Core Viewpoint - Multiple companies are facing potential delisting risks due to significant financial losses and negative net assets, raising alarms for investors [1][2][3] Group 1: Companies Facing Delisting Risks - Companies such as ST Saiwei, Tianjian Technology, Yijing Photovoltaic, and Huaxia Happiness have issued warnings about potential delisting risks due to financial indicators showing severe declines [1][2] - Tianjian Technology expects a net loss of 176 million to 250 million yuan for 2025, a decrease of 1196.06% to 1657.73% compared to the previous year, which may trigger delisting warnings [2] - Yijing Photovoltaic anticipates a net loss of 450 million to 600 million yuan for 2025, with net assets projected to be negative [3] - Huaxia Happiness forecasts a net loss of 24 billion to 16 billion yuan for 2025, with net assets also expected to be negative [3] Group 2: Reasons for Financial Declines - ST Saiwei is impacted by litigation, estimating a net profit loss of approximately 718 million yuan due to legal disputes [6] - Tianjian Technology attributes its financial downturn to pricing mechanism issues, leading to a revenue adjustment of about 260 million yuan [6] - Yijing Photovoltaic cites industry cycle changes and a decline in solar product prices as reasons for its financial struggles, alongside governance issues due to the loss of its controlling shareholder [7] - Huaxia Happiness is hindered by a debt crisis, with reduced revenue from real estate projects and ongoing debt restructuring efforts facing significant uncertainty [7]

Core Viewpoint - The stock of *ST长药 experienced an abnormal price fluctuation, with a cumulative increase of 46.41% over two consecutive trading days on January 20-21, 2026, despite the absence of any undisclosed significant matters [1] Financial Performance - The company reported a significant decline in revenue, with figures dropping from 1.615 billion yuan in 2022 to an estimated 112 million yuan in 2024 [1] - The company is projected to have negative net assets for the years 2024-2025 [1] Legal and Financial Risks - The company is currently involved in 153 lawsuits, with a total amount in dispute of 1.932 billion yuan [1] - The company has interest-bearing liabilities amounting to 1.106 billion yuan, with overdue debts of 390 million yuan [1] Stockholder Activity - There has been no trading activity reported by the controlling shareholder or actual controller of the company [1]

Group 1 - The stock of *ST Lifan surged by 19.40% to 0.80 CNY per share on January 20, following a public letter from the company's actual controller, despite facing severe challenges including a forced delisting warning and continuous financial fraud allegations [2][9] - The public letter emphasized that the regulatory authorities had not yet made a final decision regarding the company's delisting risk, which contributed to the stock price increase [4][11] - The company later clarified that it and its board were unaware of the contents of the public letter, which was deemed misleading by the Shenzhen Stock Exchange, leading to disciplinary proceedings [12] Group 2 - The financial fraud issues of Lifan Technology have been revealed, with the Anhui Securities Regulatory Bureau disclosing that the company engaged in fraudulent activities for three consecutive years [5][13] - The fraudulent methods included inflating revenue through agency business, financing trade, and fictitious trade, resulting in a total inflated revenue of 638 million CNY and inflated costs of 628 million CNY from 2021 to 2023 [6][13] - In 2021 alone, the company inflated its operating revenue by 280 million CNY, accounting for 50.09% of that year's total revenue, indicating that over half of its revenue was fraudulent [6][13] Group 3 - Lifan Technology currently faces dual delisting risks: forced delisting due to severe violations and a risk of delisting due to its stock price falling below 1 CNY [7][14] - As of January 13, the stock price closed at 0.97 CNY, marking the first time it fell below 1 CNY, and as of January 20, it had not recovered above this threshold [7][14] - The company's auditing firm, Zhongxing Caiguanghua, is under investigation, which may hinder its ability to conduct the 2025 annual audit, adding to the audit risk [7][14]

一、三重退市风险 1月19日晚，*ST长药（维权）披露关于公司股票可能被终止上市风险提示公告。*ST长药表示，公司股 票可能被实施交易类强制退市。截止到1月19日，公司股票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。 目前的公司面临三重退市风险，财务类退市风险、交易类退市风险以及重大违法强制退市风险。 2025年12月26日，证监会对上市公司*ST长药涉嫌定期报告等财务数据存在虚假记载作出行政处罚事先 告知。根据行政处罚事先告知书，ST长药2021年至2023年连续三年存在虚增收入和利润的财务造假行 为。 上海沪紫律师事务所刘鹏律师表示索赔刻不容缓。依据预处罚，索赔条件存在更新，目前为符合以下任 意区间即可报名索赔：（刘鹏律师专栏） （1）于2019年3月30日-2024年4月29日期间买入，并在2024年4月30日之后卖出或仍持有而亏损； （长药控股维权入口） 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都 ...

Core Viewpoint - *ST Changyao is facing multiple risks of being delisted, including trading-related, financial-related, and major violation-related delisting risks, following its stock price falling below 1 yuan for 15 consecutive trading days [1][7]. Trading-Related Risks - The stock price of *ST Changyao opened at 0.64 yuan on January 21, after hitting the daily limit for the second consecutive day [1][7]. - The company has been under a trading risk warning since April 22, 2025, and if the stock price remains below 1 yuan for 20 consecutive trading days, it will be suspended from trading [8][10]. Financial-Related Risks - The company is at risk of financial-related delisting due to the possibility of having negative net assets at the end of the fiscal year 2025, as well as receiving audit reports with reserved opinions or negative opinions [3][9]. - As of January 20, the stock closed at 0.53 yuan, with a market capitalization of 186 million yuan, which has been below 300 million yuan for 8 consecutive trading days [8][10]. Major Violation-Related Risks - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, with inflated revenues reported for 2021, 2022, and 2023 amounting to 215 million yuan, 284 million yuan, and 234 million yuan respectively [4][10]. - The inflated profits for the same years were reported as 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan, representing significant percentages of the total disclosed profits [4][10].

1月20日，赛为智能发布2025年度业绩预告，公司亏损规模较上年同期显著扩大，且期末净资产可能为 负，面临退市风险警示。 其中，归属于上市公司股东的净利润预计亏损72,000万元至102,000万元，较上年同期的亏损50,731.58万 元，同比增亏41.92%至101.06%；扣除非经常性损益后的净利润预计亏损69,000万元至98,000万元，较上年 同期的亏损21,783.44万元，亏损大幅扩大216.75%至349.88%。 财务状况方面，截至2025年末，公司归属于上市公司股东的所有者权益预计为-87,000万元至-62,000万元， 较上年末的12,243.99万元大幅下滑，净资产可能转为负值。 对于业绩大幅亏损及净资产可能为负的原因，赛为智能表示，主要受与深圳市艾特网能技术有限公司的诉 讼、仲裁判决影响，该事项对2025年度净利润的影响约为-7.18亿元。 ...

Group 1 - The stock of *ST WanFang (000638) closed at 3.71 yuan on January 20, 2026, down 5.12%, marking a continuous decline for six days, with a cumulative drop of 20.76% for the year [1][3] - In the last ten trading days, the main funds have seen a net outflow of 28.13 million yuan, while the stock price has dropped by 28.13% during the same period [1] - On January 20, the main funds experienced a net outflow of 1.24 million yuan, while retail investors saw a net inflow of 1.047 million yuan [1][3] Group 2 - *ST WanFang was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 14.06% over three consecutive trading days, indicating abnormal fluctuations [2] - The company confirmed that there are no major undisclosed information or significant changes in its operational situation, despite being under delisting risk warning [2] - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, with potential implications for forced delisting if major violations are confirmed [2][3]

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]

1月19日晚间，*ST立方（300344）公告，因市场出现相关传闻，公司申请停牌一天核查相关信息，公司股票于1月19日（星期一）起停牌一天，并将于1 月20日（星期二）起复牌。 对于市场传闻及核查情况，*ST立方表示，公司关注到相关媒体发布立方数科实控人《致立方数科全体股东的公开信》。经核，公司及相关当事人于2025 年11月28日收到《行政处罚及市场禁入事先告知书》，依据有关法律规定，向证监会申请陈述、申辩和延期听证属正常程序，公司股票仍存在重大违法强 制退市风险，后续公司收到《行政处罚决定书》将及时公告，如触及退市情形，公司股票将会终止上市。 公告提到，*ST立方2024年度财务报告内部控制被中兴财光华会计师事务所（特殊普通合伙）出具了否定意见的审计报告。2025年1月至9月公司实现营业 收入约2.03亿元，同比下降0.44%；实现归属于上市公司股东的净利润-6220.90万元，同比下降20.59%，经初步预测，2025年全年净利润预计仍为负。 | | 公告 | | --- | --- | | 立方数科股份有限公司 | | （文章来源：上海证券报） | | 本报告期 | 本报告期比上年同期 | 年初至报告 ...

Group 1 - The company *ST Lifan announced that its stock will resume trading on January 20 after a one-day suspension for verification due to market rumors [1] - As of January 16, the company's stock closed at 0.67 yuan per share, having been below 1 yuan for four consecutive trading days, which puts it at risk of being delisted if it remains below 1 yuan for twenty consecutive trading days [3] - The company has received a notice from the China Securities Regulatory Commission regarding potential major violations that could lead to forced delisting [3] Group 2 - For the first three quarters of 2025, the company reported a revenue of 203 million yuan, a year-on-year decrease of 0.44%, and a net loss attributable to shareholders of 62.21 million yuan, a decline of 20.59% [3][4] - The company is facing audit risks as its auditing firm, Zhongxing Cai Guanghua, is under investigation and may not be able to conduct the audit for the 2025 annual report [4] - The company specializes in new digital infrastructure and cloud services, with major business segments including intelligent hardware and software, digital intelligent services, and mobile information services [5]