关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 一、涉嫌财报虚假记载 12月22日晚，长药控股发布《关于立案调查进展暨风险提示公告》称，公司存在重大违法强制退市风 险、不符合重整条件的风险及财务类强制退市风险。 11月7日，*ST长药（维权）披露公告称因涉财报虚假记载，根据相关法律法规证监会对其立案调查。 这一立案调查意味着*ST长药可能涉嫌财务造假，正式调查结束后，如果违法行为被确认，公司将面临 严重后果。 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 上海沪紫律师事务所刘鹏律师提示投资者索赔唯有主动通过法律途径维权，才能弥补部分损失。（刘鹏 律师专栏） （2）于2025年11月7日（含当日）之前买入，并在2025年11月8日之后卖出或仍持有而亏。 二、两类投资者可维权 *ST长药目前面临多重退市风险，而证监会的立案调查只是其中之一。目前债务缠身、财务状况恶化以 及公司治理和内部控制方面存在严重缺陷。 值得注意的是此前长药控股因资金占用引发的投资者索赔案件此前已获终审胜诉，且诉讼时效还未 ...

清越科技公告称，公司因涉嫌定期报告等财务数据虚假记载，于此前被中国证监会立案。若后续经行政 处罚认定的事实触及重大违法强制退市情形，公司股票将被强制退市。截至公告披露日，调查尚在进行 中，公司未收到结论性意见或决定。目前公司经营、业务及财务状况正常，将配合调查，每月披露一次 风险性提示公告。 ...

Core Viewpoint - The company Lifan Shuke Co., Ltd. is facing administrative penalties and potential delisting due to financial fraud involving inflated revenue and costs totaling 638 million yuan from 2021 to 2023 [1][2][3]. Group 1: Financial Misconduct - Lifan Shuke inflated its revenue and costs through agency business, financing trade, and fictitious trade, resulting in a total inflated revenue of 638 million yuan and costs of 628 million yuan [1][4]. - The breakdown of inflated figures includes 280 million yuan in revenue and 277 million yuan in costs for 2021, 312 million yuan in revenue and 305 million yuan in costs for 2022, and 46 million yuan in revenue and 45 million yuan in costs for 2023 [1][4]. - The company engaged in financing trade that did not meet revenue recognition criteria, leading to further inflated financial statements [3][4]. Group 2: Regulatory Actions - The Anhui Securities Regulatory Bureau plans to impose a fine of 10 million yuan on Lifan Shuke and a total of 30 million yuan on 10 responsible individuals, including the chairman Wang Yi [1][4]. - The company is set to be delisted due to serious violations of securities laws, with trading of its stock suspended from December 1 and risk warnings implemented upon resumption [5][6]. - The case reflects a comprehensive regulatory approach that includes administrative penalties, market bans, criminal referrals, and accountability for intermediary institutions [2][7]. Group 3: Company Background and Performance - Lifan Shuke is a digital technology cloud service provider listed on the Shenzhen Stock Exchange since August 2012, focusing on new digital infrastructure [6]. - The company has reported continuous losses, with net losses of 623 million yuan in 2020, 9 million yuan in 2021, 155 million yuan in 2022, 124 million yuan in 2023, and 125 million yuan projected for 2024, totaling over 1 billion yuan in losses [6]. - Lifan Shuke is the 14th company this year facing potential delisting due to financial fraud, marking a record high for such cases [6].

12月1日，江苏吴中医药发展股份有限公司（*ST苏吴（600200）；600200.SH）发布公告称，公司已于12月1日收到上海证券交易所《关于江苏吴中医药发 展股份有限公司股票终止上市的决定》。根据该决定，公司股票自12月9日起进入为期15个交易日的退市整理期，预计最后交易日为12月29日。退市整理期 届满后5个交易日内，上交所将对公司股票予以摘牌，公司股票终止上市。 来源：*ST苏吴公告 此次退市决定源于中国证监会于11月25日下发的《行政处罚决定书》（〔2025〕145号）。该处罚书认定，*ST苏吴在2020年至2023年连续四年年度报告中 存在虚假记载，包括虚增营业收入合计17.71亿元、虚增利润总额7599.75万元，并未披露关联方非经营性资金占用，截至2023年末占用余额高达16.93亿元， 占净资产比例达96.09%。上述行为构成《上海证券交易所股票上市规则（2025年4月修订）》第9.5.2条第一款第（六）项规定的重大违法强制退市情形。 早在2025年2月26日，*ST苏吴即因涉嫌信息披露违法违规被中国证监会立案调查。同年5月，公司董事长钱群山被单独立案。7月13日，公司收到《行政处 罚事先告 ...

Core Viewpoint - ST Lifan has been found to have inflated revenue for three consecutive years, with the inflated amounts exceeding 50% of total revenue in two of those years, leading to significant penalties and the risk of delisting [1][2]. Financial Misconduct - The company was discovered to have engaged in financial fraud, inflating revenue by a total of 638 million yuan from 2021 to 2023, with specific years showing inflated revenues of 280 million yuan, 312 million yuan, and 46 million yuan respectively [2][4]. - The inflated revenues accounted for 50.09% and 51.67% of total revenues in 2021 and 2022 respectively [2]. - The Anhui Securities Regulatory Bureau imposed a total fine of 40 million yuan on the company and ten responsible individuals, with penalties ranging from 1 million to 5 million yuan for individuals [2][4]. Administrative Proceedings - The case has entered the administrative penalty phase, allowing responsible parties to present their statements and request hearings, with the regulatory body set to review the findings [3]. Stock Status and Risks - Following the financial misconduct, ST Lifan's stock will be suspended from trading on December 1, with a name change to *ST Lifan, indicating a higher risk of delisting due to major violations [1][4]. - The company has received a "non-standard" opinion on its annual report, indicating issues with internal controls and accounting practices [4]. Financial Performance - ST Lifan has reported cumulative losses exceeding 1 billion yuan over the past five years, with net profits declining consistently [6]. - The company has been focusing on transforming its business model but continues to face challenges, including liquidity issues and asset impairments [6][7]. Bankruptcy Proceedings - The controlling shareholder is currently undergoing bankruptcy restructuring, with the application accepted by the court, indicating potential challenges in the company's financial stability [7]. - A significant portion of shares held by major shareholders is under judicial auction due to debt disputes, further complicating the company's financial situation [7].

星标 ★ IPO日报 精彩文章第一时间推送 11月28日，中国证监会安徽证监局对立方数科股份有限公司（下称"ST立方"，300344.SZ）下发《行政处罚及市场禁入事先告知书》，揭开了这家公 司连续三年财务造假的黑幕。 调查显示，2021年至2023年期间，ST立方通过代理业务、融资性贸易和虚假贸易等手段累计虚增收入6.38亿元，虚增成本6.28亿元。 证监会拟对ST立方处以1000万元罚款，对汪逸等10名责任人合计罚款3000万元，并对三名主要责任人采取10年证券市场禁入措施。 由于涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序，ST立方股票自12月1日起停牌一天，12月2日起复牌并被实施退市风险警示，股票简 称变更为"*ST立方"。 张力制图 触发红线 安徽证监局查明，ST立方的财务造假行为具有系统性、长期性特征。 具体来看，2021年公司虚增收入2.80亿元、成本2.77亿元；2022年虚增收入3.12亿元、成本3.05亿元；2023年虚增收入0.46亿元、成本0.45亿元。 尤为引人关注的是，2021年和2022年虚假记载的营业收入金额合计达5.92亿元，占该两年披露的年度营业收入合计金额的5 ...

*ST元成（元成环境股份有限公司，股票代码603388）是一家以服务于"大环境"为宗旨，以生态景观、 绿色环保、休闲旅游为核心领域，以规划设计为引领，以产业投资为发展的产业链一体化的环境综合服 务商，其终止上市的具体情况及公司类型分析如下： 终止上市情况 公司类型及业务范围 公司资质与荣誉 终止上市日期：2025年12月5日。 终止上市原因：根据上交所决定，*ST元成股票终止上市的原因是2025年10月14日至11月10日期 间，公司连续20个交易日每日收盘总市值均低于5亿元，触及交易类强制退市情形。此外，公司还 涉嫌年报等定期报告财务数据虚假披露，证监会已对公司及公司控股股东、实际控制人立案调 查，这也可能对其退市产生了影响。 后续安排：公司股票终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办股份转 让系统设立并代为管理的两网公司及退市公司板块挂牌转让。 公司类型：环境综合服务商。 业务范围： 生态景观工程：包括园林绿化工程、园林古建筑工程等，公司具备风景园林工程设计专项甲级、 城市园林绿化壹级等资质。 绿色环保工程：涵盖污染治理及生态修复工程，如水污染治理工程、土壤修复工程、大气污染治 理工程 ...

Core Viewpoint - *ST Yuancheng has received a decision from the Shanghai Stock Exchange to terminate its stock listing due to continuous low market capitalization and financial losses, with the delisting date set for December 5, 2025 [1][3]. Group 1: Delisting Decision - The Shanghai Stock Exchange decided to terminate the listing of *ST Yuancheng's stock, effective December 5, 2025 [1]. - From October 14 to November 10, 2025, *ST Yuancheng's market capitalization was below 500 million yuan for 20 consecutive trading days [3]. - Following the delisting, the company's stock will be transferred to the National Equities Exchange and Quotations system for trading [3]. Group 2: Financial Performance - In the first three quarters of the year, *ST Yuancheng reported revenue of 102 million yuan and a net loss of 143 million yuan [7]. - The company's revenue has been declining, with figures of 294 million yuan, 274 million yuan, and 146 million yuan from 2022 to 2024, respectively, while net losses increased from 65.48 million yuan to 325 million yuan during the same period [7]. - The company has faced continuous operational challenges, leading to a warning about its ability to continue as a going concern in the 2024 audit report [7]. Group 3: Regulatory Issues - On October 10, 2025, *ST Yuancheng received a notice from the China Securities Regulatory Commission regarding administrative penalties for false reporting in annual reports from 2020 to 2022 [8]. - The company was found to have inflated project costs and revenues, which could lead to a forced delisting due to significant violations of stock listing rules [8]. - Proposed penalties include a fine of 37.45 million yuan for the company and a total of 42 million yuan for five responsible individuals, including the controlling shareholder [8].

11月28日，*ST元成(603388.SH)公告称，公司于11月28日收到上交所出具的《关于元成环境股份有限公司股票终止上市的决定》，上交所决定终止公司股 票上市。公司终止上市暨摘牌日为2025年12月5日。 公司股票终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办股份转让系统设立并代为管理的两网公司及退市公司板块挂牌转让。 *ST元成将于12月5日终止上市。 2025年10月10日，证监会对*ST元成涉嫌定期报告等财务数据存在虚假记载作出行政处罚并事先告知，*ST元成涉嫌触及重大违法强制退市情形，上交所 将依法启动退市程序。 证监会官网显示，*ST元成连续三年虚增收入和利润，违反证券法律法规。经查明，*ST元成主要通过以下手段造假： 一是虚增越龙山项目成本与产值，导致2020年至2022年年报中的营业收入和利润总额严重失实。 其中，*ST元成累计虚增营业成本约1.58亿元、营收2.09亿元、利润总额达5046.02万元。其中，2020年年报虚增利润总额3848.04万元，占当期披露金额的 36.60%；2021年年报虚增利润总额1109.39万元，占当期披露金额的19.32%；2022年年报虚 ...

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！ *ST元成（维权）将于12月5日终止上市。 11月28日，*ST元成（603388.SH）公告称，公司于11月28日收到上交所出具的《关于元成环境股份有 限公司股票终止上市的决定》，上交所决定终止公司股票上市。公司终止上市暨摘牌日为2025年12月5 日。 公司股票终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办股份转让系统设立并代为 管理的两网公司及退市公司板块挂牌转让。 2025年10月10日，证监会对*ST元成涉嫌定期报告等财务数据存在虚假记载作出行政处罚并事先告知， *ST元成涉嫌触及重大违法强制退市情形，上交所将依法启动退市程序。 证监会官网显示，*ST元成连续三年虚增收入和利润，违反证券法律法规。经查明，*ST元成主要通过 以下手段造假： 一是虚增越龙山项目成本与产值，导致2020年至2022年年报中的营业收入和利润总额严重失实。 其中，*ST元成累计虚增营业成本约1.58亿元、营收2.09亿元、利润总额达5046.02万元。其中，2020年 年报虚增利润总额3848.04万元，占当期披露金额的36.60%；20 ...