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 ...

Core Viewpoint - The company *ST Muban is facing a restructuring application due to its inability to repay debts and a significant lack of repayment capacity, as claimed by creditor Long Baotai [1] Financial Performance - For the period of January to September 2025, the company reported a revenue of 226.82 million yuan and a net loss of 355.72 million yuan [1] - The company has not completed the rectification of non-operating fund occupation repayment [1] Legal and Regulatory Issues - The creditor has filed for restructuring with the Nanchang Intermediate People's Court, citing a principal debt of 5.76 million yuan [1] - If the court accepts the restructuring application, the company's stock will be subject to additional delisting risk warnings, with a potential for termination of listing [1] - Both the company and its actual controller, Liao Zhiyuan, are currently under investigation [1] Shareholder Actions - Relevant personnel have no plans to reduce their holdings in the next six months [1]

出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：*ST长药（维权）涉嫌造假问题究竟出在哪？公司当年收购长江星究竟有无猫腻？需要指出 的是，公司近年业绩暴涨暴跌背后重组标的长江星出现欠税问题；与此同时，长江星出现控股股东客户 及大量个人采购现象，且毛利率异于同行等情形。随着*ST长药遭立案调查，退市风险进一步加剧，其 重整程序反复延迟，*ST长药重整又是否存变数。 近日，*ST长药因涉嫌定期报告等财务数据虚假记载，遭监管立案调查。 颇为值得关注的是，公司同时提醒不排除出现退市风险。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。 需要指出的是，*ST长药已经启动重整。随着公司遭遇立案调查后，公司未来重整能否顺利推进或存在 较大不确定性。 造假风险或早有信号？重整被反复延期 *ST长药主要从事中药饮片生产销售，以及药品、保健品和医疗器械批发等业务。 因公司资产不能清偿全部到期债务且明显缺乏清偿能力，今年1月20日，十堰中院决定对*ST长药启动 预重整。 3月10日，十堰中院裁定子公司湖北长江星 ...

Core Viewpoint - *ST Changyao is embroiled in a financial fraud scandal, facing a formal investigation by the China Securities Regulatory Commission (CSRC) due to suspected false reporting of financial data, which could lead to mandatory delisting if deemed a major violation [1][2]. Group 1: Financial Fraud Investigation - The investigation focuses on the authenticity of *ST Changyao's financial data, highlighting severe deficiencies in its information disclosure quality and internal control systems [2]. - The company has already been warned of delisting risks due to a negative net asset value reported for the fiscal year 2024 [2]. Group 2: Deteriorating Operations - Since entering the pharmaceutical industry in 2020 and fully transforming in 2022, *ST Changyao has not achieved expected growth, with revenue plummeting from 1.615 billion yuan in 2022 to 112 million yuan in 2024 [3]. - The company's net profit has been negative for consecutive years, with net assets reported at -433 million yuan by the end of 2024, worsening to -643 million yuan by the end of Q3 2025 [3]. - Operating cash flow has been negative for three consecutive years, raising significant doubts about the company's ability to continue as a going concern [3]. Group 3: Legal and Financial Risks - *ST Changyao is facing multiple legal challenges, with 140 lawsuits involving a total amount of 1.878 billion yuan, which is 434% of its net assets, indicating governance issues and compliance failures [4]. - The company has 1.106 billion yuan in interest-bearing liabilities, with 390 million yuan overdue, leading to severe liquidity issues [4]. - A significant portion of the company's bank accounts, 67.7%, are frozen, impacting daily operations and cash flow management [4]. Group 4: Conclusion - *ST Changyao is undergoing its most severe test since its listing, facing a crisis that requires urgent resolution of debts and regulatory concerns to maintain its position in the capital market [5].

Core Viewpoint - *ST Dongyi's stock has experienced significant volatility, with a price increase of 241.59% since September 26, 2025, leading to a suspension of trading for further investigation [1][3]. Group 1: Stock Performance - Since September 29, 2025, *ST Dongyi has recorded 23 limit-up days and 1 limit-down day within 28 trading days, with a cumulative increase exceeding 240% [3]. - The stock has experienced continuous limit-up trading for 12 consecutive days since the limit-down on October 28, 2025 [3]. Group 2: Financial Metrics - As of November 12, 2025, the company's static P/E ratio is -6.03, rolling P/E ratio is -10.88, and P/B ratio is -6.06, indicating significant discrepancies compared to the industry averages of 26.83 for static P/E, 23.94 for rolling P/E, and 2.34 for P/B [5]. Group 3: Restructuring Situation - The company is undergoing a pre-restructuring process initiated by the Beijing First Intermediate People's Court, which has not yet accepted the formal restructuring application [5]. - If the court accepts the restructuring application, the stock will be subject to "delisting risk warning" [5]. - The company faces potential bankruptcy and delisting risks if it fails to complete the restructuring process by December 31, 2025 [6].

Core Viewpoint - *ST Dongyi's stock has experienced a significant increase of 241.59% since September 26, leading to a suspension for verification due to abnormal trading fluctuations [2][7] Group 1: Stock Performance and Market Reaction - The stock price of *ST Dongyi reached 17.66 CNY per share, with a total market capitalization of 74.09 billion CNY as of November 13 [6] - The company achieved 23 trading limit-ups in 28 trading days, indicating strong market interest [4][6] - The static price-to-earnings ratio is -6.03, while the industry average is 26.83, highlighting a stark contrast [6] Group 2: Business Developments and Restructuring - The surge in stock price is closely linked to the company's progress in pre-restructuring, including agreements with multiple restructuring investors and a total investment of 14.12 billion CNY [4][5] - The restructuring plan includes a share increase proposal of "10 to 12.677505 shares," with financial investors acquiring shares at 4 CNY each [4] - The company aims to focus on its core home decoration business while leveraging resources from industry investor Huazhu Technology to expand into the computing power industry [4][5] Group 3: Financial Challenges and Risks - *ST Dongyi faces severe financial difficulties, with a projected net loss of 11.71 billion CNY for 2024 and a negative net asset value of -11.07 billion CNY [8] - The company is under dual risk warnings due to negative net assets and consecutive years of negative net profit, which could lead to delisting if not addressed [8][9] - There is an urgent time pressure as the company must enter the restructuring process by December 31, 2025, to avoid termination of its listing [9][10]

Core Viewpoint - *ST Dongyi's stock price has experienced significant volatility, with a 241.59% increase since September 26, 2025, leading to a suspension of trading for investigation due to abnormal fluctuations [1][2]. Stock Performance - Since September 29, 2025, *ST Dongyi has recorded 23 limit-up days and 1 limit-down day within 28 trading days, with a cumulative increase exceeding 240% [2]. - The stock closed at 17.66 on November 13, 2025, with a daily increase of 4.99% [3]. Financial Metrics - As of November 12, 2025, the static P/E ratio of *ST Dongyi is -6.03, and the rolling P/E ratio is -10.88, indicating significant divergence from the industry averages of 26.83 for static P/E and 23.94 for rolling P/E [4]. - The company's current P/B ratio is -6.06, compared to the industry average of 2.34 [4]. Restructuring Situation - The company is undergoing a pre-restructuring process initiated by the Beijing First Intermediate People's Court, but has not yet received formal acceptance of its restructuring application [4]. - If the restructuring fails, there is a risk of bankruptcy and delisting, especially with the deadline approaching on December 31, 2025 [4].

Core Viewpoint - The company *ST Jingfeng has experienced significant stock price fluctuations and is facing financial difficulties, including a recent court ruling for reorganization and potential bankruptcy risks [1] Financial Performance - For the period of January to September 2025, the company's revenue was 271.86 million yuan, representing a year-on-year decline of 7.75% [1] - The net profit for the same period was -44.56 million yuan, showing a year-on-year increase of 8.71% despite being negative [1] Corporate Actions and Risks - On October 21, 2025, the company was ruled to enter reorganization proceedings, indicating risks of reorganization failure, bankruptcy declaration, and delisting [1] - The company has reported negative net profits for the last three years, raising concerns about its ability to continue as a going concern in the 2024 annual report [1] - The "16 Jingfeng 01" bond still has an outstanding principal of 185 million yuan that remains unpaid [1]

Core Viewpoint - The company has received a civil ruling from Chengdu Intermediate Court approving its restructuring plan and terminating the restructuring process, allowing it to enter the execution phase of the plan, which is expected to optimize its asset-liability structure and enhance its ongoing operations and profitability, impacting the financial data for 2025 [1] Summary by Relevant Sections - Restructuring Approval - The court has approved the company's restructuring plan, marking a significant step towards financial recovery [1] - Execution Phase - The company will now enter the execution phase of the restructuring plan, which is crucial for improving its financial health [1] - Financial Impact - Successful execution of the restructuring plan is anticipated to positively influence the company's financial data for the year 2025 [1] - Stock Market Implications - The company's stock is currently under delisting risk warning, and any issues during the restructuring execution could lead to termination of its listing [1]

Core Viewpoint - Recent leadership changes at Songhe Liquor Industry Co., Ltd. have raised industry concerns, with the new legal representative being Wang Shuiyun, indicating a potential takeover by Guoquan Industry [2][3][6] Group 1: Leadership Changes - The legal representative of Songhe Liquor was changed from Zhu Wenchen to Wang Shuiyun, alongside multiple executive departures and appointments [3][5] - Wang Shuiyun and Li Jinzhi, both key members of Guoquan's team, are now leading Songhe Liquor and its subsidiary, suggesting a shift in decision-making authority [6][7] Group 2: Financial Background - Songhe Liquor has faced significant financial difficulties since 2019, leading to bankruptcy restructuring in 2022 and 2023, with total liabilities reaching 11.586 billion [9] - The company's assets were valued at 969 million, with a liquidation value of 1.752 billion as of October 31, 2022 [9] Group 3: Strategic Changes - Guoquan's involvement has led to product and brand adjustments, including a focus on core products and high-end series, while reducing the number of offerings from 438 to a more streamlined selection [10][11] - The company is undergoing a digital transformation to enhance its marketing channels, leveraging Guoquan's extensive retail network to improve brand exposure and sales [7][10] Group 4: Market Outlook - There are mixed opinions on Guoquan's ability to enhance Songhe's market position, with some experts believing that the synergy between Guoquan's food-focused brand and Songhe's liquor products may be limited [11] - The ambitious goal of achieving 10 billion in revenue over the next decade is contingent on effective channel expansion and product optimization [11]