Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Wuzhong*) has been forced to delist from the A-share market due to years of financial fraud, as confirmed by the China Securities Regulatory Commission (CSRC) [2][4][6] Financial Misconduct - *ST Wuzhong* failed to disclose the actual controller from 2018 to 2023, misrepresenting Qian Qunying as the actual controller instead of Qian Qunshan [4][6] - The company inflated revenue and profits significantly from 2020 to 2023, with a total inflated revenue of 1.771 billion yuan and inflated profits of 75.9975 million yuan over four years [5][6] - The company also failed to disclose non-operating fund occupation by related parties, with the amount occupied increasing from 127 million yuan in 2020 to 1.693 billion yuan in 2023, representing 96% of the disclosed net assets [5][6] Regulatory Actions - The CSRC imposed a maximum penalty on *ST Wuzhong*, including a fine of 10 million yuan and a 10-year market ban on actual controller Qian Qunshan [6] - The company’s stock will be suspended from trading starting November 26, 2025, pending a review by the Shanghai Stock Exchange regarding its delisting [6] Company Performance - *ST Wuzhong* reported revenues of 1.872 billion yuan in 2020, declining to 1.599 billion yuan in 2024, with net profits fluctuating from -506 million yuan to 70.48 million yuan during the same period [8] - In the first three quarters of 2025, the company experienced a 38.85% decline in revenue year-on-year, with a net loss of 87.47 million yuan, attributed to decreased income from pharmaceutical and medical beauty businesses [8] Medical Aesthetics Business - The company’s medical aesthetics segment, particularly the product AestheFill, was expected to turn around its financial performance, but faced challenges due to a dispute with a major competitor, Aimeike [9] - An arbitration case is ongoing regarding the exclusive distribution rights for AestheFill, which has hindered the company’s ability to sell the product [9]

南方财经11月26日电，ST景谷(600265.SH)11月25日公告称，收到上海证券交易所问询函，就公司拟向 控股股东周大福投资出售汇银木业51%股权的重大资产重组草案提出多项关键问询。 据悉，公司2023年完成汇银木业51%股权收购，标的公司2023年业绩踩线达标后，2024年大额亏损， 2025年业绩大幅下滑且因民间借贷诉讼停工停产，公司在业绩承诺期内筹划出售并计提大额减值。上交 所要求公司说明前期收购是否审慎，重组报告书及财务数据是否真实完整，汇银木业业绩下滑原因及业 绩预测、承诺测算的合理性。 针对公司持续经营能力，问询函指出，2025年三季报显示公司营收1.4亿元且净利润为负，可能触及退 市警示指标，而汇银木业近年营收占公司整体比例超79%，交易后公司经营规模将大幅缩减，要求说明 交易后是否符合相关规定，并充分提示持续经营不确定性及退市风险。 此外，问询函还关注资金拆借偿还安排，要求明确汇银木业截至目前应偿还公司的1,326万元本金及利 息金额、交割日预计规模，以及具体资金来源和清偿安排。针对汇银木业涉及的3.13亿元民间借贷诉 讼，1.48亿元银行贷款提前到期等事项，上交所要求说明预计负债计提是 ...

ST中迪公告称，公司股票于2025年11月18 - 20日连续3个交易日收盘价格涨幅偏离值累计达18.07%，属 异常波动。公司控制权已变更，控股股东变为深圳天微投资合伙企业(有限合伙)，实控人变为门洪达、 张伟。2025年前三季度，公司营收13471.22万元，同比降52.64%；利润总额-15106.95万元，同比降 41.83%；扣非净利润-13234.92万元，同比降34.12%。公司提示股价背离基本面、业绩不佳、债务违 约、担保涉诉等多项风险，提醒投资者谨慎决策。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 二、二级市场交易风险 2025年11月14日、11月17日，公司股票连续涨停。鉴于公司股票交易价格短期波动较大，郑重提醒广大 投资者充分了解二级市场交易风险，切实提高风险意识，理性决策，审慎投资。 三、重大事项情况 海南伯程汇能科技中心（有限合伙）拟通过协议转让方式收购浙江恒顺投资有限公司、上海天纪投资有 限公司持有的华嵘控股合计25.01%的股份，该项股权转让手续仍在进行中，能否完成尚存在较大不确 定性。 ● 公司2024年度经审计的扣除非经常性损益后的净利润为负值，且扣除与主营业务无关的业务收入和不 具备商业实质的收入后的营业收入低于3亿元，触及《上海证券交易所股票上市规则》第9.3.2条第一款 第（一）项规定，公司股票于2025年4月29日起实施退市风险警示。2025年前三季度实现营业收入1.09 亿元，实现归属于上市公司股东的净利润为-212.94万元，实现归属于上市公司股东扣除非经常性损益 后的净利 ...

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals compared to the Shanghai Composite Index and the construction industry [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct an investigation into the stock trading situation to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with multiple trading suspensions and investigations conducted in October and November 2025, resulting in consecutive price limits in the days following the resumption of trading [3]. - The company warns that the stock price may be subject to irrational speculation and could face significant declines after a substantial short-term increase [3]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new business areas such as renewable energy and intelligent computing services [4]. - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for the 2024 annual report, alongside other risk warnings related to internal controls and significant uncertainties regarding its ability to continue operations [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4]. Group 3: Mining Operations and Financial Constraints - The company has insufficient mining capacity and requires significant investment for future resource development, facing uncertainties regarding the ability to generate revenue from mining operations [5]. - As of September 30, 2025, the company had cash resources of 72.3767 million yuan, with a significant portion restricted due to various factors, leading to a high asset-liability ratio of 92.49% [5].

Core Viewpoint - ST Er Ya (600107) has experienced significant stock price fluctuations, with a recent increase of 4.53% to 7.62 CNY, while facing potential delisting risks due to financial performance issues [1][2][3] Trading Information Summary - ST Er Ya's stock was listed on the "Dragon and Tiger List" twice within a week due to a cumulative price deviation of over 12% in both downward and upward directions [1][3] - The stock reached a high of 7.62 CNY and a low of 6.37 CNY during the week [1] Company Announcement Summary - For the first three quarters of 2025, ST Er Ya reported revenue of 172 million CNY and a net loss of 35.68 million CNY [1][3] - The company is at risk of financial delisting if annual revenue falls below 300 million CNY and continues to incur losses [1] - The 2024 annual report received a qualified opinion, and if the internal control report for 2025 is also negative or unable to express an opinion, it may trigger regulatory delisting warnings [1] - The company and its actual controller, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [1][2][3]

Core Viewpoint - ST Zhongdi's financial distress is highlighted by its recent announcement of using real estate to offset debts, revealing a significant liquidity crisis despite a dramatic stock price increase of 153% in one month, indicating a severe disconnect between market performance and the company's fundamentals [1][2][4]. Financial Situation - As of September 30, 2025, ST Zhongdi reported a negative equity of -8.52 million yuan, indicating insolvency [9][11]. - The company experienced a 52.64% year-on-year decline in revenue for the first three quarters, totaling 135 million yuan, and a net loss of 151 million yuan, which is a 42.08% increase in losses compared to the previous year [8][10]. - The company still owes over 60 million yuan in construction payments to Chengdu Jieyi, despite the 885,410 yuan real estate offset [5][7]. Debt Obligations - ST Zhongdi faces substantial debt pressures, including a 5.92 billion yuan loan from Chongqing Three Gorges Bank, which remains unpaid [11]. - The company has also provided guarantees for a 170 million yuan loan for a subsidiary, which has led to legal liabilities [11][12]. Stock Performance and Market Reaction - The stock price surged by 153.19% from October 16 to November 12, 2025, despite the company's deteriorating financial health, leading to a suspension of trading for further investigation [2][12]. - The company's market valuation is significantly misaligned with its financial reality, as indicated by a price-to-book ratio of -376.33 times [12]. Corporate Governance Changes - A recent change in control occurred when Shenzhen Tianwei Investment acquired a 23.77% stake in ST Zhongdi for 255 million yuan, raising concerns about the new management's ability to address the company's financial challenges [1][4].

Core Viewpoint - ST Zhongdi's financial difficulties are highlighted by its recent announcement of using real estate to settle debts, revealing a strained cash flow situation and significant outstanding liabilities [1][4][10]. Financial Situation - As of September 30, 2025, ST Zhongdi reported a negative equity of -8.52 million yuan, indicating insolvency [8][10]. - The company experienced a 52.64% year-on-year decline in revenue, totaling 135 million yuan for the first three quarters of 2025 [7][9]. - The net loss for the same period was 151 million yuan, an increase of 42.08% compared to the previous year [7][9]. Debt Obligations - ST Zhongdi has outstanding construction payments exceeding 60 million yuan to Chengdu Jieyi, despite the recent real estate settlement of 885,410 yuan [1][6][10]. - The company faces additional debts, including a 5.92 billion yuan loan from Chongqing Three Gorges Bank, which remains unpaid [10][11]. - There are also contingent liabilities, such as a 17 million yuan guarantee for a subsidiary's loan, which has led to legal action against the company [10][11]. Stock Performance and Market Reaction - Following a control change, ST Zhongdi's stock price surged by 153.19% from October 16 to November 12, 2023, despite the underlying financial issues [1][3]. - The company has been subject to stock trading suspension due to abnormal price fluctuations and potential delisting risks [10][11]. Management Decisions - The decision to use real estate for debt settlement was made to alleviate immediate financial pressure, although it has faced internal dissent, with one board member suggesting postponement [6][11]. - The new controlling shareholder, Tianwei Investment, acquired a 23.77% stake for 255 million yuan, but is now confronted with the challenge of addressing the company's severe financial distress [1][3][10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603398 证券简称：*ST沐邦（维权） 公告编号：2025-139 江西沐邦高科股份有限公司 关于公司被债权人申请重整的 提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 江西沐邦高科股份有限公司（以下简称"公司"）于近日收到江西省南昌市中级人民法院（以下简 称"南昌中院"或"法院"）下发的《通知书》，债权人南昌市龙保泰供应链管理有限公司（以下简称"龙 保泰"）以公司不能清偿到期债务且明显缺乏清偿能力为由，向南昌中院申请对公司进行重整及预重 整。 ● 公司尚未完成非经营性资金占用清偿整改，能否进入重整程序存在重大不确定性。2025年7月，公司 收到江西证监局行政监管措施决定书查明，截至2025年6月末，公司控股股东、其他关联方非经营性资 金占用余额分别为4,845.59万元、3,526.25万元。截至目前，前述非经营性资金占用事项仍未处置完毕。 依据《关于切实审理好上市公司破产重整案件工作座谈会纪要》等相关规定，控股股东、实际控制人及 ...

问询函指出，公司2025年年初至今新增作为被告/被申请人的诉讼共计252起，涉案金额49,765.27万元， 案件涉及建筑工程、借款、买卖纠纷等多种情形，新增诉讼金额占三季度末净资产比例高达177.73%。 上交所要求公司结合新增诉讼主体、诉讼背景、案件进展及相关主体信用情况，补充披露诉讼涉及事项 是否已作为负债确认，对应形成的应付账款、其他应付款、长短期借款等情况，自查是否存在应入账而 未入账情形及是否涉及以往年度财务数据；同时结合诉讼情况自查工程项目成本费用计量的准确性和完 整性，并充分提示风险，年审会计师需就此发表意见。 针对非标意见所涉事项，问询函提到，公司2024年年度报告被出具无法表示意见的审计报告和否定意见 的内部控制审计报告，导致股票被实施退市风险警示并叠加其他风险警示。审计报告显示，公司存在外 部借款利息未充分计提、工程项目成本费用准确性和完整性无法确认等问题，且公司尚未对2024年年报 监管工作函涉及的非标意见相关问题进行完整回复。上交所明确要求公司结合非标意见事项处理进展， 审慎评估对2025年度报告审计意见的影响，充分提示公司股票若相关事项无法消除将被终止上市的风 险，年审会计师需审慎 ...