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年报季大考结束!监管层“长牙带刺”,多家公司因财务不达标遭风险警示
Hua Xia Shi Bao· 2025-05-03 03:56
Core Viewpoint - The A-share market is experiencing a significant increase in risk warnings, with 144 companies being subjected to special treatment due to financial distress, indicating a critical phase in market risk clearance and regulatory tightening [2][3][7]. Financial Performance and Risk Warnings - As of April 30, 2025, 144 A-share listed companies have been implemented with ST or *ST special treatment, with over 90 companies entering risk warning status in April alone [3][4]. - Among these, 92 companies are facing "financial delisting risks," highlighting severe challenges in operational performance and financial health [3][4]. - Notable examples include: - Lifan Shuke, which reported a loss of 125 million yuan for 2024 and received a negative audit opinion, leading to its stock being labeled as "ST Lifan" [4]. - Shuangcheng Pharmaceutical, which reported a net profit of -78.3 million yuan for 2024, with a history of negative profits from 2020 to 2023, facing potential delisting if it continues to report losses [4][6]. - Zhengping Co., which saw a 28.5% decline in revenue and a net loss of 48.4 million yuan for 2024, also received risk warnings due to negative audit reports [5]. Regulatory Environment - The regulatory environment is becoming increasingly stringent, with the government emphasizing "strict regulation and strong delisting" measures to enhance market quality [7][8]. - The State Council has issued opinions to strengthen delisting regulations, aiming for a normalized delisting process and tightening financial delisting criteria [7]. - The China Securities Regulatory Commission (CSRC) and stock exchanges have revised listing rules to implement stricter delisting standards, reflecting a shift in regulatory logic and market culture [7][8]. Market Implications - The surge in risk warnings is seen as a necessary step towards improving market transparency and health, allowing quality companies to access more resources and growth opportunities [7][8]. - Experts believe that the current trend of increasing risk warnings indicates a new phase in market risk clearance, which will ultimately enhance investor confidence and optimize the capital market ecosystem [7][8].