Core Viewpoint - The company has undergone a bankruptcy restructuring process, which has been completed successfully, resulting in a debt restructuring gain of 210 million yuan. The restructuring involved capital increases and cash repayments to resolve debts [1][11]. Group 1: Bankruptcy Restructuring Process - The company applied for bankruptcy restructuring due to severe insolvency and lack of repayment ability, which was accepted by the Changsha Intermediate People's Court on September 30, 2024 [2]. - The restructuring plan was approved on December 25, 2024, and the restructuring process was concluded, confirming the execution of the plan [2][7]. - The restructuring involved a capital increase from capital reserves, resulting in a total share capital increase to 506,528,796 shares, with specific allocations for debt repayment and investor shares [3][5]. Group 2: Debt Restructuring Details - The debt was categorized into secured claims, tax claims, ordinary claims, and subordinated claims, with specific amounts confirmed for each category as of November 13, 2024 [5][6]. - The company received a total of 1,086,803,145 yuan from restructuring investors, which was fully paid into the management account by December 13, 2024 [6][11]. - The restructuring plan included provisions for cash repayment to creditors and stock issuance for debt settlement, with a stock conversion price set at 10 yuan per share [7][8]. Group 3: Financial Impact and Performance - The restructuring resulted in a net asset increase of 210.2 million yuan, with cash and cash equivalents rising to 1,117.82 million yuan by the end of 2024 [12][18]. - The company reported a significant reduction in liabilities, with a decrease of 403.46 million yuan in various payable accounts and long-term debts [13][14]. - Despite operational challenges, the company aims to leverage the restructuring to enhance its cross-border e-commerce business, focusing on improving operational efficiency and expanding market reach [22][19]. Group 4: Market and Competitive Landscape - The cross-border e-commerce industry is facing increased competition and operational cost pressures due to recent changes in tariff policies and market dynamics [20][21]. - The company has experienced a decline in sales revenue, attributed to operational disruptions and historical debt burdens, but is now positioned to recover through strategic adjustments and resource allocation [22][19]. - The company plans to enhance its brand presence and operational capabilities to regain market competitiveness and improve financial performance [22][19].

5月7日，*ST长药发布公告称，公司和临时管理人已分别与四川嘉道博文生态科技有限公司（简称"嘉 道博文"）等6家产业投资人和财务投资人签署了重整投资协议。 协议显示，此次重整以*ST长药总股本 3.5亿股为基数，按每10股转增15股的比例进行资本公积金转增 股本，共计可转增5.25亿股，转增价格2.42元/股。转增完成后，*ST长药的总股本增至8.75亿股。 其中，嘉道博文拟出资5.93亿元获得2.45亿股转增股份，重整完成后将成为*ST长药控股股东。另一位 产业投资人昊炜生物以2542万元认购1050.42万股，剩余股份则被用于抵偿债务及引入财务投资人。 据了解，*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。2022年-2024 年，*ST长药营收分别为16.15亿元、11.97亿元1.12亿元；扣非后净利润-0.76亿元、-6.32亿元、-5.69亿 元。由于连续三年扣非净利润为负值，*ST长药已在4月20日被实行"退市风险警示"；股票简称也由长 药控股变为 "ST长药"。 实际上，龚虹嘉在破产重整的资本运作方面经验颇丰。龚虹嘉控制的嘉道功程参与了*ST开元重整， 2024年上 ...

本报记者 何文英 5月8日，有棵树科技股份有限公司（以下简称"*ST有树"）发布的公告中出现戏剧性一幕：新晋第一大 股东提议董事会进行提前换届，却遭到7名现任董事集体反对。 （编辑 郭之宸 上官梦露） 对于反对原因，*ST有树董事长肖四清在接受《证券日报》记者采访时表示："第一，从2024年11月确 定产业投资人之后，已经出现太多问题，从目前来看，深圳天行云和王维在履约能力、履约信用等方面 没有达到预期；第二，在产业投资人股东尚未对系列重整承诺的承诺主体、承诺主要内容、承诺违约补 偿机制、其他产业投资主体的承诺连带责任等关键事项作进一步合理明确前，现任董事会成员有义务继 续勤勉尽责；第三，公司股东王维及其一致行动人提前解聘现任董事并提名与其存在重大关联关系的非 独立董事候选人，有滥用股东权利之嫌。" 对此，王维在接受《证券日报》记者采访时反驳道："第一，在破产重整计划中，特别是控股股东发生 实质性变化的情况下，基于事实情况对董事会进行提前换届是必要且常见的行为；第二，*ST有树因现 董事会及管理团队经营管理不善，从2020年起连续数年巨额亏损且公司不能清偿到期债务、严重资不抵 债且明显缺乏清偿能力，已经处在退 ...

Core Insights - In 2024, Chongqing Trust reported a total revenue of 500 million yuan, with a total profit of 258 million yuan and a net profit of 204 million yuan, of which 208 million yuan was attributable to the parent company [1] - The company is transitioning from a non-standard financing model to a diversified business model focused on asset services, asset management, and public welfare [1] Business Strategy - Chongqing Trust implemented a new strategy called "Fixed Income + Investment + Non-standard + Asset Management," focusing on innovative areas such as bankruptcy reorganization, QDII business, and green finance [1] - The company successfully engaged in bankruptcy reorganization, winning investment shares in 35 companies, including New Light Holdings, and established a reorganization service trust with a scale of 53.9 billion yuan [1] - Notable investment returns were achieved in the reorganization projects of Taihai Nuclear Power and Aorede, with investment yields of 28.57% and 90.12% respectively [1] Equity Investment - Chongqing Trust has expanded its equity investment offerings, including TOF, direct stock investments, and family service trust products, launching the first family service trust "Jufu No. 2" [2] - The company has collaborated with consumer finance companies to develop ABS business, with a cumulative scale reaching 9 billion yuan [2] Risk Management - In response to the real estate sector's risks, Chongqing Trust has implemented comprehensive risk management strategies, successfully mitigating over 7 billion yuan in risks since 2023 [2] - The company employs various methods for debt collection, including online communication, written reminders, and negotiations with local governments to ensure property sales and debt recovery [2] - Chongqing Trust actively seeks support from courts and local governments, utilizing legal measures such as freezing and auctioning to protect the rights of trustees [2]

4月29日，甘肃金刚光伏股份有限公司（以下简称"金刚光伏"）发布公告称，由于公司同时触及对股票 交易实施退市风险警示和其他风险警示的情形，公司股票自4月29日开市起停牌一天，4月30日开市起被 实施"退市风险警示""其他风险警示"，股票简称由"金刚光伏"变更为"*ST金刚"。 具体来看，被实施退市风险警示的情形主要涉及公司的财务状况。4月29日，金刚光伏发布的2024年年 度报告显示，公司2024年实现营业收入1.24亿元，同比下降78.69%；归属于上市公司股东的净利润-7.95 亿元，亏损规模同比扩大119.83%；归属于上市公司股东的扣除非经常性损益的净利润-7.44亿元，亏损 规模同比扩大102.6%；归属于上市公司股东的净资产-7.95亿元。 公告显示，报告期内，光伏行业周期下行，光伏产业链各环节竞争加剧，产能激增，供需失衡导致全产 业链价格暴跌，电池及组件产品售价及毛利率持续下行，且公司破产重整事项对公司正常经营造成重大 影响，公司产能利用率持续低位，产品毛利持续为负，导致亏损持续增加。 此外，永拓会计师事务所（特殊普通合伙）（以下简称"永拓事务所"）对公司2024年度财务报表出具了 无法表示意见 ...

Group 1 - The company has revised its articles of association, replacing terms related to "supervisors" and "supervisory board" with "audit committee" and changing "shareholders' meeting" to "shareholders' assembly" [1][2] - The amendments require approval from the shareholders' assembly, needing a two-thirds majority of the voting rights held by attending shareholders to take effect [2][9] - The company will authorize management to handle registration and filing procedures related to changes in registered capital and amendments to the articles of association after approval [2][9] Group 2 - The company will hold its 2024 annual shareholders' meeting on May 22, 2025, with both on-site and online voting options available [5][7] - The meeting will include a report from independent directors and will separately count votes from minority investors [9][10] - The record date for shareholders to attend the meeting is May 16, 2025 [8][9] Group 3 - The company has successfully completed its restructuring plan as of March 2025, which has led to the removal of the delisting risk warning previously imposed due to restructuring [27][30] - However, the company will still face a delisting risk warning starting April 29, 2025, due to a negative net asset value reported at the end of 2024 [28][31] - The company aims to improve its financial health by focusing on core business development and optimizing asset quality [32][66] Group 4 - The company has received a court notice confirming the completion of enforcement measures related to a debt owed to Industrial Bank, which had previously led to financial difficulties [44][46] - The debt situation has been addressed through a transfer of rights to a financial asset management company, which has taken over the claims against the company [45][46] - The company has confirmed that it will continue to manage its debts and improve its financial standing following the restructuring [66][68]

证券代码：300338 证券简称：*ST开元 公告编号：2025-023 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 √适用 □不适用 中审亚太会计师事务所（特殊普通合伙）为本公司出具了带持续经营重大不确定性段落的无保留意见审 计报告，本公司董事会、监事会对相关事项已有详细说明，请投资者注意阅读。 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 所有董事均已出席了审议本报告的董事会会议。 中审亚太会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：带持续经营重大不确定 性段落的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由中审众环会计师事务所（特殊普通合伙） 变更为中审亚太会计师事务所（特殊普通合伙）。 非标准审计意见提示 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 2、报告期主要业务或产品简介 报告期内，公司从事的主要业务是职 ...

Core Viewpoint - The company is undergoing a restructuring process to address financial difficulties, with significant developments in debt financing and creditor meetings scheduled for 2025 [5][6][7]. Financial Data - The first quarter financial report for 2025 has not been audited, and the company has reported non-recurring gains and losses [3][4]. - The company has experienced a net loss of 538.91 million yuan for the fiscal year 2024, with a net loss of 404.67 million yuan after deducting non-recurring gains and losses [12]. Shareholder Information - The company has a significant number of creditors and is in the process of restructuring, with a temporary management team overseeing the proceedings [6][7]. - The company has signed a debt financing agreement with a total amount not exceeding 100 million yuan to support its restructuring efforts [5]. Corporate Governance - The board of directors has approved several resolutions, including the cancellation of the supervisory board and amendments to the company's articles of association [42]. - The board meeting was held in compliance with relevant laws and regulations, with all seven directors present [18][20]. Risk Warnings - The company’s stock has been subject to delisting risk warnings due to the issuance of an audit report with no opinion by the accounting firm [9][10]. - The company is currently in a pre-restructuring phase, and the success of this phase remains uncertain, which could lead to bankruptcy if unsuccessful [11].

Core Viewpoint - ST Meigu's restructuring has attracted significant interest from investors, with Tianjin Xinmeitong and Hubei Jiuzhou Industrial Park Management Company set to become the main investors, aiming to revitalize the company amid its financial difficulties [1][4]. Group 1: Restructuring Details - Tianjin Xinmeitong and Hubei Jiuzhou are the selected investors for ST Meigu's restructuring, with Jiuzhou expected to become the controlling shareholder post-restructuring [1]. - Jiuzhou plans to invest 673.2 million yuan to acquire 360 million shares at a price of 1.87 yuan per share, which is 50% of the market reference price [2]. - Tianjin Xinmeitong will also acquire 100 million shares at the same price, totaling 187 million yuan [2]. Group 2: Financial Performance and Challenges - ST Meigu is facing significant financial losses, with a projected net loss of 320 million to 450 million yuan for 2024 [4]. - The company has had its bank accounts frozen due to litigation and overdue debts, leading to additional trading risks [4]. - Despite these challenges, the medical beauty service segment has shown strong revenue, contributing 58.82% of the total revenue in the first half of 2024 [5]. Group 3: Strategic Implications - Jiuzhou's investment aligns with its long-term strategic goals, particularly in the medical beauty sector, which has seen rapid growth [5]. - The medical beauty business of Jiuzhou reported a sales revenue of 342 million yuan in 2023, a 103.06% increase year-on-year [5]. - The restructuring process remains uncertain, with potential risks of court rejection or delisting by the end of 2025 [5].

01、、 破产主体关联公司，如果丧失财务独立性（整体运用，资金收支统一运用），可开展合并重整，再召开 重整听证会，听取各方意见后裁定。进入破产清算程序后，如果停产会影响资产价值，可考虑第三方托管。 近年来，A股上市公司破产重整市场持续升温：截至2024年末，我国累计 129 家上市公司通过重整计划审批，其中 近六年批准的75家占比高达 61.24% 。从新能源企业债务重组到传统制造业资产整合， 破产重整 正成为上市公司 "起死回生" 的重要机制。 然而在实际操作中，破产重整涉及程序推进、利益平衡等诸多复杂难题，我们为大家梳理了 部分关键实务要点 ： 课程大纲 02、、 重整、重组托管可以并行，如果小额债权人数量多、清偿率低、利益受损大、对立情绪大，可设立小额 债权组，提高其偿付比例。 03、、 清算组聘请中介机构及业务专家，保证资产保值增值，引入合适的战略投资者，保障重整计划得以实 施。实施现金+应收款的选择模式，灵活处理债务问题。 04、、 多家关联公司破产，可通过竞争方式指定联合管理人；基于体量大难以通过重整方式招募投资人，但有 完整产能及技术支撑的，可通过产业转型、招商引资模式解决，即"破产不停产，政府 ...