证券代码：300391 证券简称：*ST长药 公告编号：2025-106 长江医药控股股份有限公司 关于公司股票可能被实施重大违法强制退市 相关风险提示公告 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、长江医药控股股份有限公司（以下简称"公司"或"长药控股"）因涉 嫌定期报告等财务数据虚假记载，被中国证券监督管理委员会（以下简称"中 国证监会"）立案调查。公司于2025年12月26日收到中国证监会下发的《行政 处罚事先告知书》（以下简称"《告知书》"）。根据《告知书》认定的事实， 公司2021年、2022年、2023年年度报告存在虚假记载，2021年至2023年年度报 告分别虚增营业收入21,532.38万元、28,373.66万元、23,363.46万元，占当期 对外披露营业收入的9.12%、17.57%、19.51%；虚增利润总额5,640.14万元、 6,337.52万元、4,370.50万元，占当期对外披露利润总额绝对值的35.62%、 88.23%、6.42%。同时，由于2022年对长江伟创中药城交易中心工程项目未合理 确认损失，导 ...

证券代码：300391 证券简称：*ST长药 公告编号：2025-105 长江医药控股股份有限公司 关于公司股票被叠加实施退市风险警示的公告 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。 特别风险提示： 1、长江医药控股股份有限公司（以下简称"公司"）于2025年4月21日披 露了《2024年年度报告》，经审计后的年度报告数据显示，公司2024年度期末 归属于上市公司股东的净资产为-432,840,659.21元。根据《深圳证券交易所创 业板股票上市规则》第10.3.1条第（二）项规定，上市公司出现"最近一个会 计年度经审计的期末净资产为负值"的情形，对其股票交易实施退市风险警示。 （一）被实施退市风险警示和其他风险警示的适用情形 1、公司于2025年4月21日披露了《2024年年度报告》，经审计后的年度报 告 数 据 显 示 ， 公 司 2024 年 度 期 末 归 属 于 上 市 公 司 股 东 的 净 资 产 为 -432,840,659.21元。根据《深圳证券交易所创业板股票上市规则》第10.3.1条 第（二）项规定，上市公司出现"最近一个会计年度经审 ...

格隆汇12月26日｜近日，证监会对上市公司长江医药控股股份有限公司（简称*ST长药）涉嫌定期报告 等财务数据存在虚假记载作出行政处罚事先告知。经查，*ST长药连续三年虚增收入和利润，违反证券 法律法规。证监会拟对上市公司罚款1000万元，对14名责任人合计罚款3100万元，对公司原总经理罗明 采取终身证券市场禁入措施。*ST长药涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。 证监会对中介机构执业情况同步开展核查，一旦发现违法违规情形，将依法予以惩处。对于可能涉及的 犯罪线索，证监会将坚持应移尽移的工作原则，严格按照《刑法》《最高人民检察院 公安部关于公安 机关管辖的刑事案件立案追诉标准的规定（二）》的规定移送公安机关。 ...

关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 一、涉嫌财报虚假记载 12月22日晚，长药控股发布《关于立案调查进展暨风险提示公告》称，公司存在重大违法强制退市风 险、不符合重整条件的风险及财务类强制退市风险。 11月7日，*ST长药（维权）披露公告称因涉财报虚假记载，根据相关法律法规证监会对其立案调查。 这一立案调查意味着*ST长药可能涉嫌财务造假，正式调查结束后，如果违法行为被确认，公司将面临 严重后果。 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 上海沪紫律师事务所刘鹏律师提示投资者索赔唯有主动通过法律途径维权，才能弥补部分损失。（刘鹏 律师专栏） （2）于2025年11月7日（含当日）之前买入，并在2025年11月8日之后卖出或仍持有而亏。 二、两类投资者可维权 *ST长药目前面临多重退市风险，而证监会的立案调查只是其中之一。目前债务缠身、财务状况恶化以 及公司治理和内部控制方面存在严重缺陷。 值得注意的是此前长药控股因资金占用引发的投资者索赔案件此前已获终审胜诉，且诉讼时效还未 ...

Core Viewpoint - Long Pharmaceutical Holdings (长药控股) is facing legal actions due to allegations of false financial reporting and significant financial irregularities, with ongoing investor compensation claims being processed through the courts [1][3]. Group 1: Legal Proceedings - The law firm Shanghai Jucheng has submitted multiple claims to the Wuhan Intermediate People's Court on behalf of investors against Long Pharmaceutical Holdings, with previous successful cases serving as a precedent [1][3]. - The firm continues to accept claims from other investors who have suffered losses related to the company's stock [3]. Group 2: Financial Irregularities - Long Pharmaceutical Holdings announced on April 30, 2024, that it is under scrutiny for fund misappropriation and illegal guarantees, with an audit report highlighting significant uncertainties regarding its ongoing operations [4]. - The company reported a fund misappropriation amounting to 179,662,019.54 yuan, which represents 92.08% of its most recent audited net assets [4]. Group 3: Investor Compensation - Investors who purchased Long Pharmaceutical Holdings stock between March 30, 2019, and April 30, 2024, and sold or held their shares after April 30, 2024, are eligible to file for compensation based on previous successful judgments [5].

2025年12月22日，上海久诚律师事务所股民索赔律师许峰代理的长药控股（300391）虚假陈述投资者索 赔案再向武汉市中级人民法院提交一次立案。需要特别提示的是，长药控股投资者索赔案已有投资者胜 诉先例。 长江医药控股股份有限公司自查中发现，罗明及其实际控制的湖北长江大药房连锁有限公司因资金占用 导致公司下属子公司、长江星及其下属子公司与相关往来单位账实不符。截至报告期末，公司存在资金 占用179，662，019.54元，占公司最近一期经审计归母净资产的92.08%。公司将通过关联方债权债务转 让方式全部清偿关联方占用的资金。 责任编辑：韦子蓉 专门从事股票索赔法律事务的上海久诚律师事务所主任许峰律师认为，根据前期投资者胜诉判决，在 2019年3月30日到2024年4月30日之间买入长药控股股票，并且在2024年4月30日后卖出或继续持有股票 的投资者，目前还可发起索赔。（长药控股维权入口） （本文由上海久诚律师事务所主任许峰律师供稿，不代表新浪财经立场。许峰律师，2008年起律师执 业，执业服务范围涉及虚假陈述、内幕交易、操纵市场等证券欺诈领域索赔代理。十几年来已代理近两 百只股票的投资者胜诉或调解获赔， ...

Group 1 - The article highlights that small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of December 22, there are 957 stocks with a circulating market value below 3 billion yuan, and 390 of these have a circulating market value below 2 billion yuan [1] - A total of 1,633 stocks have a total market value below 5 billion yuan, with 563 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are:退市苏吴 at 227 million yuan, *ST奥维 at 508 million yuan, and *ST长药 at 585 million yuan [1] - The three stocks with the smallest total market values are also:退市苏吴 at 227 million yuan, *ST奥维 at 572 million yuan, and *ST长药 at 585 million yuan [1] - The article provides a detailed table of stocks with circulating market values below 1 billion yuan, including their respective sectors and price-earnings ratios [1]

证券代码：300391 证券简称：*ST 长药 公告编号：2025-103 长江医药控股股份有限公司 关于立案调查进展暨风险提示公告 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。 重要风险提示： 1、公司存在重大违法强制退市风险。 长江医药控股股份有限公司(以下简称"公司")于2025年11月7日收到中国 证券监督管理委员会(以下简称"中国证监会")下发的《立案告知书》(证监立 案字0042025020号),因公司涉嫌定期报告等财务数据虚假记载，根据《中华人民 共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对 公司立案。若后续经中国证监会行政处罚认定的事实，触及《深圳证券交易所创 业板股票上市规则(2025年修订)》规定的重大违法强制退市情形，公司股票将被 实施重大违法强制退市。 2、公司存在不符合重整条件的风险。 公司虽已于前期推进预重整,但对照最高人民法院和中国证监会于2024年12 月31日发布的《关于切实审理好上市公司破产重整案件工作座谈会纪要》(法 (2024)309号)(以下简称"《重整纪要》")予以自查，因公司已被立案调查， ...

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [32] Core Insights - The National Healthcare Security Administration issued the "Guidelines for the Establishment of Pricing Projects for Pathological Medical Services (Trial)," which aims to systematically reshape existing pathological pricing projects, focusing on biopsy sampling, sample processing, slice replication, pathological staining, and diagnosis, establishing 28 pricing projects, 3 additional charges, and 2 expansion items. This refined pricing is expected to promote high-quality development in pathology and create new scenarios for the application of artificial intelligence-assisted technologies [4] - The guidelines will standardize the charging for digital pathological slices, solidifying the data foundation for large-scale applications of new scenarios. It includes "providing digital images of pathological slices" as an essential item for various pathological services, reflecting the costs of related resource consumption in pricing [4] - The guidelines also explore suitable forms to respond to the charging demands of artificial intelligence assistance, promoting the early application of AI in the pathology field by including "AI-assisted diagnosis" as an expansion item in the pricing structure [4] - The establishment of separate pricing projects for pathological diagnosis and sample testing emphasizes the value of technical services and supports precise medication guidance [4] Summary by Sections Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipeline layouts, such as Heng Rui Medicine, BeiGene, and China National Pharmaceutical Group. It also highlights companies with significant single-product potential and price revaluation prospects, such as 3SBio, Kaineng Technology, and Qianhong Pharmaceutical. Additionally, it recommends companies leading in cutting-edge technology platform layouts, such as Dongcheng Pharmaceutical, Yuanda Pharmaceutical, and Kelun-Biotech [6] - In the CXO sector, it notes that R&D investment in pharmaceuticals is steadily increasing, and the innovation environment is expected to improve, suggesting attention to companies like WuXi AppTec, WuXi Biologics, and Boteng Co. [6] - For upstream companies, it indicates that quality enterprises are entering a harvest period with overseas layouts, recommending attention to Aopumai, Baipusais, and Baiyao [6] - In the medical device sector, it mentions that ongoing procurement will continue to advance, with equipment companies gradually digesting channel inventory, suggesting attention to Mindray Medical, United Imaging, and Kaili Medical [6] Industry News - The report highlights several key developments in the industry, including Takeda's TYK2 drug achieving positive results in Phase III studies, Baiyatai's anti-VEGF monoclonal antibody application for market approval, Sanofi's innovative therapy for hypertrophic cardiomyopathy receiving domestic approval, and Enhertu (Trastuzumab Deruxtecan) gaining FDA approval for a new indication [8][12][15][16]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of December 16, there are 1,007 stocks with a circulating market value below 3 billion, and 419 stocks with a circulating market value below 2 billion [1] - A total of 1,710 stocks have a total market value below 5 billion, with 626 stocks below 3 billion [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - **退市苏吴**: 0.249 billion - **ST长药**: 0.589 billion - **ST奥维**: 0.609 billion [1] - The three stocks with the smallest total market values are the same as above, with **ST奥维** having a total market value of 0.687 billion [1] Selected Stocks Under 2 Billion Circulating Market Value - **退市苏吴**: Circulating market value 0.249 billion, total market value 0.249 billion, PE ratio not applicable, industry: Pharmaceuticals [1] - **ST长药**: Circulating market value 0.589 billion, total market value 0.589 billion, PE ratio not applicable, industry: Pharmaceuticals [1] - **ST奥维**: Circulating market value 0.609 billion, total market value 0.687 billion, PE ratio not applicable, industry: Defense [1] - **坤泰股份**: Circulating market value 0.611 billion, total market value 2.213 billion, PE ratio 44.43, industry: Automotive [1] - **扬州金泉**: Circulating market value 0.652 billion, total market value 2.611 billion, PE ratio 22.76, industry: Textiles and Apparel [1] - **科瑞思**: Circulating market value 0.675 billion, total market value 2.295 billion, PE ratio 165.05, industry: Communications [1] - **康力源**: Circulating market value 0.676 billion, total market value 2.647 billion, PE ratio 35.01, industry: Light Industry Manufacturing [1] - **万得凯**: Circulating market value 0.696 billion, total market value 2.741 billion, PE ratio 24.59, industry: Machinery [1] - **播恩集团**: Circulating market value 0.712 billion, total market value 2.053 billion, PE ratio not applicable, industry: Agriculture, Forestry, Animal Husbandry, and Fishery [1] - **鸿铭股份**: Circulating market value 0.736 billion, total market value 2.240 billion, PE ratio not applicable, industry: Machinery [1]