Core Viewpoint - Company *ST Changyao (300391.SZ) is at risk of being delisted due to its stock price and market capitalization falling below regulatory thresholds [1] Group 1: Stock Performance - As of January 13, 2026, the company's stock closed at 0.79 yuan per share, having been below 1 yuan for nine consecutive trading days [1] - The company's market capitalization is 277 million yuan, which has been below 300 million yuan for three consecutive trading days [1] Group 2: Regulatory Compliance - According to the Shenzhen Stock Exchange's GEM Listing Rules, if the company's stock price remains below 1 yuan for twenty consecutive trading days, or if its market capitalization stays below 300 million yuan for the same period, it will face delisting [1] - The company has been under delisting risk warnings since April 22, 2025, and has faced additional warnings since December 29, 2025 [1] Group 3: Financial Status - The company is expected to report a negative net asset value at the end of 2025, pending the official audited annual report [1] - If the audited net assets for 2025 are negative, or if the financial report receives a qualified opinion, disclaimer, or adverse opinion, the company will trigger mandatory delisting conditions [1]

2、公司股票可能被实施财务类强制退市。公司股票自2025年4月22日起被 实施退市风险警示和其他风险警示，自2025年12月29日起被叠加实施退市风险 警示。鉴于公司未在2025年12月31日前完成重整，2025年度期末净资产预计为 负（具体准确的财务数据以公司正式披露经审计后的2025年年度报告为准）。 如公司2025年度期末经审计净资产为负值，或者2025年度财务会计报告被出具 保留意见、无法表示意见或者否定意见的审计报告，根据《深圳证券交易所创 业板股票上市规则》第10.3.11条的规定，公司触及财务类强制退市情形，公司 股票将被终止上市。敬请广大投资者注意投资风险。 截至本公告披露日，公司可能触及的终止上市情形如下： 具体情形 是否适用 （对可能触及的打勾） 1 证券代码：300391 证券简称：*ST长药 公告编号：2026-004 长江医药控股股份有限公司 关于公司股票可能被终止上市的风险提示公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、公司股票可能被实施交易类强制退市。2026年1月13日，长江医药控股 股份有限公司（以下简 ...

Group 1 - The average stock price of A-shares is 14.69 yuan, with 31 stocks priced below 2 yuan, the lowest being *ST Changyao at 0.79 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 29.03% of the total [1] - The Shanghai Composite Index closed at 4138.76 points as of January 13 [1] Group 2 - Among the low-priced stocks, 12 increased in price today, with Dongtong Tui rising by 3.80%, Kangmei Pharmaceutical by 1.54%, and Jieneng Tiexin by 1.07% [1] - 15 low-priced stocks decreased, with Rongsheng Development falling by 6.59%, *ST Aowei by 5.22%, and *ST Lifang by 3.96% [1] - The stock price performance of low-priced stocks shows a mixed trend, indicating volatility in this segment [1][2]

Core Viewpoint - Long Pharmaceutical Holdings (300391) is facing significant legal and financial challenges due to false financial reporting and potential forced delisting from the Shenzhen Stock Exchange, which has led to investor claims for compensation [2][4]. Group 1: Legal Issues - The Wuhan Intermediate People's Court has accepted batch claims from investors against Long Pharmaceutical Holdings, with ongoing efforts to accept more claims [1][3]. - There have been precedents of successful claims by investors against Long Pharmaceutical Holdings, indicating a potential for further compensation opportunities [1][3]. Group 2: Financial Misreporting - The company has been found to have inflated its revenue and profit figures in its annual reports for 2021, 2022, and 2023, with inflated revenues of 215.32 million, 283.74 million, and 233.63 million respectively, representing 9.12%, 17.57%, and 19.51% of reported revenues [2][4]. - The inflated profit totals were 56.40 million, 63.38 million, and 43.71 million for the same years, accounting for 35.62%, 88.23%, and 6.42% of reported profits [2][4]. - The company may face forced delisting due to continuous false reporting of financial metrics over three years, as per the Shenzhen Stock Exchange regulations [2][4]. Group 3: Financial Health - As of the latest report, Long Pharmaceutical Holdings has a significant fund occupation amounting to 179.66 million, which is 92.08% of its latest audited net assets [3][5]. - The company plans to resolve the fund occupation through the transfer of debts with related parties [3][5].

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of January 12, there are 847 stocks with a circulating market value below 3 billion yuan, and 326 of these have a circulating market value below 2 billion yuan [1] - A total of 1,498 stocks have a total market value below 5 billion yuan, with 482 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Changyao at 284 million yuan, *ST Aowei at 354 million yuan, and Kuntai Co. at 636 million yuan [1] - The three stocks with the smallest total market values are *ST Changyao at 284 million yuan, *ST Aowei at 399 million yuan, and *ST Lifang at 648 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as pharmaceuticals, defense, automotive, and more, highlighting the diversity within small-cap stocks [1][2]

Group 1 - The stock of *ST Changyao closed at 0.81 yuan on January 9, 2026, down 6.9%, with a turnover rate of 18.05% and a trading volume of 632,400 shares, amounting to a transaction value of 52.36 million yuan [1] - On January 9, the net outflow of main funds was 11.01 million yuan, indicating continued withdrawal by major investors [2] - The company is at risk of being delisted due to its market capitalization falling below 300 million yuan and its stock price being below 1 yuan for seven consecutive trading days [2] Group 2 - The company is projected to have a negative net asset by the end of 2024, with expectations of continuing negative net assets in 2025, indicating financial delisting risk [2] - The company has been investigated by the China Securities Regulatory Commission for false reporting in its annual reports from 2021 to 2023, which may trigger mandatory delisting due to significant legal violations [2] - The company faces additional risks, including large overdue debts, frozen bank accounts, and bankruptcy of subsidiaries [1]

2、公司股票可能被实施财务类强制退市。公司股票自2025年4月22日起被 实施退市风险警示和其他风险警示，自2025年12月29日起被叠加实施退市风险 警示。鉴于公司未在2025年12月31日前完成重整，2025年度期末净资产预计为 负（具体准确的财务数据以公司正式披露经审计后的2025年年度报告为准）。 如公司2025年度期末经审计净资产为负值，或者2025年度财务会计报告被出具 保留意见、无法表示意见或者否定意见的审计报告，根据《深圳证券交易所创 业板股票上市规则》第10.3.11条的规定，公司触及财务类强制退市情形，公司 股票将被终止上市。敬请广大投资者注意投资风险。 证券代码：300391 证券简称：*ST长药 公告编号：2026-003 长江医药控股股份有限公司 关于公司股票可能被终止上市的风险提示公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、公司股票可能被实施交易类强制退市。2026年1月9日，长江医药控股股 份有限公司（以下简称"公司"或"长药控股"）股票收盘市值2.84亿元，根 据《深圳证券交易所创业板股票上市规则》第10 ...

Group 1 - The stock of *ST Changyao (300391) closed at 0.87 yuan on January 8, 2026, with a rise of 3.57% and a turnover rate of 20.42%, totaling a trading volume of 715,300 shares and a transaction amount of 61.77 million yuan [1][2] - On January 8, the main funds experienced a net outflow of 2.77 million yuan, while retail investors showed a net inflow of 1.99 million yuan [2] - The company is at risk of being delisted due to its market capitalization falling below 300 million yuan, stock price remaining below 1 yuan for five consecutive trading days, and negative net assets projected for the end of 2024 and the third quarter of 2025 [1][2] Group 2 - The company has been under investigation by the China Securities Regulatory Commission for false reporting in its annual reports from 2021 to 2023, which may lead to mandatory delisting due to significant legal violations [1] - Additional risks include overdue debts, frozen bank accounts, and bankruptcy of subsidiaries [1]

Core Viewpoint - The stock of *ST Changyao (300391) is at risk of being delisted due to trading, financial issues, and significant legal violations, with its market capitalization falling below 300 million yuan [1] Group 1: Stock Performance - As of January 7, 2026, *ST Changyao closed at 0.84 yuan, down 4.55% from the previous trading day, with a total market value of 294 million yuan [1] - The stock opened at 0.87 yuan, reached a high of 0.88 yuan, and a low of 0.83 yuan, with a trading volume of 35.36 million yuan and a turnover rate of 11.85% [1] Group 2: Risk of Delisting - The company issued a risk warning regarding the potential termination of its stock listing due to trading-related, financial-related, and major legal violations [1] - The stock's closing market value has fallen below 300 million yuan, and it has traded below 1 yuan for five consecutive trading days, indicating a risk of delisting due to trading issues [1] - By the end of 2024, the company's net assets are projected to be negative, and if the audited net assets for 2025 are also negative or if the financial report receives a non-standard opinion, it will trigger financial delisting [1] Group 3: Legal and Financial Issues - The company has been under investigation by the China Securities Regulatory Commission (CSRC) for false reporting in its annual reports from 2021 to 2023, which may lead to mandatory delisting due to significant legal violations [1] - The company is facing risks related to large overdue debts, frozen bank accounts, and bankruptcy of subsidiaries [1]

证券代码：300391 证券简称：*ST长药 公告编号：2026-002 长江医药控股股份有限公司 关于公司股票可能被终止上市的风险提示公告 1 | 经审计的利润总额、净利润、扣除非经常性损益后的 | | | --- | --- | | 净利润三者孰低为负值，且扣除后的营业收入低于1亿 | | | 元。 | | | 经审计的期末净资产为负值。 | √ | | 财务会计报告被出具保留意见、无法表示意见或者否 | √ | | 定意见的审计报告。 | | | 追溯重述后利润总额、净利润、扣除非经常性损益后 | | | 的净利润三者孰低为负值，且扣除后的营业收入低于1 | | | 亿元；或者追溯重述后期末净资产为负值。 | | | 财务报告内部控制被出具无法表示意见或者否定意见 | | | 的审计报告。 | | | 未按照规定披露内部控制审计报告，因实施完成破产 | | | 重整、重组上市或者重大资产重组按照有关规定无法 | | | 披露的除外。 | | | 未在法定期限内披露过半数董事保证真实、准确、完 | | | 整的年度报告。 | | 3、公司股票可能被实施重大违法强制退市。公司因涉嫌定期报告等财务数 据虚假记 ...