公司股票也因此被实施其他风险警示，由"香雪制药"变更为"ST香雪"，自3月24日开市起停牌1天。3月25日，复牌 首日的ST香雪股价开盘跌停，截至当天上午收盘股价跌19.96%，报8.02元/股。 ST香雪复牌首日跌停，实控人被罚千万元加五年市场禁 入 华夏时报（www.chinatimes.net.cn）记者 黄敏璇 胡梦然 深圳报道 历经近半年的调查后，香雪制药涉嫌信披违规一案调查结果出炉。公司2月23日公告收到《行政处罚事先告知 书》，因年报存在虚假记载、未按规定披露关联方非经营性资金占用，广东证监局拟对公司及相关人员采取警 告、罚款等措施，总罚款金额超2000万元。其中实控人王永辉因违法情节严重被罚款1000万元，采取5年市场禁入 措施。 值得一提的是，连续多年亏损的ST香雪已经债台高筑。今年2月，公司因一笔6600万元的欠付工程款被债权人申 请预重整，其认为ST香雪"不能清偿到期债务，明显缺乏清偿能力"。 此次立案调查落定是否将推动公司进入重整程序？"公司被债权人申请预重整的事项，前期已进行了公告，后续会 根据信息披露规则结合事项的进展情况进行信息披露。目前公司生产经营正常。"3月24日，ST香雪回 ...

Core Viewpoint - ST Xifa has experienced its 17th postponement of the pre-restructuring process, with the latest extension granted until April 25, 2025, due to complex historical debt issues [1][2]. Group 1: Pre-restructuring Developments - The company received a court decision on March 24, 2025, extending the pre-restructuring period by one month to April 25, 2025, based on the temporary manager's justification regarding the complexity of historical debt issues [2]. - Since October 2023, the pre-restructuring process has been postponed multiple times, indicating ongoing challenges in resolving the company's financial situation [2]. Group 2: Financial Challenges and Restructuring Efforts - Since 2022, ST Xifa has faced a debt crisis due to issues such as fund occupation by the former major shareholder and illegal guarantees, with total involved amounts exceeding 1.2 billion yuan [3]. - In July 2023, the court initiated the pre-restructuring process, with a strategic investor committing to inject 180 million yuan in liquidity and assume some debts [3]. - The restructuring plan approved in March 2024 aims to resolve over 900 million yuan in debt through a combination of debt-to-equity swaps and cash settlements, significantly diluting the original shareholders' equity [3]. Group 3: Business Performance and Future Prospects - Post-restructuring, ST Xifa has focused on divesting non-beer assets and shutting down unprofitable real estate and trade operations, redirecting resources to restart beer production in Lhasa [3]. - The Q3 2024 financial report indicated a revenue of 299 million yuan, a year-on-year increase of 21.79%, with a net profit of 23.99 million yuan, reflecting a 144.96% growth [3]. - The beer segment saw a quarterly revenue increase of 37%, contributing to a turnaround in net profit for the quarter [3]. - The company received 230 million yuan in special industry support from the Tibet Autonomous Region government for beer capacity upgrades and marketing network reconstruction [4]. - Management plans to launch new products like barley craft beer and explore cross-industry models combining beer and cultural tourism in 2025 [4]. Group 4: Market Challenges - Despite the financial support from regional state-owned enterprises, ST Xifa faces long-term challenges such as limited market capacity and insufficient national brand competitiveness [4]. - The company's stock remains under delisting risk warning [5].