ST新潮（600777）公告，因定期报告涉及的部分财务信息需要进一步补充提供，公司无法在法定期限 内披露2024年年度报告及2025年第一季度报告。根据《上海证券交易所股票上市规则》，公司股票自 2025年5月6日起停牌。如公司在股票停牌两个月内仍未披露2024年年度报告，将被实施退市风险警示并 复牌。如公司股票交易被实施退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，公司股票存在被上海证券交易所决定终止上市的风险。 ...

Core Viewpoint - *ST Yuancheng is facing severe financial and regulatory challenges, including potential delisting due to false financial disclosures and continuous operating losses [1][13][14]. Financial Performance - The company has experienced a significant decline in revenue and net profit from 2020 to 2024, with revenues dropping from 5.97 billion yuan in 2020 to 1.46 billion yuan in 2024, and net profits turning from a profit of 925.31 million yuan in 2020 to a loss of 325.26 million yuan in 2024 [7]. - In Q1 2024, the company reported a revenue of 36.01 million yuan, a year-on-year increase of 25.34%, but the net loss expanded to 25.32 million yuan compared to a loss of 22.46 million yuan in the same period last year [8]. Regulatory Issues - The company received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into false disclosures in its annual reports, which could lead to mandatory delisting if found guilty [1][13]. - The company has a history of regulatory warnings, including a recent warning from the Zhejiang Securities Regulatory Bureau for inaccuracies in financial disclosures [9][10]. Delisting Risks - *ST Yuancheng's stock has been placed under delisting risk warnings due to financial indicators that meet the criteria for mandatory delisting as per the stock listing rules [14]. - As of July 2, 2023, there are 23 companies facing delisting, with *ST Yuancheng being one of them due to both major violations and financial issues [15][16].

【导读】因涉嫌年报等定期报告财务数据虚假披露， *ST 元成被证监会立案调查 7 月 1 日， *ST 元成发布公告称，因公司涉嫌年报等定期报告财务数据虚假披露 ，根据 《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规， 中国证监会决定对 公司及公司控股股东、实际控制人祝昌人立案。 *ST 元成提示称，若后续经中国证监会行政处罚认定的事实，触及《上海证券交易所股票上 市规则》规定的重大违法强制退市情形 ，公司股票将被实施重大违法强制退市。 中国基金报记者 李智 | 載止日期 | | 2025-03-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期 | | 一季报 | 年报 | 电影 | 年报 | 年报 | 年报 | | 报表类型 | | 合并报表 | 合并报表 | 合并报表 | 合并报表 | 合并报表 | 合并报表 | | ∨ 利润表摘要 | | | | | | | | | 雪业总收入 | = | ...

【导读】基金公司出手！下调天茂集团估值 中国基金报记者若晖 停牌近两个月时间，"超级牛散"刘益谦旗下上市公司遭到基金公司"补刀"——下调估值。 7月1日，汇添富基金公告，对旗下证券投资基金所持有的"天茂集团"按照0.27元/股进行估值，这一估值 相比停牌前2.74元/股的价格，下调幅度超过90%，可谓"脚踝斩"。 今年5月6日，天茂集团因未按时披露2024年年报被深交所停牌，若停牌两个月内（截至7月6日）仍无法 披露2024年年报，天茂集团将被实施退市风险警示（*ST），随着7月6日的时间节点日益临近，天茂集 团未来何去何从备受市场关注。 基金公司下调天茂集团估值 下调幅度超90% 停牌接近2个月，面临被实施退市风险警示的天茂集团遭到基金公司猛砍估值。 7月1日，汇添富基金发布关于旗下部分基金估值调整情况的公告，公告中称，根据《中国证监会关于证 券投资基金估值业务的指导意见》（中国证券监督管理委员会公告〔2017〕13号）的有关规定，汇添富 基金与基金托管人协商一致，决定自2025年6月30日起：对旗下证券投资基金所持有的"天茂集团（证券 代码：000627）"按照0.27元/股进行估值。 汇添富称，本公司将 ...

Core Viewpoint - The valuation of Tianmao Group has been drastically reduced by over 90% by Huitianfu Fund, reflecting severe market pessimism regarding the company's future prospects [2][3][10] Group 1: Valuation Adjustment - On July 1, Huitianfu Fund announced a new valuation for Tianmao Group at 0.27 CNY per share, down from 2.74 CNY per share prior to the suspension, marking a significant decline [2][4][7] - The adjustment was made in accordance with the guidelines from the China Securities Regulatory Commission regarding the valuation of securities investment funds [4][7] Group 2: Suspension and Reporting Issues - Tianmao Group's stock was suspended on May 6 due to its failure to disclose the 2024 annual report on time, with a warning of potential delisting if the report is not released within two months [8][9] - The company confirmed on April 30 that it could not meet the legal deadline for the 2024 report, leading to a significant drop in stock price and subsequent suspension [9][10] Group 3: Underlying Issues - The suspension is attributed to ongoing operational imbalances at its subsidiary, Guohua Life Insurance, which is facing liquidity pressures and deteriorating asset quality [9][10] - Industry insiders suggest that the company's inability to disclose financial reports is a critical indicator of its financial distress, with the risk of delisting becoming imminent [10]

Group 1 - The A-share market appears calm on the surface, but there are significant underlying movements, with 51 listed companies quietly implementing share reduction plans while ordinary investors face survival challenges [2] - A wave of delistings is occurring, with 9 companies, including ST Hengli, suddenly terminating their listings, and 56 companies expected to delist by 2025 due to stock prices falling below 1 yuan for 20 consecutive days [3][5] - Major shareholders are cashing out significantly, with Mindray Medical's shareholders cashing out 1.168 billion yuan and New Dairy's controlling party cashing out 488 million yuan, while original shareholders of Mag Valley Technology enjoy a 28-fold profit [3][8] Group 2 - A massive unlock of shares is exacerbating market challenges, with Qiaoyuan shares having a 907% unlock ratio and Longqi Technology at 899%, leading to a ninefold increase in circulating shares [7] - High-priced stocks are suffering, with ST Yushun's stock price plummeting over 60%, and 15 stocks have fallen below the critical price of 1.5 yuan, with ST Pengbo at 0.62 yuan [7] - Internet giants are retreating, with Alibaba cashing out 13.1 billion yuan from Gaoxin Retail and Tencent reducing its stake in Weimeng for 1.6 billion yuan, indicating a contraction in investment [8] Group 3 - New regulatory measures are closing loopholes for indirect share reductions, requiring a six-month lock-up for divorce-split shares and halting judicial auction-based reductions [9] - Private equity firms are adjusting their strategies, avoiding companies with over 300% unlock ratios and those with major shareholder pledges exceeding 80%, while increasing positions in leading mechanical firms and core assets in communications and semiconductors [10] - The tightening of regulations and market normalization will be crucial in the ongoing battle between capital interests and retail investors [10]

表1 截至 2025 年 6 月 24 日公司委托联合资信进行信用评级的存续期内公开发行债 券情况 联合〔2025〕5349 号 联合资信评估股份有限公司关于 东方时尚驾驶学校股份有限公司公开发行可转换公司债券 受东方时尚驾驶学校股份有限公司（以下简称"公司"或"东方时尚"）委托，联合资信评估 股份有限公司（以下简称"联合资信"）对公司及其发行的相关债项进行了信用评级。除评级委托 关系外，联合资信、评级人员与公司不存在任何影响评级行为独立、客观、公正的关联关系。 期信用等级由 B 下调至 CCC，"东时转债"信用等级由 B 下调至 CCC，评级展望为负面。 截至 2025 年 6 月 24 日，公司由联合资信评级的存续债券为"东时转债"，债券余额为 0.9784 亿元，公司在跟踪期内按时足额付清"东时转债"本年度利息。 （3）截至 2024 年 12 月 31 日，公司对控股股东东方时尚投资有限公司（以下简称"东方时尚 投资"）其他应收款余额为 35,000,000.00 元，坏账准备为 3,500,000.00 元。该项其他应收款系控股 股东通过应收账款保理方式占用公司资金，构成关联方非经营性资金占用。公司 ...

作 者丨崔文静 又有上市公司被重罚！ 根据*ST紫天近日公告， 其收到证监会3份行政处罚告知。 2024年，*ST紫天曾联合审计机构拒绝、阻碍监管部门执法，市场即猜测目的是为隐瞒财务造 假重大违法行为。从如今处罚结果来看，坐实公司通过虚构短信发送服务业务、虚增互联网 广告费代充值业务等行为虚增收入及利润，并且虚增收入、利润金额大、比例高，违法行为 恶劣。 2022年至2023年财务造假、阻碍执法、未按期披露2024年定期报告，三者分别触及不同的强 制退市指标，使得*ST紫天同时面临三重退市风险——退市，成为*ST紫天难以扭转的结局。 多重罪状下，财产罚与资格罚同时到来。*ST紫天现任与过往管理层共12人共计被罚约4000万 元，2名主要责任人被终身市场禁入，另有部分责任人被处以5至10年市场禁入。 细看*ST紫天罚单，两个细节值得关注。 细节一，财务造假手段上，除了虚构业务等造假惯用伎俩外，通过总额法虚增收入，是*ST紫 天年报虚假记载的一大原因。 细节二，*ST紫天不仅财务造假，而且拒不配合执法。2024年，福建证监局曾要求*ST紫天报 送2021年至2023年完整财务明细账等相关资料，*ST紫天迟迟未曾提 ...

Core Viewpoint - *ST Zitian is facing significant delisting risks due to financial fraud, obstruction of law enforcement, and failure to disclose annual reports on time [1][5]. Financial Fraud - *ST Zitian inflated its revenue by nearly 2.5 billion yuan from 2022 to 2023, with specific instances including a 778 million yuan inflation in the 2022 annual report and a 207 million yuan inflation in the 2023 semi-annual report [1][2]. - The 2023 annual report showed an inflated revenue of 1.721 billion yuan due to improper revenue recognition methods [2]. Legal Penalties - The Fujian Securities Regulatory Bureau has imposed penalties on *ST Zitian and 12 responsible individuals for their illegal activities, including fines and lifetime market bans for certain individuals [3]. - The company faces a fine of 3.5 million yuan for failing to disclose the 2024 annual report on time, along with additional fines for its executives [4]. Delisting Risks - The company's stock price has dropped nearly 60% since the beginning of the year due to the aforementioned issues, leading to a warning about potential delisting [5][7]. - If *ST Zitian does not rectify its issues by July 19, 2025, its stock will be delisted, and it may face mandatory delisting due to serious violations [7].

【导读】 *ST 紫天财务造假、阻碍执法、年报未披露，存在极大退市风险 见习记者 储是 据 6 月 28 日公告，福建证监局对 *ST 紫天的三个违法行为一并作出处罚，分别是对 拒绝 阻碍执法行为 的正式行政处罚、对 财务造假行为 的行政处罚事先告知和对 未按期披露年报 的行政处罚事先告知。 财报造假 虚增收入近 25 亿元 据公告信息计算， *ST 紫天在 2022 年至 2023 年合计虚增收入 24.99 亿元。 2022 年年度报告中， *ST 紫天虚构互联网广告费代充值业务、短信发送服务业务等行为， 导致其 2022 年年度报告虚增收入 7.78 亿元、虚增利润 0.85 亿元，分别占年度营业收入的 44.59% 、利润总额的 35.99% 。 2023 年半年度报告中， *ST 紫天在云服务业务未开工、未经客户验收通过且未收到任何款 项情况下提前确认营业收入，导致其 2023 年半年度报告虚增营业收入 2.07 亿元、利润 0.79 亿元，占当期营业收入的 14.56% 、利润总额的 51.64% 。 2023 年年度报告中， *ST 紫天旗下孙公司宁波麦粒网络科技有限公司在开展的互联网广告 费代 ...