Core Viewpoint - The A-share market is experiencing significant divergence, with some stocks continuously rising to new highs while others are plummeting, with several stocks falling below the 1 yuan face value, indicating potential delisting risks [1][2]. Group 1: Stock Performance - *ST Aowei (002231) recently announced a risk of delisting due to its stock price falling below the face value, closing at 0.99 yuan per share, marking its first drop below 1 yuan [1][7]. - *ST Changyao (300391) has seen its stock price drop to 0.68 yuan, having fallen over 60% in the past month, and has closed below 1 yuan for 11 consecutive trading days [3]. - *ST Lifang (300344) has experienced a dramatic decline from over 5 yuan to 0.83 yuan, with an 80% drop in less than two months, and has closed below 1 yuan for 3 consecutive trading days [5]. Group 2: Market Context - In contrast to the decline of certain stocks, over 200 stocks in the A-share market have reached historical highs in the past month, with more than 160 stocks achieving new highs in less than 10 trading days since 2026 began [9]. - The disparity in stock performance highlights a shift from the previous trend where most stocks moved in tandem, indicating that not all stocks benefit from a bullish market environment [12]. Group 3: Underlying Issues - Many companies that have fallen into the low-price stock category face various issues, including potential delisting risks due to operational irregularities or poor performance [11]. - *ST Changyao has received a notice from the China Securities Regulatory Commission regarding false disclosures in its annual reports for 2021, 2022, and 2023, which could lead to forced delisting [11]. - *ST Lifang is also facing similar risks due to false disclosures, while *ST Aowei's market capitalization has fallen below 5 billion yuan, putting it at risk of delisting if it remains below this threshold for 20 consecutive trading days [11].

证券代码：300391 证券简称：*ST长药 公告编号：2026-006 长江医药控股股份有限公司 具体情形 是否适用 （对可能触及的打勾） 1 关于公司股票可能被终止上市的第八次风险提示公告 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15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0.68元/股， 已连续十一个交易日均低于1元；公司股票收盘市值2.38亿元，已连续五个交易 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 ...

证券之星消息，1月15日中药板块较上一交易日下跌0.27%，*ST长药领跌。当日上证指数报收于4112.6， 下跌0.33%。深证成指报收于14306.73，上涨0.41%。中药板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603896 | 寿仙谷 | 21.98 | 6.49% | 13.51万 | | 2.94亿 | | 002424 | ST百灵 | 4.29 | 4.89% | 40.22万 | | + 1.71亿 | | 002107 | 沃华医药 | 7.38 | 2.22% | 32.02万 | | 2.37亿 | | 600422 | 昆药集团 | 13.26 | 2.16% | 1 25.18万 | | 3.34亿 | | 600566 | 济川药业 | 26.52 | 1.57% | 5.90万 | | 1.56亿 | | 603139 | 康惠股份 | 21.23 | 1.34% | 2.10万 | | 4384.67万 | | 60 ...

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 14, there are 857 stocks with a circulating market value below 3 billion yuan, and 320 stocks with a circulating market value below 2 billion yuan [1] - A total of 1497 stocks have a total market value below 5 billion yuan, with 483 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 273 million yuan, *ST Aowei at 320 million yuan, and *ST Lifang at 589 million yuan [1] - The three stocks with the smallest total market values are also *ST Changyao at 273 million yuan, *ST Aowei at 361 million yuan, and *ST Lifang at 590 million 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]

Group 1 - The stock price of *ST Changyao has been below 1 yuan for ten consecutive trading days, indicating a risk of forced delisting due to trading-related issues [1][3] - The company's market capitalization has been below 300 million yuan for four consecutive days, further highlighting its financial distress [1][3] - The estimated net asset for the end of 2025 is expected to be negative, and the financial report may receive a non-standard opinion, indicating potential financial delisting risks [1][3] Group 2 - The company has received a preliminary notice of administrative punishment from the China Securities Regulatory Commission (CSRC) due to false records in its annual reports from 2021 to 2023, which may lead to significant legal consequences and forced delisting [1][3] - A subsidiary of the company has been declared bankrupt, adding to the overall financial instability of the company [1]

Core Viewpoint - *ST Changyao's stock is at risk of being delisted due to continuous low trading prices and potential financial irregularities [1] Group 1: Stock Performance - As of January 14, 2026, *ST Changyao's stock closed at 0.78 yuan, down 1.27% from the previous trading day [1] - The stock opened at 0.79 yuan, reached a high of 0.82 yuan, and a low of 0.77 yuan, with a trading volume of 33.24 million yuan and a turnover rate of 11.98% [1] Group 2: Risk of Delisting - The company issued its seventh risk warning regarding the potential termination of its stock listing due to trading, financial issues, and significant legal violations [1] - The stock price has been below 1 yuan for ten consecutive trading days, and the market capitalization has been below 300 million yuan for four days [1] - The estimated net assets for the end of 2025 are expected to be negative, and the financial report may receive a non-standard opinion [1] - The company has received a preliminary notice of administrative punishment from the CSRC for false records in its annual reports from 2021 to 2023, which may lead to mandatory delisting [1] - A subsidiary of the company has also been declared bankrupt, and related risk warnings have been issued multiple times [1]

证券代码：300391 证券简称：*ST长药 公告编号：2026-005 长江医药控股股份有限公司 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14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0.78元/股， 已连续十个交易日均低于1元；公司股票收盘市值2.73亿元，已连续四个交易日 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 ...

Group 1 - The stock price of *ST Changyao (300391) closed at 0.79 yuan on January 13, 2026, down 2.47%, with a turnover rate of 16.39% and a trading volume of 574,300 shares, amounting to a transaction value of 45.203 million yuan [1] - The company is at risk of being delisted due to trading, financial issues, and significant legal violations, as its stock price has been below 1 yuan for nine consecutive trading days and its market capitalization has been below 300 million yuan for three days [1][2] - The company anticipates a negative net asset for the fiscal year 2025, and its financial report may receive a non-standard opinion, indicating serious financial distress [1] - The company has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) due to false records in its annual reports from 2021 to 2023, which may lead to mandatory delisting [1] - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [1] Group 2 - On January 13, 2026, there was a net outflow of 2.839 million yuan from main funds, indicating continued withdrawal by major investors [2] - The stock has been trading below 1 yuan for nine consecutive days, highlighting the risk of delisting due to trading-related issues [2]

Core Viewpoint - *ST Changyao's stock is at risk of being delisted due to continuous low trading prices and potential financial irregularities [1] Group 1: Stock Performance - As of January 13, 2026, *ST Changyao's stock closed at 0.79 yuan, down 2.47% from the previous trading day [1] - The stock opened at 0.80 yuan, reached a high of 0.83 yuan, and a low of 0.76 yuan, with a trading volume of 45.203 million yuan and a turnover rate of 16.39% [1] Group 2: Risk of Delisting - The company issued a risk warning regarding the potential termination of its stock listing due to trading, financial issues, and significant legal violations [1] - The stock price has been below 1 yuan for nine consecutive trading days, and the market capitalization has been below 300 million yuan for three days [1] - The projected net assets for 2025 are expected to be negative, and the financial report may receive a non-standard opinion [1] - The company has received a preliminary notice of administrative punishment from the CSRC for false records in annual reports from 2021 to 2023, which may lead to mandatory delisting due to significant legal violations [1] - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [1]

Core Viewpoint - *ST长药 is facing potential delisting due to its stock price and market capitalization falling below regulatory thresholds, with significant financial distress indicated by negative net assets expected for the fiscal year 2025 [1] Group 1: Stock Performance - As of January 13, 2026, the company's stock closed at 0.79 yuan per share, remaining below 1 yuan for nine consecutive trading days [1] - The company's market capitalization is reported at 2.77 billion yuan, having been below 3 billion yuan for three consecutive trading days [1] Group 2: Regulatory Compliance - According to the Shenzhen Stock Exchange's rules, if the stock price remains below 1 yuan or the market capitalization below 3 billion yuan for twenty consecutive trading days, the stock will be delisted [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 Condition - The company is expected to report negative net assets for the fiscal year ending December 31, 2025, pending the final audited financial report [1] - If the audited net assets are negative or if the financial report receives a qualified, adverse, or disclaimer opinion, the company will trigger mandatory delisting conditions [1]