在相继披露了法院裁定不予受理重整申请暨子公司宣告破产、公司股票可能被实施重大违法强制退市相关风险、公司股票被叠加实施退市风险警示的公告 后，*ST长药（300391）的股价在12月30日盘中一度跌停，当天收盘价报0.95元/股，下跌19.49%。 30日晚间，*ST长药发布公告，公司股票收盘价首次低于1元，可能因连续二十个交易日股票收盘价低于1元而被终止上市。同时，公司因涉嫌定期报告等 财务数据虚假记载被证监会立案调查，可能触及重大违法强制退市情形。此外，公司2024年度期末净资产为负，若2025年度期末净资产继续为负，将被实 施财务类强制退市。公司还面临诉讼、仲裁案件风险，大额有息负债逾期风险，账户冻结风险以及大额欠税风险。 对于股价跌破1元、法院裁定不予受理重整申请的影响，以及后续措施等，上证报记者以投资者身份致电*ST长药投资者专线，公司相关人士回应："不出 意外是要退市，暂无应对措施。" 在涉嫌触及重大违法强制退市情形前，*ST长药已存在财务类强制退市风险。 同时，据公司2022年、2023年、2024年年度报告，公司2022年、2023年、2024年度经审计的扣除非经常性损益后的净利润分别为-763 ...

【导读】因涉嫌信息披露违法违规，*ST熊猫被证监会立案 12月29日，*ST熊猫（600599）发布公告称，公司于2025年12月29日收到中国证监会下发的《立案告知书》，因涉嫌信息披露违法违规，中国证监会决定 对公司立案。 *ST熊猫表示，目前，公司各项生产经营活动正常开展，在立案调查期间，公司将积极配合中国证监会的调查工作。 值得注意的是，因*ST熊猫2024年度财务报表被出具了无法表示意见的审计报告，根据上海证券交易所《股票上市规则》第9.3.2条第（三）项"最近一个 会计年度的财务会计报告被出具无法表示意见或否定意见的审计报告"的规定，公司股票已被实施退市风险警示。 因公司2024年度内部控制被出具了否定意见的审计报告，根据上海证券交易所《股票上市规则》第9.8.1条第（三）项"最近一个会计年度内部控制被出具 否定意见审计报告"的规定，公司股票继续被实施其他风险警示。 截至目前，上述非标意见所涉事项尚未有进展，如公司2025年度不符合《股票上市规则》第9.3.7条规定的撤销退市风险警示的情形，公司股票将被终止上 市。 业绩方面，*ST熊猫今年前三季度实现营业收入1.55亿元，同比下降25.86%；归属 ...

*ST熊猫12月29日晚间公告，公司当日收到证监会下发的《立案告知书》，因公司涉嫌信息披露违法违 规，证监会决定对公司立案。 对于立案情况，*ST熊猫表示目前公司各项生产经营活动正常开展，在立案调查期间，公司将积极配合 证监会的调查工作，并严格按照相关法律法规及监管要求及时履行信息披露义务。 近八个交易日股价五次涨停，累计上涨超30%，*ST熊猫（600599）突然收到证监会《立案告知书》。 记者留意到，在今年7月*ST熊猫曾被湖南证监局出具警示函行政监管措施，原因系经查，*ST熊猫2024 年度业绩预告与2024 年年度报告披露的业绩存在较大差异，业绩预告与业绩更正公告均没有真实、完 整、准确地披露相关事项，信息披露不准确。 回溯案情，*ST熊猫在今年1月曾宣布2024 年度业绩预盈，预计实现净利润为3000万元到4500万元；不 过至4月28日，*ST熊猫披露更正公告称，预计 2024 年度实现净利润为亏损4.6亿元至4.8亿元，较业绩 预告由盈转亏。 值得注意的是，岁末将至，处于退市风险警示、其他风险警示中的*ST熊猫却突然进入了股价异动期， 12月18日至今的八个交易日，*ST熊猫完成了五次涨停，股价 ...

Core Viewpoint - Hainan Huluwawa Pharmaceutical (ST Huluwawa) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, leading to a significant drop in stock price and ongoing operational challenges [1][2][4]. Company Overview - ST Huluwawa, established in 2005 and headquartered in Haikou, is recognized as a leading children's pharmaceutical company in China, focusing on pediatric medicines, nutritional supplements, and medical devices [4]. - The company has 54 products in the market, addressing common pediatric diseases, with key products including pediatric cough and asthma granules [4]. Financial Performance - The company reported a revenue of 683 million yuan for the first three quarters of the year, a year-on-year decline of 33.88%, and a net loss attributable to shareholders of 11.21 million yuan [4]. - As of September 30, the company had only 111 million yuan in cash, while short-term borrowings reached 467 million yuan, resulting in a debt ratio of 74%, significantly higher than the industry average of 28% [10]. Regulatory Issues - ST Huluwawa has faced multiple regulatory challenges, including receiving an administrative regulatory decision from the Hainan Securities Regulatory Bureau due to inaccurate information disclosure in its 2023 annual report [6]. - The company was placed under special treatment (ST) status on April 30, 2025, following a negative internal control audit report from its accounting firm, which highlighted issues such as premature revenue recognition and abnormal pricing [6][7]. Management Changes - The company has experienced frequent changes in its executive team, with the founder and long-time executive Liu Jingping resigning and then returning to the role of general manager within a short period [10][11]. - The instability in management raises concerns about the company's governance and future direction, especially in light of the ongoing investigation [11]. Market Challenges - The pharmaceutical market is highly competitive, with factors such as medical insurance cost control and drug procurement policies adversely affecting the company's performance [10]. - Sales of core products, particularly respiratory medications, have halved, leading to a significant decline in competitiveness [10].

Group 1 - The company *ST Changyao (300391) experienced a stock price decline of 3.92%, closing at 1.47 yuan on December 26, 2025, with a trading volume of 349,600 shares and a turnover of 51.48 million yuan [1][3] - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) due to false reporting in its annual reports from 2021 to 2023, which inflated revenue and total profit [1][2] - The company may face a significant risk of forced delisting, with the CSRC proposing a fine of 10 million yuan and imposing market bans on responsible individuals [1][2] Group 2 - The company’s net assets for the fiscal year 2024 were reported at -432.84 million yuan, triggering a financial delisting risk warning [2] - The company’s annual reports from 2021 to 2023 contained false records, leading to the potential for major legal violations and forced delisting [2][3] - The stock will be subject to a delisting risk warning starting December 29, 2025, with a daily price fluctuation limit of 20% [2]

Core Viewpoint - *ST HuKe (600608) has experienced a price increase of 4.42% this week, closing at 3.54 yuan, with a total market value of 1.164 billion yuan, ranking 13th in the trade sector and 5169th in the A-share market [1][2] Company Announcements Summary - The company has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure [2] - For the first three quarters of 2025, the company reported revenue of 5.4403 million yuan, and if the annual net profit is negative and revenue falls below 30 million yuan, the company will face delisting [1][2] - The company has made an 89.9% provision for bad debts on prepaid payments to Hong Kong Petrochemical, indicating further impairment risks [1][2] - Issues related to the original controlling shareholder's fund occupation remain unresolved, leading to additional risk warnings for the company's stock [1][2]

Core Viewpoint - The company *ST Zhengping is facing significant financial distress, with creditors applying for reorganization due to the company's inability to repay debts and a clear lack of repayment capacity [1] Group 1: Financial Situation - The company officially entered pre-reorganization on December 24, 2023, following the creditor's application [1] - There is substantial uncertainty regarding the company's ability to enter the reorganization process [1] Group 2: Audit and Stock Status - The 2024 annual report is expected to receive an audit report that expresses an inability to provide an opinion, which poses risks for the company's future [1] - The company's stock has been placed under delisting risk warning, and if issues related to the non-standard opinion are not resolved before the 2025 audit report, the stock will be terminated from listing [1] Group 3: Stock Performance - The company's stock has experienced irrational speculation, with a cumulative increase of 24.65% since the beginning of the year and a remarkable increase of 221.93% from September 1 to November 18 [1]

*ST步森12月24日公告，股票连续3个交易日收盘价格涨跌幅偏离值累计偏离12.74%，属于股票交易异 常波动情形。公司2024年度审计机构北京国府嘉盈会计师事务所（特殊普通合伙）对公司出具了2024年 度审计报告，公司触及《深圳证券交易所股票上市规则》第9.3.1条（一）的规定：上市公司出现"最近 一个会计年度经审计的利润总额、净利润、扣除非经常性损益后的净利润三者孰低为负值，且扣除后的 营业收入低于3亿元"的情形，根据《深圳证券交易所股票上市规则》的相关规定，公司股票交易已被实 施"退市风险警示"。同时，因公司存在"公司最近三个会计年度扣除非经常性损益前后净利润孰低者均 为负值，且最近一年审计报告显示公司持续经营能力存在不确定性"的情形，根据《深圳证券交易所股 票上市规则》第9.8.1第（七）条的相关规定，公司股票将继续实施"其他风险警示"。若2025年经审计后 的相关指标触及《深圳证券交易所股票上市规则》第9.3.12条规定的相关情形，公司股票将被终止上 市。 ...

*ST宇顺公告称，公司股票连续三个交易日收盘价格涨幅偏离值累计超12%，属异常波动。2024年度净 利润、扣非净利润均为负且扣除后营收低于3亿元，自2025年5月6日起被实施退市风险警示，若2025年 出现规定情形将终止上市。公司正推进重大资产重组，拟现金收购中恩云等三家公司100%股权，方案 已通过股东大会，但未实施完毕，存在资金筹措等风险。截至2025年12月24日，公司当前市盈率、市净 率与同行业差异大，提醒投资者注意风险。 ...

ST尔雅公告称，公司股票在2025年12月18日、19日、22日连续三个交易日收盘价格涨幅偏离值累计超 12%，属异常波动。2024年公司营收3.30亿元，同比降27.42%；2025年前三季度营收1.72亿元，净利 润-3568.23万元。经自查，公司、控股股东及实控人不存在应披露未披露重大事项。若2025年营收低于 3亿且继续亏损，或内控审计报告被出具无法表示或否定意见，公司股票将触发退市风险警示。此外， 公司及实控人兼董事长郑继平仍处于立案调查中。 ...