Core Viewpoint - The company *ST Aowei has experienced significant stock price volatility, with a cumulative decline exceeding 12% over three consecutive trading days, indicating abnormal market activity [1] Financial Performance - For the period of January to September 2025, the company reported revenue of 34.0025 million yuan and a net loss of 187.6372 million yuan, with a non-recurring net profit loss of 167.9829 million yuan [1] Risk of Delisting - The company has triggered a risk warning for potential delisting in the 2024 fiscal year, and if it meets the criteria outlined in Article 9.3.12 of the Shenzhen Stock Exchange Listing Rules in 2025, its stock may be terminated from listing [1]

青海春天，走到了退市边缘。 从巅峰时期的"冬虫夏草第一股"到如今披星戴帽的*ST春天，这家曾凭借"极草"产品声名大噪的公司， 正站在A股市场的退市边缘。 12月11日晚间，青海春天发布对上海证券交易所《关于青海春天2025年三季度报告信息披露监管工作 函》的回复公告。有股民感慨："看了这个回复，感觉青海春天处境艰难。" 上交所主要提出了三个问题，涉及收入确认及现金流情况、关联方往来款项和关联交易。从青海春天的 回复中，可以看出，公司的退市警报已经拉响、核心业务存在"虚胖"风险、对宜宾听花的预付款及投资 款存在无法收回计提减值的风险。 核心业务存在"虚胖"风险，虫草业务应收款近七千万 公告显示，目前，青海春天主营酒水、虫草及中药业务。2025年前三季度，青海春天主营业务收入约 2.09亿元，其中酒水业务板块收入8767.54万元、中成药业务板块收入3626.38万元、冬虫夏草销售板块 收入8499.97万元。 到了2025年，青海春天仍在延续类似的信用销售策略，今年前三季度，其前十大客户均采用"验收合格 后支付货款"模式，信用账期从15个工作日内到数月不等。 最新数据显示，截至今年9月底，青海春天冬虫夏草销售业 ...

新华锦公告称，截至2025年半年度报告披露日，新华锦集团及其关联方非经营性占用公司资金4.06亿 元，原计划通过出售股权清偿，该交易已终止。若未能在六个月内清收被占用资金，公司股票将被停 牌；停牌后两个月内仍未完成整改，将被实施退市风险警示；此后两个月内仍未完成整改，将被终止上 市交易。公司正督促集团还款，目前生产经营正常。 ...

太和水公告称，公司股价于2025年某日涨停，但面临较高财务类终止上市等风险。2024年度相关利润为 负且营收低于规定，股票已被实施退市风险警示。截至2025年三季度末，营收8138.66万元，净利润 -8245.77万元。如2025年年度经审计的利润总额、净利润或扣非净利润孰低者为负且营收低于规定，股 票将被终止上市。此外，公司在项目中标、收入调整、备用金回款、主营业务回款等方面均存在不确定 风险。 ...

Core Viewpoint - *ST Yazhen announced that its stock experienced an abnormal fluctuation with a cumulative decline of 12% over three consecutive trading days from December 10 to December 12, 2025 [1] Financial Performance - In the first three quarters of 2025, the company reported revenue of 158.34 million yuan and a net loss of 31.41 million yuan [1] - The company’s stock has been under delisting risk warning since May 6, 2025, and faces potential delisting if the audited net profit excluding non-recurring gains and losses for 2025 is negative and revenue is below 300 million yuan [1] Acquisition and Integration - The company completed the acquisition of a 51% stake in Guangxi Zirconium Industry in August 2025, but the integration effects and profitability remain uncertain [1]

Core Viewpoint - The company *ST Zhengping has experienced significant stock price volatility, with a cumulative decline exceeding 12% over three consecutive trading days, indicating abnormal fluctuations in its stock performance [1] Financial Performance - In 2024, the company reported a revenue of 1.362 billion yuan and a net profit attributable to shareholders of -484 million yuan [1] - For the first three quarters of 2025, the company generated a revenue of 652 million yuan, with a net profit attributable to shareholders of -99 million yuan [1] Audit and Compliance Issues - The company has unresolved non-standard audit opinion matters for the 2024 fiscal year, which raises concerns about its financial reporting [1] - The acceptance of the pre-restructuring application remains uncertain, indicating potential challenges in financial restructuring [1] - The non-standard opinion in the Q3 2025 report is pending verification, suggesting ongoing scrutiny of the company's financial practices [1] Operational Risks - There are indications of potential fund occupation and illegal guarantees, which could pose significant risks to the company's financial stability [1] - The company faces insufficient mineral extraction capacity, which may hinder its operational effectiveness and growth prospects [1] - If the aforementioned issues are not resolved, there is a risk that the company's stock may be delisted [1]

全文请见：政府补助+跨界新能源+筹划重大资产重组，*ST生物能否跨过退市"生死线"？ 近期*ST生物发布获得政府补助资金480万元的公告。2024年*ST生物的营业收入不足3亿元，净利润为 亏损。根据退市新规，如果2025年*ST生物继续亏损且营收不及3亿元，那么其可能就会被实施退市处 理。今年9月份，*ST生物还收购了一家新能源公司，并且公司还有一项重大资产重组正在进行中。 *ST生物能否摆脱退市风险？每经资本眼专栏记者致电*ST生物董秘办，相关工作人员表示："近期公司 采取了一系列措施，一个是收购了娄底金弘，另外就是把一些不良资产处置了。四季度的盈利需要等年 底做完审计才能知道，尽管如此，公司肯定会采取一系列措施来改进现状的。" 每日经济新闻 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 每经记者|章光日 每经编辑|吴永久 近期*ST生物（维权）发布获得政府补助资金480万元的公告。2024年*ST生物的营业收入不足3亿元， 净利润为亏损。根据退市新规，如果2025年*ST生物继续亏损且营收不及3亿元，那么其可能就会被实 施退市处理。今年9月份，*ST生物还收购了一家新能源公司，并且公司还有一项重大资产重组正在进 行中。 *ST生物能否摆脱退市风险？接下来每经资本眼专栏记者就来详细探究一番。 2025年12月7日盘后，*ST生物发布了关于获得政府补助的公告。该公告显示，近期，公司收到一笔与 收益相关的政府补助资金共计480万元。 每经资本眼专栏记者发现，这笔政府补助有助于*ST生物摆脱被实施退市处理的风险。根据沪深交易所 修订后的《股票发行上市审核规则》，以2024年为首个起算年度，沪深主板上市公司若连续两年触 及"利润总额或扣非净利润为负且营业收入低于3亿元"的财务退市指标，将被实施退市处理。 目前，*ST生物形成了"生物医药+节能环保"双主业的业务发展格局。不过，2021年以来，*ST生物陷入 了持续亏损的困境。同花 ...

根据新大洲A今年9月披露的公告：公司全资子公司新大洲（浙江）商贸有限公司（下称"浙江商 贸"），向华夏银行宁波分行（下称"华夏银行"）贷款8000万元。浙江商贸应于2025年9月10日支付到期 本金8000万元、利息104万元，但其并未及时偿还。 浙江商贸该笔借款，由新大洲A等提供连带责任保证担保。其中，新大洲A以持有的内蒙古牙克石五九 煤炭（集团）有限责任公司（下称"五九集团"）5400万元股权提供质押，质押期限自2022年9月2日至 2027年9月2日。 12月8日，新大洲A在最新公告中提到，公司在大股东大连和升控股集团有限公司的协助下，正在积极 与债权人及第三方等沟通，寻求解决方案。但从参与各方推进的情况看，截至目前，未达成可继续推进 的方案，上述债务逾期能否解决存在重大不确定性。 新大洲A表示，若上述逾期债务未能妥善解决，进入诉讼程序，受理法院之后做出的判决涉及执行公司 持有的五九集团股权，将可能导致公司失去五九集团控制权，继而导致公司无法合并五九集团财务报 表。 证券时报记者吴志 新大洲A(000571)债务危机仍无解。 12月8日，新大洲A股午后直线拉升涨停，股价创2017年以来新高。12月8日晚 ...

Core Viewpoint - New Dazhou A (000571) is facing an unresolved debt crisis, with its stock price reaching a multi-year high since 2017 on December 8, despite ongoing issues related to overdue debts of its wholly-owned subsidiary [1] Group 1: Debt Issues - New Dazhou's wholly-owned subsidiary, New Dazhou (Zhejiang) Trading Co., Ltd., borrowed 80 million yuan from Huaxia Bank Ningbo Branch, with a repayment due on September 10, 2025, including interest of 1.04 million yuan, which has not been repaid on time [3] - The loan is guaranteed by New Dazhou and others, with New Dazhou pledging its 54 million yuan equity in Inner Mongolia Yakeshi Wujiu Coal Group Co., Ltd. as collateral, valid from September 2, 2022, to September 2, 2027 [4] - As of December 8, New Dazhou is actively seeking solutions with creditors and third parties, but no viable plan has been reached, leading to significant uncertainty regarding the resolution of the overdue debt [4] Group 2: Financial Implications - If the overdue debt is not resolved and legal proceedings are initiated, the court's ruling could affect New Dazhou's control over Wujiu Group, potentially preventing the consolidation of Wujiu Group's financial statements [4] - Wujiu Group is a major source of revenue for New Dazhou, and failure to resolve the debt could trigger delisting risk under Shenzhen Stock Exchange rules if the company's audited profit totals for the last fiscal year fall below negative values [4] - New Dazhou reported a revenue of 820 million yuan for 2024, a nearly 33% decrease year-on-year, with a net loss of 111 million yuan, marking consecutive years of losses [5] Group 3: Business Overview - New Dazhou was listed on the Shenzhen Stock Exchange on May 25, 1994, primarily engaged in motorcycle manufacturing and sales, and has shifted its main business focus to coal mining and sales since 2007 [5] - Wujiu Group, acquired in 2006, has a production capacity of 3 million tons per year and produces long flame coal, which has a competitive market advantage in the eastern Mongolia region [5]