Core Viewpoint - The A-share market is facing a wave of delisting risks as multiple companies report significant losses and fail to meet revenue standards, leading to potential ST (Special Treatment) designations and delisting warnings. Group 1: Company Performance and Financials - Tianjian Technology announced a net profit loss of 249.8 million yuan and revenue of only 142 million yuan for 2025, indicating a high likelihood of being subjected to ST delisting risk warnings after the annual report [1] - ST Aowei has seen its stock price drop to 0.89 yuan, with a total market value of only 309 million yuan, remaining below the 1 yuan face value for three consecutive trading days and below the 500 million yuan threshold for 12 days [3] - ST Changyao is facing severe challenges, with its stock price at 0.44 yuan and a total market value of 154 million yuan, marking it as the lowest in both price and market value in the A-share market [4] - ST Lifang reported a net profit loss of 62.2 million yuan for the first three quarters of 2025, with expectations of continued negative net profit for the full year [7] Group 2: Regulatory and Legal Issues - ST Changyao received a notice from the CSRC regarding administrative penalties for false reporting, with inflated revenues of 215 million yuan, 284 million yuan, and 234 million yuan over three years [6] - ST Lifang is under investigation for inflating revenues by 638 million yuan and costs by 628 million yuan through various fraudulent activities, facing potential fines totaling 40 million yuan for responsible parties [6] - Dongtong Tui has entered a delisting preparation period, with its stock price plummeting by 59.27% on the first trading day of this period due to false disclosures in annual reports from 2019 to 2022 [8]

Core Viewpoint - *ST Ovi is likely to become the first stock in A-shares to trigger "market value delisting" by 2026, as its market capitalization has fallen below 5 billion yuan for 13 consecutive trading days, with a stock price below 1 yuan for 4 consecutive days [1][2][5] Group 1: Stock Performance - On January 20, *ST Ovi's stock price closed at 0.85 yuan, with a market capitalization of 2.948 billion yuan [1][2] - The stock has experienced 23 trading halts since December 1, 2025, including two instances of 8 consecutive trading halts [2][3] - To avoid delisting, *ST Ovi's stock price needs to rise to at least 1.44 yuan, requiring a 69.41% increase from the current price [2][3] Group 2: Financial Performance - The company has reported losses for three consecutive years, with a net profit loss of 461.15 million yuan for the fiscal year 2024 [6][7] - As of the end of the third quarter of 2025, the company reported a revenue of 34.0025 million yuan and a net profit loss of 188 million yuan [6][7] - The company faces potential delisting due to financial indicators, including negative net assets or non-standard audit opinions [6][7] Group 3: Operational Challenges - The decline in performance is attributed to the suspension of operations in its metal products business, which accounted for 88.36% of total revenue in 2024 [7][8] - The company is facing significant operational risks due to funds being occupied by its major shareholder and related parties, amounting to approximately 208 million yuan as of the end of 2024 [8] - The inability to conduct metal product operations is expected to have a major impact on the company's financial performance [7][8] Group 4: Market Context - Other companies in the A-share market, such as *ST Changyao and *ST Lifang, are also experiencing stock prices below 1 yuan, indicating a broader trend [4][5] - *ST Changyao's market capitalization has been below 3 billion yuan for eight consecutive trading days, which also puts it at risk of delisting [5]

Group 1 - The stock of *ST Changyao (300391) closed at 0.53 yuan on January 20, 2026, marking a 20.45% increase from the previous trading day, with a total market capitalization of 186 million yuan [1] - The stock has experienced a trading range between 0.44 yuan and 0.53 yuan on the same day, with a trading volume of 26.81 million yuan and a turnover rate of 15.09% [1] - Changjiang Pharmaceutical Holdings Co., Ltd. issued its tenth risk warning regarding the potential delisting of its stock, indicating that the stock price has been below 1 yuan for thirteen consecutive trading days and the market value has been below 300 million yuan for seven consecutive trading days [1] Group 2 - The company is projected to have negative net assets by the end of 2024 and is expected to continue this trend into 2025 [1] - The annual reports from 2021 to 2023 have been found to contain false records, leading to an investigation by the China Securities Regulatory Commission and the receipt of an administrative penalty notice [1] - The company faces significant risks including 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：2026-011 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第十一次风险提示公告 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20日，长江医药控股 股份有限公司（以下简称"公司"或"长药控股"）股票收盘价格为0.53元/股， 已连续十四个交易日均低于1元；公司股票收盘市值1.86亿元，已连续八个交易 日均低于3亿元。根据《深圳证券交易所创业板股票上市规则》第10.2.1条的规 定，若公司出现连续二十个交易日的股票收盘价均低于1元，或者连续二十个交 易日的股票收盘市值均低于3亿元，公司股票将被终止上市。根据《深圳证券交 易所创业板股票上市规则》第10.7.1条的规定，若公司股票因触及交易类强制 退市规定被实施交易类强制退市，公司股票不进入退市整理期。 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1 ...

Group 1 - The Chinese medicine sector saw a rise of 0.54% on January 20, with *ST Changyao leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Notable gainers in the Chinese medicine sector included *ST Changyao with a closing price of 0.53, up 20.45%, and ST Xiangxue with a closing price of 9.72, up 7.05% [1] Group 2 - The Chinese medicine sector experienced a net outflow of 23.25 million yuan from major funds, while retail investors saw a net inflow of 20.95 million yuan [2] - The top stocks by net inflow from retail investors included *ST Changyao and ST Xiangxue, with retail inflows of 2.20 million yuan and 4.16 million yuan respectively [3] - Major funds showed a significant net outflow in stocks like Zhongsheng Pharmaceutical and Yiling Pharmaceutical, with net outflows of 10.68 million yuan and 5.57 million yuan respectively [3]

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 19, there are 828 stocks with a circulating market value below 3 billion yuan, and 309 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,502 stocks have a total market value below 5 billion yuan, with 463 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 0.154 billion yuan, *ST Aowei at 0.274 billion yuan, and *ST Lifang at 0.429 billion yuan [1] - The three stocks with the smallest total market values are *ST Changyao at 0.154 billion yuan, *ST Aowei at 0.309 billion yuan, and *ST Lifang at 0.430 billion yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as pharmaceuticals, defense, and technology [1][2]

Summary of Key Points Core Viewpoint - *ST Changyao (300391) has experienced significant stock price declines, raising concerns about its financial stability and potential delisting risks due to continuous losses and regulatory scrutiny [1][2][3][4]. Trading Information - On January 19, 2026, *ST Changyao closed at 0.44 yuan, down 18.52%, with a trading volume of 803,516 shares and a total transaction value of 37.55 million yuan [1]. - The stock has seen a cumulative decline of 46.06% since the beginning of 2026, with three out of the last five trading days experiencing declines exceeding 5% [1]. - Over the past ten trading days, there has been a net outflow of 48.58 million yuan from major funds, with the stock price dropping by 47.22% during this period [1]. Fund Flow - On January 19, 2026, major funds experienced a net outflow of 5.65 million yuan, while retail investors saw a net inflow of 2.60 million yuan [1]. Stock Performance and Risk Warnings - The stock has been listed on the "Dragon and Tiger List" for the second time in five trading days due to a daily decline of 15% and a cumulative price deviation of over 50% [2]. - The company confirmed that there were no undisclosed significant matters and that the controlling shareholder did not trade the stock during the volatility period [2]. - The stock has been under continuous trading risk warnings, having closed below 1 yuan for thirteen consecutive trading days, with negative net assets reported [3][4]. - The company faces potential delisting risks due to trading, financial issues, and significant legal violations, with the net assets expected to remain negative through 2025 [3][4].

证券代码：300391 证券简称：*ST 长药 公告编号：2026-010 长江医药控股股份有限公司 股票交易严重异常波动的公告 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、股票交易严重异常波动情况 长江医药控股股份有限公司（以下简称"公司"或"长药控股"）股票于2026 年1月9日至2026年1月19日连续7个交易日内日收盘价格跌幅偏离值累计-51.98%， 根据《深圳证券交易所交易规则》的相关规定，属于股票交易严重异常波动的情 形。敬请广大投资者注意投资风险。 二、公司关注并核实情况说明 5、2025年12月29日，湖北省十堰市中级人民法院裁定不予受理十堰市郧胥 工贸有限公司对公司的重整申请，决定依法终结公司预重整程序。同日，十堰中 院裁定终止湖北长江星医药股份有限公司等七家公司实质合并重整程序，宣告湖 北长江星医药股份有限公司等七家公司破产。2025年12月30日，十堰中院指定北 京天达共和(武汉)律师事务所为长江星等七家公司实质合并破产清算案管理人， 刘兆君为管理人负责人。 6、公司不存在导致股票交易严重异常波动的未披露事项。公司股价没有严 重偏 ...

1、公司股票可能被实施交易类强制退市。2026年1月19日，长江医药控股 股份有限公司（以下简称"公司"或"长药控股"）股票收盘价格为0.44元/股， 已连续十三个交易日均低于1元；公司股票收盘市值1.54亿元，已连续七个交易 日均低于3亿元。根据《深圳证券交易所创业板股票上市规则》第10.2.1条的规 定，若公司出现连续二十个交易日的股票收盘价均低于1元，或者连续二十个交 易日的股票收盘市值均低于3亿元，公司股票将被终止上市。根据《深圳证券交 易所创业板股票上市规则》第10.7.1条的规定，若公司股票因触及交易类强制 退市规定被实施交易类强制退市，公司股票不进入退市整理期。 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 ...

截至2026年1月19日收盘，*ST长药（300391）报收于0.44元，较前一交易日下跌18.52%，最新总市值为 1.54亿元。该股当日开盘0.48元，最高0.53元，最低0.43元，成交额达3755.51万元，换手率为22.94%。 《股票交易异常波动的公告》 《关于公司股票可能被终止上市的第九次风险提示公告》 近日，长江医药控股股份有限公司发布关于公司股票可能被终止上市的第九次风险提示公告。公告显 示，公司股票可能因交易类、财务类及重大违法情形被终止上市。截至2026年1月16日，公司股价已连 续十二个交易日低于1元，市值连续六个交易日低于3亿元；2024年末净资产为负，2025年三季度末净资 产继续为负；公司因2021至2023年年度报告存在虚假记载被证监会认定，可能触及重大违法强制退市。 公司已披露第九次风险提示公告。 最新公告列表 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...