Core Viewpoint - *ST Changyao (300391.SZ) has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false reporting of financial data, which may lead to significant penalties and potential delisting if found guilty [1] Summary by Relevant Sections - **Investigation Details** - The company is under investigation for allegedly falsifying financial data in periodic reports, as indicated by the CSRC's notice (Case No. 0042025020) [1] - **Legal Framework** - The investigation is based on violations of the Securities Law of the People's Republic of China and the Administrative Penalty Law, among other regulations [1] - **Potential Consequences** - If the CSRC confirms the violations, the company may face mandatory delisting under the Shenzhen Stock Exchange's rules for significant legal violations [1]

证券代码：300391 证券简称：*ST长药 公告编号：2025-097 长江医药控股股份有限公司 关于公司收到中国证券监督管理委员会立案告知书 暨风险提示的公告 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。 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。敬请投资者注意投资风险。 在立案调查期间，公司将积极配合中国证监会的调查工作，并严格按照监管 要求履行信息披露义务。公司指定的信息披露媒体为《证券时报》《证券日报》 《上海证券报》《中国证券报》以及巨潮资讯网(www.cninfo.com.cn)，有关公 司的信息均以上述指定媒体刊登 ...

证券代码：300391 证券简称：*ST长药 公告编号：2025-096 特别风险提示： 本次担保后，公司及控股子公司提供担保总余额为人民币129,913.71万元， 占公司最近一期经审计净资产的比例为-300.14%；公司及控股子公司对资产负债 率超过70%的单位担保金额为人民币75,484.93万元，占公司最近一期经审计净资 产的比例为-174.39%；公司及控股子公司对合并报表外单位提供的担保总余额 3,022.78万元，占公司最近一期经审计净资产的比例为-6.98%；请投资者充分关 注担保风险。 一、担保情况概述 长江医药控股股份有限公司（以下简称"公司"、"长药控股"）于2025年 4月17日召开第五届董事会第二十三次会议、于2025年5月13日召开的2024年年度 股东会，审议通过了《关于2025年度公司及子公司向银行申请综合授信额度暨预 计担保额度的议案》，公司拟在确保规范运作和风险可控的前提下为各级全资和 控股子公司提供合计不超过人民币225,000万元的担保额度。其中，对资产负债 率未超过70%的子公司提供的担保额度为不超过人民币30,000万元，对资产负债 率超过70%的子公司提供的担保额 ...

Company Summary - *ST Changyao announced a provision for asset impairment totaling approximately 144 million yuan for the period from January to September 2025, which will impact the total profit for the same period by about -144 million yuan, with credit impairment losses accounting for approximately -144 million yuan and asset impairment losses for about -250,000 yuan [1] - For the first half of 2025, the revenue composition of *ST Changyao is as follows: 68.0% from the photovoltaic industry and 32.0% from the pharmaceutical industry [1] - As of the report date, *ST Changyao has a market capitalization of 1.3 billion yuan [1] Industry Summary - The announcement of significant asset impairment provisions indicates potential challenges within the company, particularly in the photovoltaic and pharmaceutical sectors, which may affect investor sentiment and market performance [1]

Group 1 - The company *ST Changyao (SZ 300391) held its sixth board meeting on October 23, 2025, where it reviewed the Q3 2025 report and other documents [1] - For the first half of 2025, the company's revenue composition was 68.0% from the photovoltaic industry and 32.0% from the pharmaceutical industry [1] - The current market capitalization of *ST Changyao is 1.3 billion yuan [2]

证券代码：300391 证券简称：*ST 长药 公告编号：2025-094 长江医药控股股份有限公司 关于2025年前三季度计提资产减值准备的公告 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。 长江医药控股股份有限公司（以下简称"公司"或"本公司"）于 2025 年 10 月 23 日召开的第六届董事会第三次会议审议通过了《关于 2025 年前三季度 计提资产减值准备的议案》。依据《深圳证券交易所创业板股票上市规则》等法 律法规相关规定，具体如下： 一、本次计提信用减值准备、资产减值准备情况 （一）本次计提信用减值准备、资产减值准备情况概述 1、本次计提信用减值准备、资产减值准备的原因 公司本次计提信用减值准备、资产减值准备，是依照《企业会计准则》及公 司会计政策的相关规定进行的。公司对截至 2025 年 9 月 30 日各类资产进行了全 面清查，并对各类资产进行了充分的评估和分析，本着谨慎性原则，公司需对可 能发生减值损失的相关资产进行计提减值准备。 2、本次计提信用减值准备、资产减值准备的资产范围和总金额 公司对截至 2025 年 9 月 30 日存在可能 ...

证券代码：300391 证券简称：*ST长药 公告编号：2025-095 长江医药控股股份有限公司 2025 年 10 月 23 日，公司召开了第六届董事会第三次会议，审议通过了《关 于提名公司第六届董事会非独立董事候选人的议案》。该议案已经公司董事会提 名委员会审议通过。经公司董事会提名委员会审核，公司董事会提名李娴女士为 公司第六届董事会非独立董事候选人，任期自公司股东会审议通过之日起至第六 届董事会任期届满之日止。非独立董事候选人简历详见附件。 公司本次补选非独立董事事项完成后，董事会中兼任公司高级管理人员职务 的董事人数总计未超过公司董事总数的二分之一。 关于董事辞职暨补选董事的公告 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。 一、董事离任情况 近日，长江医药控股股份有限公司（以下简称"公司"）收到董事顾紫光先 生提交的书面辞呈。因个人原因，顾紫光先生辞去公司第六届董事会董事、提名 委员会委员职务，辞职后不在公司及下属公司担任任何职务。截至本公告披露之 日，顾紫光先生未持有公司股票。 根据《公司法》和《公司章程》的相关规定，顾紫光先生的辞职未导致公司 ...

一、董事会会议召开情况 长江医药控股股份有限公司（以下简称"公司"）第六届董事会第三次会议于 2025年10月23日以现场加通讯表决方式在公司会议室召开，会议通知已于2025年10 月13日以电子邮件方式送达。本次会议由王波先生主持，应参与表决董事8人，实 际参与表决董事8人，其中翁浩先生、韩庆凯先生、孙照宏先生以通讯方式出席并 表决。本次会议为董事会定期会议，召集、召开的程序、方式符合有关法律、行政 法规、部门规章、规范性文件和公司章程规定。 证券代码：300391 证券简称：*ST 长药 公告编号：2025-092 长江医药控股股份有限公司 第六届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 二、董事会会议审议情况 1、2025 年第三季度报告 本议案的财务报告部分已经公司董事会审计委员会审议通过。 详情参见与本公告同日披露于巨潮资讯网的《2025 年第三季度报告》。 表决情况：赞成：8 票；反对：0 票；弃权：0 票。 表决结果：通过。 2、关于 2025 年前三季度计提资产减值准备的议案 本议案已经公司董事会审计委员会审议通 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥34,877,068.40, representing a year-on-year increase of 27.52%[5] - The net profit attributable to shareholders was -¥93,378,373.57, a decline of 228.82% compared to the same period last year[5] - The basic earnings per share were -¥0.2665, reflecting a decrease of 228.61% year-on-year[5] - The company's operating revenue has declined sharply from CNY 1.615 billion in 2022 to CNY 1.198 billion in 2023, and further down to CNY 112 million in 2024, representing a severe drop[13] - The net loss attributable to the parent company was ¥209,732,156.62, compared to a net loss of ¥180,970,726.99 in the previous period, indicating a worsening of approximately 15.87%[22] - Basic and diluted earnings per share were both reported at -0.5987, worsening from -0.5166 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,923,594,020.00, down 3.61% from the end of the previous year[5] - The company's total assets decreased to ¥1,923,594,020.00 from ¥1,995,717,642.12, a decline of about 3.61%[20] - Total liabilities increased to ¥2,591,210,172.97 from ¥2,417,072,664.43, marking an increase of approximately 7.19%[20] - The company's net assets attributable to the parent company as of December 31, 2024, were CNY 432,840,659.21, with retained earnings of CNY -1,589,707,417.48, indicating significant financial distress[13] Cash Flow - The company's cash flow from operating activities showed a net outflow of -¥134,023,825.83, a significant decline of 309.32%[5] - Operating cash flow for the current period was -134,023,825.83 CNY, compared to -32,743,232.81 CNY in the previous period, indicating a significant decline[25] - Cash inflow from operating activities totaled 104,254,239.31 CNY, down from 110,049,012.76 CNY year-over-year[24] - Cash outflow from operating activities increased to 238,278,065.14 CNY, compared to 142,792,245.57 CNY in the previous period[24] - The company's cash and cash equivalents decreased, impacting liquidity, with current assets totaling ¥1,092,293,551.34 compared to ¥1,129,357,419.11 previously[20] - The ending cash and cash equivalents balance increased to 15,420,266.95 CNY from 3,681,317.52 CNY in the previous period[25] Inventory and Receivables - Inventory increased by 101.98% to ¥85,741,647.33, primarily due to the storage of traditional Chinese medicine materials[9] - The accounts receivable stood at CNY 897,822,994.90, down from CNY 979,916,975.01, indicating a decrease in outstanding payments[18] - The company's inventory increased to CNY 85,741,647.33 from CNY 42,450,996.74, suggesting potential overstocking issues[18] Financial Stability and Risks - The company is currently undergoing a pre-restructuring process, with uncertainties regarding its ability to enter formal restructuring proceedings[14] - There is a risk of the company's stock being delisted if it fails to meet specific financial criteria, including negative net assets or insufficient revenue[15] - The company has faced multiple lawsuits due to overdue debts, leading to frozen bank accounts and seized assets[13] - The court has initiated bankruptcy restructuring for several subsidiaries, indicating ongoing financial instability within the group[14] Government Support and Other Income - The company received government subsidies amounting to ¥1,103,311.79, an increase from ¥728,192.91 in the previous period[6] - The company reported a significant increase in other income to ¥728,192.91 from ¥520,871.33, reflecting a growth of approximately 39.77%[22] Operational Efficiency - The company's cash flow from operating activities reflects challenges in operational efficiency, necessitating strategic adjustments[25] - Research and development expenses were recorded at ¥2,350,342.36, down from ¥3,328,745.66, a decrease of approximately 29.36%[21] - The company's financial expenses decreased by 51.50% to ¥30,585,467.96, attributed to the pre-restructuring process where interest is not accrued[9]

Core Points - New Ning Logistics is facing a countdown for investor compensation claims due to false statements, with only about two months left for the statute of limitations [1] - The law firm is currently accepting additional claims from investors who purchased New Ning Logistics stock between April 25, 2019, and December 31, 2022 [2] - Long Pharmaceutical Holdings has had successful compensation claims, with ongoing cases and a recent judgment in favor of investors [2] - Long Pharmaceutical Holdings reported significant financial issues, including fund occupation amounting to 179.66 million, which is 92.08% of its latest audited net assets [3] Summary by Category New Ning Logistics - The company has been implicated in a lawsuit for false statements, with a total of 105,120,500.89 yuan in inflated revenue reported for 2018, representing 10.06% of its annual revenue [1] - Investors who bought shares between April 25, 2019, and December 31, 2022, are eligible to file claims [2] Long Pharmaceutical Holdings - The company has had successful investor compensation cases, with amounts of 622,700 yuan and 316,900 yuan involved in ongoing litigation [2] - A risk warning was issued regarding potential financial issues, including fund occupation and irregular guarantees, with an audit report highlighting significant uncertainties [4] - Investors who purchased shares between March 30, 2019, and April 30, 2024, can still initiate claims [4] Financial Issues - Long Pharmaceutical Holdings has identified fund occupation issues totaling 179,662,019.54 yuan, which is a significant portion of its net assets [3]