Core Viewpoint - *ST Muban has faced significant challenges in its transition from a toy manufacturer to a photovoltaic company, resulting in a drastic decline in stock price and financial performance [1][4]. Group 1: Company Background and Transition - *ST Muban, established in 2003, initially focused on educational toys and gained recognition with its "Bangbao" brand, likened to a "Chinese version of LEGO" [5]. - The company sought a "second curve" for growth due to stagnation in its toy business, leading to a controversial acquisition of Haoyuan Energy for 980 million yuan, despite its net assets being only 170 million yuan [6]. Group 2: Financial Performance - In 2024, *ST Muban reported a revenue of 277 million yuan, a staggering decline of 83.24% year-on-year, with a net loss of 1.162 billion yuan, marking a 4208.14% decrease compared to the previous year [8][10]. - The photovoltaic segment was the primary contributor to the financial downturn, with its revenue dropping by 76.73% and a gross margin of -65.98%, a decrease of 74.22 percentage points [10]. Group 3: Recent Developments and Risks - In Q1 2025, the company continued to experience a downward trend, with revenue falling by 59.28% to 6.028 million yuan and a net loss of 99.486 million yuan, alongside a gross margin of -91.14% [11]. - The company is facing liquidity issues, with judicial deductions of funds amounting to 42.545 million yuan due to contractual disputes, totaling 122 million yuan in deductions and 34.881 million yuan frozen [13]. - Due to negative profit and revenue below 300 million yuan, *ST Muban's stock is under delisting risk, with additional warnings due to internal control issues [13].

Core Viewpoint - Multiple listed companies have received the CSRC's "Notice of Investigation" for failing to disclose their 2024 annual reports on time, which poses a risk of delisting [1][2] Group 1: Companies Involved - Companies such as ST Xinchao, *ST Hengli, Tianmao Group, Jinlitai, and another Z Company have been formally investigated by the CSRC for their delayed annual report disclosures [1][2] - The simultaneous investigation of five companies for annual report issues is a rare occurrence in the market [1] Group 2: Regulatory Framework - Listed companies are required to disclose their annual reports by April 30 each year, which is a fundamental obligation [1] - Failure to disclose annual reports can lead to delisting risks as per the rules of the Shanghai and Shenzhen stock exchanges [2][3] Group 3: Reasons for Delays - The reasons for the delayed disclosures vary among the companies, including frequent changes in auditing firms, inability to obtain key audit evidence, and failure to hire qualified auditing firms [2] - Z Company, for instance, has faced issues due to false financial reporting and has not complied with regulatory requirements for rectification [2][3] Group 4: Potential Consequences - If Z Company fails to complete the required rectification within the stipulated time, its stock may face delisting risk warnings and potentially be terminated from listing [3] - The behavior of refusing to complete rectification and not hiring auditing firms can be interpreted as a form of "voluntary delisting" [3] Group 5: Market Implications - The introduction of a voluntary delisting system in 2014 has seen very few companies actually choose this route, indicating a rarity in the market [3] - There is a concern that some companies may use voluntary delisting as a means to cover up significant violations or evade regulatory accountability [4]

【环球网财经综合报道】日前，有6家*ST公司发布公告称，收到《终止上市事先告知书》，其中5家触及财务类强制退市指标，1家触及交易类强制退市指 标。 具体来看，*ST中程5月7日公告称，公司收到深交所下发的《终止上市事先告知书》，拟被终止股票上市交易。此前，*ST中程因2023年度经审计的期末净 资产为负值，股票交易已被实施退市风险警示。2024年年度报告显示，公司财务会计报告被出具保留意见的审计报告，财务报告内部控制被出具否定意见的 审计报告，触及深交所《股票上市规则（2025年修订）》相关股票终止上市情形。 *ST人乐于5月6日公告称，公司收到《终止上市事先告知书》，深交所拟决定终止其股票上市交易。因2023年度经审计的净资产为负值，公司股票已被实施 退市风险警示。2024年度，公司经审计的期末净资产为-4.04亿元，财务会计报告被出具无法表示意见的审计报告，财务报告内部控制被出具否定意见的审 计报告，触及深交所相关股票终止上市情形。 *ST工智也因2024年度财务会计报告被出具无法表示意见的审计报告，财务报告内部控制被出具否定意见的审计报告，收到《终止上市事先告知书》。公司 5月9日晚公告称，已在规定期限 ...

6家*ST公司收到终止上市事先告知书 多重退市风险齐发 多家*ST公司收到终止上市事先告知书 定，上市公司出现两项以上退市风险警示、终止上市情形的，其股票按照先触及先适用的原则实施退市 风险警示、终止上市。因此，深交所依据财务类强制退市情形的规则向公司发出终止上市事先告知书。 老牌连锁超市人人乐（现"*ST人乐"）也走到退市的一步。公司于5月6日收到《终止上市事先告知 书》，深交所拟决定终止公司股票上市交易。公告显示，因*ST人乐2023年度经审计的净资产为-3.87亿 元，公司股票已被实施退市风险警示。2024年度，*ST人乐经审计的期末净资产为-4.04亿元，财务会计 报告被出具无法表示意见的审计报告，财务报告内部控制被出具否定意见的审计报告。公司触及深交所 《股票上市规则（2025年修订）》第9.3.12条第一款第二项、第三项和第五项规定的股票终止上市情 形。 此外，*ST工智也因2024年度财务会计报告被出具无法表示意见的审计报告，财务报告内部控制被出具 否定意见的审计报告，收到《终止上市事先告知书》。公司5月9日晚公告称，公司已在规定期限内向深 交所提交听证申请。 ◎记者 王玉晴 近期，多家*ST公 ...

奥一新闻注意到， "民营超市第一股"、深圳知名连锁超市人人乐即将告别A股市场。 5月7日晚，*ST人乐发布公告称，公司收到深交所的《终止上市事先告知书》，因2023年度经审计的净资产为-3.87亿元，且2024年度财务报告被出具无法 表示意见的审计报告等原因， 深交所拟决定终止公司股票上市交易。值得注意点是， 公司董事长侯延奎于2025年3月19日因身体健康原因申请辞职。 图源：IC photo ··· 曾是深圳老牌零售明星企业 近年来业绩持续下滑 人人乐成立于1996年，曾是深圳零售企业的旗帜之一， 曾在深圳与沃尔玛、家乐福并驾齐驱。2010年上市后，公司连续多年营收过百亿元，门店遍布全 国。 然而，近年来其业绩持续下滑，连续多年亏损，如今已是资不抵债。 2024年年报显示， 人人乐营收约为14.3亿元，同比骤降49.86%，总资产减少50.94%，净资产约为-4.04亿元。 此前，人人乐在2025年1月27日发布业绩预告，预计2024年归属于上市公司股东的净利润4.1亿元至4.6亿元，一举结束连续三年的亏损。但随着年报发布， 业绩大变脸， 从预告的盈利超4亿元变成了亏损1729.65万元。 这一净资产数据 ...

整理 ｜ 钟艺璇 #Big News# 又一家茶饮公司上市了 外媒报道指出，这笔交易发生在特朗普政府关税政策带来诸多"不确定性"的背景之下。此前，在4月 发布的一季度财报中，斯凯奇并没有依照惯例发布关于下一季度营收预期的"业绩指引"。其首席财务 官约翰·范德莫尔解释说，"当前环境变动过于频繁"，公司无法作出足够可靠的业绩规划。 斯凯奇并未解释私有化原因，但其在5月2日发布的一份文件中表示，美国政府最近颁布的关税政策以 及税率的不可预测性，对公司的业务运营造成了重大风险，并可能大幅增加公司的成本，降低公司利 润率。关税也可能导致公司的产品定价更高，可能会减少消费者需求，影响产品销售量。 5月8日，沪上阿姨在香港上市，全球共发售约241万股，发行比例2.3%，最终发售价113.2港元，共 计融资2.7亿港元。截至当日收盘，股价为158.4港元，市值166亿港元。 沪上阿姨成立于2013年，以"五谷奶茶"起家，后拓展至鲜果茶等领域。截至2024年底，沪上阿姨已 在全国300多个城市开设9176家门店，其门店布局主要集中在下沉市场，约50%的门店位于三线城 市及三线以下城市。按门店数和定位计算，其在中国北方中价（9- ...

Core Viewpoint - The recent execution reward announcement by the Shenzhen Qianhai Cooperation Zone People's Court has exposed legal issues surrounding Zhong Baisheng, the chairman of Tengbang Group, involving an unexecuted amount exceeding 30,000 yuan [1][6]. Group 1: Company Background - Zhong Baisheng is the founder and chairman of Tengbang Group, which includes Tengbang Holdings, a delisted H-share company, and Tengbang International, which has also been delisted from A-shares [2]. - Tengbang Holdings was the first company to be delisted in Hong Kong in 2025, with its trading suspended since April 3, 2023, and its listing status canceled on January 3, 2025 [6]. Group 2: Legal Issues - The unexecuted amount of over 30,000 yuan includes related debt interest, execution fees, and actual expenses incurred during the execution process [6]. - Tengbang Holdings was ordered into liquidation by the Hong Kong High Court in September 2023, and a stock auction for its pledged shares failed to attract bids, indicating a lack of investor interest [8]. - Legal compliance issues have plagued the "Tengbang system," with past administrative penalties from the China Securities Regulatory Commission for failing to disclose significant information [10]. Group 3: Ongoing Litigation - Zhong Baisheng and former executives of Tengbang Group have been involved in numerous lawsuits, with over a hundred civil cases initiated against former executives, some of whom have faced multiple lawsuits [10]. - The recent execution reward announcement highlights the deepening conflicts between Zhong Baisheng and related parties, indicating a severe breakdown in relationships [11]. - The refusal to pay a court-ordered lawyer fee of over 30,000 yuan has been cited as a direct trigger for the execution reward announcement [13].

Core Viewpoint - The increasing prevalence of "non-standard audit opinions" is becoming a significant indicator for delisting in the A-share market, reflecting ongoing improvements in the quality of financial information disclosure among listed companies [1][5]. Group 1: Non-Standard Audit Opinions - As of now, 191 out of 5403 listed companies in the A-share market received "non-standard audit opinions" for their 2024 annual reports, a decrease of 7.3% from 206 companies in 2023 [1][5]. - The breakdown of non-standard opinions includes 20 companies with "unable to express an opinion," 99 with "emphasis of matter" in unqualified opinions, and 72 with qualified opinions [1][2]. - The introduction of internal control audits for the ChiNext and Beijing Stock Exchange has led to 155 internal control non-standard opinions, with 38 companies receiving "negative opinions" [1][2]. Group 2: Audit Firms and Reasons for Non-Standard Opinions - A total of 44 accounting firms issued the 191 non-standard audit opinions, with Zhongxing Caiguanghua leading with 20 opinions, followed by Lixin with 16 [2]. - The primary reasons for non-standard opinions include uncertainties regarding business authenticity, limitations in audit scope, and significant doubts about the company's ability to continue as a going concern [2][3]. - Specific cases, such as *ST Dongtong and *ST Xinyuan, illustrate the challenges faced by companies in providing adequate audit evidence and the impact of ongoing investigations on audit outcomes [2][3]. Group 3: Delisting Risks - Companies receiving "unable to express an opinion" or "negative opinions" face delisting risks under the stock listing rules, with 20 companies already under delisting risk warnings [5][6]. - A total of 98 companies have received non-standard opinions for two consecutive years, with five companies facing potential delisting due to repeated "unable to express an opinion" reports [5][6]. - The new delisting regulations effective from January 1, 2025, may also lead to forced delisting for companies with three consecutive years of internal control non-standard opinions [6][7]. Group 4: Recommendations for Companies - Companies are advised to disclose the specifics and reasons for non-standard audit opinions promptly and to implement corrective measures [7][8]. - Maintaining close communication with audit firms and providing sufficient explanations and evidence for audit concerns can help mitigate the risks of receiving non-standard opinions in the future [7][8].

上海创兴资源开发股份有限公司 关于股票交易风险提示的公告 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。 上海创兴资源开发股份有限公司（以下简称"创兴资源"、"公司"或"本 公司"）股价近期涨幅较大，公司特别提醒广大投资者注意二级市场交易风险， 相关提示如下： 一、二级市场交易的风险 公司股票于 2025 年 5 月 6 日、5 月 7 日、5 月 8 日连续 3 个交易日内收盘价 格涨幅偏离值累计超过 12%，属于股票交易异常波动的情形，公司已于 2025 年 5 月 9 日披露了《股票交易异常波动公告》。2025 年 5 月 9 日，公司股票再次涨停。 鉴于公司股票价格短期涨幅较大，现郑重提醒广大投资者充分了解二级市场交易 风险，切实提高风险意识，理性决策，审慎投资。 二、公司存在退市风险 公司 2024 年度经审计的利润总额、净利润及扣除非经常性损益后的净利润均 为负值且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入 低于 3 亿元，根据《上海证券交易所股票上市规则》第 9.3.2 条第一款第（一）项 规 ...

证券代码：603389 证券简称：*ST 亚振 公告编号：2025-022 ? 生产经营风险。公司 2024 年度经审计的扣除非经常性损益后的净利润为 负值，且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入 低于 3 亿元，触及《上海证券交易所股票上市规则》第 9.3.2 条第一款第（一） 项规定，公司股票于 2025 年 5 月 6 日起实施退市风险警示。公司 2025 年第一季 度营业总收入为 4,067.57 万元（未审计），归属于上市公司股东的净利润为 -2,131.38 万元，归属于上市公司股东的扣除非经常性损益的净利润为-2,047.67 万元（未审计）。 ? 敬请广大投资者注意风险，理性决策，审慎投资。 公司于 2025 年 5 月 6 日、7 日、8 日连续三个交易日内收盘价格涨幅偏离值 累计超过 12%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异 常波动情况。公司已于 2025 年 5 月 9 日在指定信息披露媒体及上海证券交易所 网站（www.sse.com.cn）披露了《亚振家居股份有限公司股票交易异常波动暨风 险提示公告》（公告编号：2025-021）。 ...