证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-080 江苏吴中医药发展股份有限公司 股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、公司关注并核实的相关情况 （一）生产经营情况 经自查，除公司已披露的事项外，截至本公告披露日，公司日常生产经营及 外部环境未发生其他重大变化。 （二）重大事项情况 重要风险提示： ? 江苏吴中医药发展股份有限公司（以下简称"公司"）股票连续三个交 易日内收盘价格跌幅偏离值累计超过 12%，属于股票交易异常波动的情形。 ? 2025 年 7 月 13 日，公司收到中国证券监督管理委员会（以下简称"中 国证监会"）下发的《行政处罚事先告知书》（处罚字〔2025〕58 号），具体 内容详见公司于 2025 年 7 月 14 日披露的《关于收到中国证券监督管理委员会< 行政处罚事先告知书>的公告》（公告编号：临 2025-064）。公司股票已于 2025 年 7 月 14 日起被叠加实施退市风险警示，如根据中国证监会正式的处罚决定书 结论，公司触及重大违法 ...

Core Viewpoint - *ST Huaron is facing significant challenges, including failed control transfers and share auctions, while its financial performance continues to deteriorate, raising concerns about its future viability [1][2][5]. Group 1: Control Transfer and Share Auction - The company is once again planning a control transfer after a previous attempt failed six months ago, with its major shareholders Zhejiang Hengshun and Shanghai Tianji in discussions for a share transfer agreement [1][2]. - The previous control transfer attempt was halted due to a lack of agreement with the counterparty, and a subsequent share transfer to Beisoft Smart Technology was also terminated [2][3]. - Recently, shares held by significant shareholders were put up for auction but failed to attract any bids, leading to a complete failure of the auction [3]. Group 2: Financial Performance - The company has reported continuous losses, with net profits declining from 2021 to 2024, totaling over 2.8 million yuan in losses, and non-recurring net profits have been in the red for nine consecutive years, accumulating losses exceeding 46 million yuan [4][5]. - Due to these ongoing losses, the company is on the brink of delisting, having triggered delisting indicators under new regulations, with reported revenues of only 1.17 billion yuan last year [5]. Group 3: Business Transformation Efforts - In an attempt to reverse its fortunes, the company is shifting from traditional construction to the wind power mixed tower mold market, primarily through its subsidiary Zhejiang Zhuangchen [6]. - Despite these efforts, the company has not seen significant improvement in its financial situation, with ongoing losses expected in the first half of the year due to intense competition and low demand in its traditional mold market [6].

证券代码：000627 证券简称：*ST天茂 公告编号：2025-030 天茂实业集团股份有限公司 股票可能被终止上市的第四次风险提示公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 票交易被实施退市风险警示暨停复牌安排的公告》（公告编号：2025-022），公司无法在法定 期限内披露 2024 年年度报告和 2025 年第一季度报告，公司股票已自 2025 年 5 月 6 日开市起 停牌，公司在股票停牌的两个月内仍未能披露 2024 年年度报告和 2025 年第一季度报告，公司 股票于 2025 年 7 月 8 日复牌并被实施退市风险警示。 市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、完整的 2024 年年度报告， 深圳证券交易所将决定终止公司股票上市交易。 险警示期间，公司应当至少每五个交易日披露一次公司股票可能被终止上市的风险提示公告。 敬请广大投资者理性投资，注意风险。 告》（公告编号：2025-015），公司收到中国证券监督管理委员会下发的《立案告知书》（证 监立案字 00502025004 号），因涉嫌未按期披露定期报 ...

Core Viewpoint - The extreme trading behavior of *ST Guandao highlights the speculative nature of the stock market, particularly in the context of companies facing delisting risks, with significant price fluctuations driven by retail investors and speculative funds [1][2][4]. Group 1: Stock Performance - On July 31, *ST Guandao opened at a limit-down price of 6.60 yuan, but within a minute, a large volume of buy orders pushed the stock price up by 20%, eventually closing at a limit-up price of 12.24 yuan, marking a daily increase of 29.94% with a trading volume of 2.31 billion yuan and a turnover rate of 51.63% [1]. - Since June 25, *ST Guandao has experienced six instances of 30% limit-up within seven trading days, resulting in a cumulative increase of 356.72% [1]. Group 2: Trading Dynamics - The stock's price surge occurred after the company underwent its third suspension for verification, with previous suspensions failing to dampen speculative interest, instead reinforcing the expectation that scrutiny would lead to further price increases [1][2]. - Following regulatory actions against two individual investors for market manipulation, the stock continued to rise, with a 29.93% increase on July 16, indicating persistent speculative buying despite regulatory scrutiny [2]. - Data from the trading board revealed a rapid rotation of over 20 different trading seats, indicating a shift from institutional to retail investor participation in the stock's trading activity [2]. Group 3: Regulatory Context - *ST Guandao has issued seven warnings regarding delisting risks, with the China Securities Regulatory Commission indicating that the company had inflated revenue by 1.465 billion yuan from 2018 to mid-2024, which constitutes a serious violation of listing rules [3]. - Market experts suggest that the unique trading rules of the Beijing Stock Exchange, particularly the 30% price fluctuation limit, have been exploited for speculative trading, prompting calls for stricter regulations on stocks at risk of delisting [4].

Core Viewpoint - *ST Guandao (839680.BJ) has experienced extreme market fluctuations, with a significant price increase of 29.94% on July 31, despite having issued seven delisting risk warnings. The stock's price surged from a limit down of 6.60 yuan to a closing price of 12.24 yuan, reflecting a cumulative increase of 356.72% since June 25 [2][3]. Group 1: Stock Performance - On July 31, *ST Guandao opened at a limit down price of 6.60 yuan and saw a rapid increase of 20% within one minute due to large buy orders, eventually closing at a limit up price of 12.24 yuan with a trading volume of 2.31 billion yuan and a turnover rate of 51.63% [2]. - The stock has recorded six instances of 30% limit up within seven trading days, indicating a highly volatile trading environment [2][3]. - The stock's daily fluctuation reached 59.87%, showcasing extreme volatility in its trading activity [2]. Group 2: Trading Dynamics - Following the third suspension for verification, previous suspensions had not deterred speculative trading, instead reinforcing the expectation that scrutiny would lead to price increases [2][3]. - The trading activity from June 25 to July 16 revealed a shift from institutional to retail investor participation, with over 20 different trading seats appearing on the leaderboard during this period [3]. - On July 31, retail investors accounted for a significant portion of the trading, with the top five buying seats dominated by retail accounts, indicating a growing involvement of individual investors in the speculative trading of *ST Guandao [3][4]. Group 3: Regulatory Environment - The Beijing Stock Exchange has previously imposed maximum penalties on two individual investors for their roles in manipulating the stock price, highlighting regulatory scrutiny in response to extreme trading behaviors [3]. - The stock has been under scrutiny due to allegations of significant revenue inflation, with a reported cumulative inflated revenue of 1.465 billion yuan from 2018 to mid-2024, which could lead to mandatory delisting [4]. Group 4: Market Recommendations - Market experts suggest that the trading rules for stocks at risk of delisting should be tightened, proposing adjustments to the price limits for buy orders to mitigate excessive speculation [5]. - There is a consensus among industry insiders that ordinary investors should avoid participating in such speculative trading activities to prevent being left holding the bag before potential delisting [6].

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (*ST Guangdao) faces significant risk of being forcibly delisted due to major legal violations, as indicated by the China Securities Regulatory Commission's ongoing investigation and the issuance of an administrative penalty notice [1][2] Group 1: Company Status - *ST Guangdao was placed under investigation by the China Securities Regulatory Commission on December 4, 2024, for suspected legal violations [1] - The company received an administrative penalty notice on June 13, 2025, which suggests a high likelihood of being forcibly delisted [1] - The stock was suspended for one day on April 30, 2025, due to the issuance of an "unable to express an opinion" audit report for the 2024 annual report, leading to a significant drop in stock price upon resumption of trading [1] Group 2: Financial and Operational Issues - The audit report highlighted three main reasons for the inability to express an opinion: fabrication of contracts to inflate revenue and profits, ongoing investigation for information disclosure violations, and severe operational challenges including halted main business and significant employee turnover [2] - The company has outstanding bank loans amounting to 32.21 million yuan, raising concerns about its ability to continue operations [2] Group 3: Investor Concerns - Investors are currently seeking compensation for losses incurred, particularly those who purchased shares before December 4, 2024, and sold or held them after December 5, 2024 [2] - The company has not planned any major restructuring or strategic investments, which may further exacerbate investor concerns regarding stock price volatility [1]

Core Viewpoint - *ST WanFang has been subjected to a formal investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, marking the second instance of such scrutiny since July 2025 [1][5]. Group 1: Financial Performance - The company reported a significant decline in gross profit margin, dropping from 29.24% in 2021 to 20.94% in 2022, and further plummeting to 3.15% in 2023, before a slight recovery to 5.59% in 2024 [2]. - For the first half of 2025, the company anticipates a net loss of between 4.5 million to 6.5 million yuan, indicating a shift from profit to loss year-on-year [2]. - In 2024, the company generated revenue of 3.91 billion yuan, with a net profit of 10.65 million yuan, but reported a net loss of 460.13 million yuan after excluding non-recurring gains and losses [6]. Group 2: Business Structure and Risks - The company's revenue heavily relies on the agricultural processing business, which has a low gross profit margin of only 2.5% in 2024, while the higher-margin military business contributes minimally to overall revenue [3]. - The company has faced repeated scrutiny for its information disclosure practices, with a recent incident involving a significant downward revision of its profit forecasts and revenue estimates [5][6]. - The imbalance in the product structure has amplified the overall gross profit margin volatility risk, with agricultural processing accounting for over 80% of revenue [2].

Core Viewpoint - The control change of Helen Piano (300329.SZ) is a response to its declining performance and potential delisting risk, with the new controller, Cui Yongqing, expected to bring a digital transformation to the company [1][3][6] Group 1: Control Change - The current controlling shareholders, Chen Hailun, Jin Haifen, and Chen Chaofeng, plan to transfer a total of 60,260,600 shares (23.83% of total shares) for 548 million yuan to Quantuo Zhuodai, resulting in Cui Yongqing becoming the new actual controller [1][2] - After the transaction, Helen Investment's shareholding will decrease from 27.41% to 20.56%, while Quantuo Zhuodai will become the largest shareholder with a 23.83% stake [2] Group 2: Financial Performance - Helen Piano's revenue has significantly declined from 379 million yuan in 2022 to 159 million yuan in 2024, with net losses of 78.85 million yuan and 97.92 million yuan in 2023 and 2024 respectively [3][4] - The company is on the brink of delisting, as it risks being flagged for delisting if it continues to report negative net profits and revenue below 100 million yuan for two consecutive years [3] Group 3: Market Environment - The traditional piano industry is facing challenges, including rising manufacturing costs and competition from international brands and the second-hand piano market, leading to a drastic drop in market demand from 500,000 units in 2019 to 85,000 units currently [4] - Sales of upright pianos, a core product for Helen Piano, have also seen significant declines, with sales dropping from 22,792 units in 2022 to 9,452 units in 2024, representing year-on-year decreases of 32.68%, 15.63%, and 50.85% respectively [4] Group 4: Strategic Adjustments - In response to declining traditional piano sales, Helen Piano is shifting focus towards smart musical instruments, achieving a 140.45% increase in digital piano sales in 2024, although this segment still accounts for less than 3% of total revenue [5] - The company has also attempted to expand its art training business since 2014, but faced challenges due to high initial costs and recent policy changes affecting the education sector, leading to impairment provisions of 38.80 million yuan and 41.18 million yuan for 2023 and 2024 respectively [5][6]

Core Viewpoint - The company has officially changed its name from "Zhongrun Resources Investment Co., Ltd." to "Zhaojin International Gold Co., Ltd." and its stock abbreviation from "Zhongrun Resources" to "Zhaojin Gold" after a tenfold increase in stock price within a year [1] Group 1: Name Change and Strategic Shift - The name change is a strategic move following the change of controlling shareholder, aimed at strengthening the focus on the gold business and enhancing brand recognition [2] - The change reflects the transition to a new controlling shareholder, Shandong Zhaojin Ruining Mining Co., Ltd., which is a leading comprehensive gold producer in China [4] - The company aims to fully focus on gold mining and sales, having divested from non-core real estate businesses, which has led to a significant structural improvement in performance [4][6] Group 2: Financial Performance and Business Focus - In Q1 2025, Zhaojin Gold's revenue increased by 95.79% year-on-year, primarily due to strong contributions from new gold concentrate sales and the low base effect from the completed divestment of the real estate business [4] - The real estate business, which accounted for over 50% of revenue in 2021, has been largely divested, with its revenue share dropping to 2.5% in 2022 and nearly completed by 2023 [6] - The company’s core asset, the Vatukoula Gold Mine in Fiji, is strategically significant but has faced production challenges, with gold output declining by 13.8% year-on-year in 2024 [7] Group 3: Debt and Risk Considerations - Zhaojin Group, the controlling shareholder, has a high overall debt level, which poses potential risks to Zhaojin Gold if financial pressures are transmitted [9] - As of Q1 2025, Zhaojin Group's total debt was approximately 55.05 billion yuan, with a significant portion being short-term debt [9] - Despite historical good repayment records, the short-term nature of the debt structure raises concerns about potential risks if market conditions change [9] Group 4: Market Reaction and Valuation - Following the name change and the lifting of the ST (special treatment) status, Zhaojin Gold's stock price has increased significantly, achieving nearly a twelvefold rise from its lowest point in 2024 [11][12] - The company has shown improvement in financial performance, with a revenue increase of 17.17% in 2024, but its profitability remains fragile and highly dependent on gold price fluctuations [12][15] - The current valuation of Zhaojin Gold is significantly above the industry average, raising concerns about the sustainability of its performance improvements [15]

Group 1 - The stock price of ST Lingnan (002717) closed at 1.74 yuan on July 29, 2025, down 2.79% with a turnover rate of 4.82% and a trading volume of 771,100 shares, amounting to a transaction value of 134 million yuan [1] - On July 29, 2025, the net outflow of main funds from ST Lingnan was 33.67 million yuan, while retail investors saw a net inflow of 24.89 million yuan [2][4] - The company announced that it would issue convertible bonds, with the second phase of repayment scheduled for July 31, 2025, based on the remaining bond quantity of 4,107,192 units, with a repayment ratio of 1 bond for every 13 held [2] Group 2 - The company reported a significant decline in revenue for 2024, with total operating income of 861.84 million yuan, down 59.55% year-on-year, and a net loss of 984.33 million yuan, although the loss scale decreased by 9.86% [2] - In Q1 2025, the operating income was 67.60 million yuan, a year-on-year decrease of 77.85%, with a net loss of 66.40 million yuan, representing a reduction in loss scale by 26.36% [2] - Due to the inability to repay the "Lingnan Convertible Bonds," the company's credit rating has been downgraded to C level, indicating ongoing operational risks and potential delisting [2][4]