to 1.693 billion yuan in 2023, consuming nearly all net assets [6][9].