近日，吉药控股因股价连续20个交易日低于1元，成为2025年第四家触发退市机制的A股药企。从"化工 +医药"双主业光环到六年累亏超40亿，吉药控股的坠落轨迹，映射出医药行业在政策、治理与市场三 重压力下的生存危机。 吉药控股：从跨界神话到退市样本 吉药控股的退市之路堪称"教科书式"风险暴露案例。2014年，公司通过收购金宝药业切入医药赛道， 但"化工+医药"的协同效应始终未能兑现。公司营收从2018年峰值9.4亿元骤降至2024年不足3.6亿元，六 年累计亏损超40亿元。 2022年，原董事长孙军因涉嫌职务侵占被捕，涉案金额达3.3亿元。管理层动荡直接导致融资渠道断 裂，2024年负债率飙升至161.77%，短期债务与可用资金缺口高达21亿元对480万元。伴随业绩连年暴 雷，公司市值从2015年巅峰期的80亿元缩水至退市前不足5亿元，投资者用脚投票最终触发"1元退市"红 线。 2025退市新规显威，医药板块成重灾区 吉药控股并非孤例。2025年退市新规实施后，医药行业已现四例退市/拟退市案例，包括大理药业、龙 津药业、普利制药、吉药控股。医药企业退市潮背后，直指三大结构性矛盾。首先是政策冲击未出清， 带量采购 ...

Core Viewpoint - The implementation of the new "National Nine Articles" and accompanying delisting regulations has tightened financial delisting indicators, creating significant pressure for underperforming companies in the A-share market [1][5]. Group 1: Delisting Risk Warnings - As of April 28, 2024, a total of 41 companies will be subject to risk warnings due to financial non-compliance and internal control deficiencies, with their stock being suspended for one day on April 29 and renamed starting April 30 [2][3]. - Since the beginning of the year, 99 companies have been subjected to risk warnings, with 74 facing delisting risk due to market capitalization and 25 receiving other risk warnings [2]. - Companies like Guohua Network Security reported negative profits and revenues below 300 million yuan, triggering delisting risk warnings under the Shenzhen Stock Exchange rules [2][3]. Group 2: New Delisting Regulations - The new delisting regulations, effective from 2024, include stricter financial, trading, compliance, and major violation indicators for delisting risk warnings [5][6]. - The revenue threshold for main board companies has been raised from 10 million yuan to 30 million yuan, increasing the elimination of underperforming companies [6]. - The market capitalization delisting threshold for main board A-shares has been increased from 300 million yuan to 500 million yuan, while thresholds for the Sci-Tech Innovation Board and Growth Enterprise Market remain unchanged at 300 million yuan [6]. Group 3: Market Impact and Investor Protection - The new delisting regulations aim to enhance the overall quality of listed companies by increasing delisting standards and reducing the value of "shell" resources, effectively driving out underperforming entities [7]. - The regulations also emphasize deterrence against financial fraud and governance issues, making it more challenging to engage in shell trading [7]. - The implementation of these regulations is expected to accelerate the market's cleansing process, with a higher likelihood of companies being forcibly delisted due to financial misconduct [7].

4月29日，甘肃金刚光伏股份有限公司（以下简称"金刚光伏"）发布公告称，由于公司同时触及对股票 交易实施退市风险警示和其他风险警示的情形，公司股票自4月29日开市起停牌一天，4月30日开市起被 实施"退市风险警示""其他风险警示"，股票简称由"金刚光伏"变更为"*ST金刚"。 具体来看，被实施退市风险警示的情形主要涉及公司的财务状况。4月29日，金刚光伏发布的2024年年 度报告显示，公司2024年实现营业收入1.24亿元，同比下降78.69%；归属于上市公司股东的净利润-7.95 亿元，亏损规模同比扩大119.83%；归属于上市公司股东的扣除非经常性损益的净利润-7.44亿元，亏损 规模同比扩大102.6%；归属于上市公司股东的净资产-7.95亿元。 公告显示，报告期内，光伏行业周期下行，光伏产业链各环节竞争加剧，产能激增，供需失衡导致全产 业链价格暴跌，电池及组件产品售价及毛利率持续下行，且公司破产重整事项对公司正常经营造成重大 影响，公司产能利用率持续低位，产品毛利持续为负，导致亏损持续增加。 此外，永拓会计师事务所（特殊普通合伙）（以下简称"永拓事务所"）对公司2024年度财务报表出具了 无法表示意见 ...

Core Viewpoint - Z Company is facing potential delisting risks due to failure to appoint an annual auditor and non-compliance with regulatory requirements, which could lead to significant consequences for the company and its investors [1][2][3] Group 1: Company Issues - Z Company has been identified as a "problematic company" due to its refusal to cooperate with regulatory investigations and the presence of false records in its financial reports [1][2] - The company was ordered by the Fujian Securities Regulatory Bureau to rectify its issues and submit a corrected annual report, but it failed to do so within the stipulated timeframe [1][2] - Z Company previously engaged Beijing Yatai International Accounting Firm for auditing but failed to formalize the agreement and pay the audit fees, leading to the termination of this partnership [1] Group 2: Regulatory Environment - The Shenzhen Stock Exchange's rules state that if Z Company does not complete its rectification within two months of being suspended, it may face delisting risk warnings, and if it fails again in the following two months, it could be delisted entirely [1] - The regulatory framework for delisting has been strengthened in recent years, with new criteria introduced, including market value and trading volume thresholds [2][3] Group 3: Market and Investor Impact - Delisting due to human factors, such as financial fraud and major information disclosure violations, can be avoided, unlike delisting caused by market factors [3] - If Z Company is ultimately delisted due to its non-compliance and failure to correct its financial reports, it would result in a loss of its listing status and a significant drop in stock price, adversely affecting investors [3] - The recommendation is for regulatory bodies to impose strict penalties on companies that cause delisting due to human factors and to ensure compensation for affected investors [3]

Core Viewpoint - Recent investigations by the China Securities Regulatory Commission (CSRC) into three A-share companies highlight significant issues related to information disclosure violations, raising concerns about financial integrity and governance within these firms [1][2][3][4]. Group 1: Company-Specific Issues - Huizhou Intelligent is under investigation for inflating revenue and failing to disclose significant loan contract developments, resulting in a reported net loss of 371 million yuan for 2024, a staggering decline of 363.73% year-on-year [2]. - *ST Hengtai faces risks of delisting due to ongoing financial losses and potential information disclosure violations, with a reported revenue decline of 71.35% in 2024, exacerbating liquidity pressures [3]. - Lifan Digital Science's investigation focuses on irregularities in periodic report disclosures, with a significant downward revision of its 2024 loss forecast to 120 million yuan, indicating prior financial mismanagement [4]. Group 2: Regulatory Trends and Market Implications - The regulatory focus on information disclosure violations is intensifying, particularly following the implementation of a registration system, emphasizing a "zero tolerance" policy towards financial fraud and hidden transactions [5]. - The establishment of a normalized investor compensation mechanism is evident, with Huizhou Intelligent and Lifan Digital initiating pre-registration for investor claims, reflecting improved accessibility for civil litigation [5]. - The potential for ST warnings and delisting risks is highlighted, with Huizhou Intelligent and *ST Hengtai facing significant market pressures, serving as a cautionary tale for investors regarding companies with high debt and erratic performance [5].

当前正处于A股上市公司年报披露高峰期，记者注意到，中国注册会计师协会(以下简称"中注协")近一 段时间密集约谈会计师事务所，提示风险防范，提示内容包括可能触发股票退市条件的上市公司年报审 计风险、持续经营能力存在重大不确定性的上市公司年报审计风险等。 中注协表示，更严格的强制退市标准对审计工作提出更高要求，注册会计师要严守风险底线，审慎发表 审计意见，切实发挥执业监督作用，促进上市公司提升会计信息质量，维护社会公众利益。 同时，中注协还发出多项具体提示，包括"会计师事务所应将可能触发股票退市条件的上市公司审计项 目作为重点项目，委派具备丰富审计经验的项目组成员和项目质量复核人员，严格遵守独立性要求，强 化项目质量复核，确保所有重大事项和分歧事项解决之后再批准出具审计报告""项目组应结合退市风险 公司特点，保持应有的职业怀疑，加大反舞弊资源投入，增加审计程序的不可预见性，设计、实施有针 对性的反舞弊程序"等。 中注协4月27日公布的数据显示，截至2025年4月22日，54家事务所共为2560家上市公司出具了财务报表 审计报告。从审计报告意见类型看，2554家上市公司被出具了无保留意见审计报告(其中10家被出具带 ...

4月29日，天茂集团开盘即跌停，股价报3.04元/股，总市值缩水至150亿元。 消息方面，4月28日晚间，天茂集团（000627.SZ）公告称，原定于2025年4月29日披露的2024年年报和 2025年一季报，因定期报告涉及的部分信息需要进一步补充提供，公司无法在2025年4月29日披露2024 年年报和2025年一季报，也可能无法在法定期限内（2025年4月30日）披露上述定期报告。 根据规定，上市公司未在法定期限内披露年度报告的，深交所于相关定期报告披露期限届满后次一交易 日，对该公司股票及其衍生品种实施停牌，停牌期限不超过两个月。上市公司未在法定期限内披露年度 报告或者半年度报告，且在公司股票停牌两个月内仍未披露，将被实施退市风险警示。 值得注意的是，28日晚间，ST新潮（600777.SH）同样公告称，由于定期报告涉及的部分财务信息需要 进一步补充提供，公司预计无法在法定期限内（2025年4月30日）披露2024年年报及2025年一季报。 同时，金力泰（300225.SZ）公告称，原定于2025年4月29日披露2024年年报和2025年一季报，但由于年 度报告中财务信息等相关重要事项未能完成核实查证 ...

Group 1 - Chinese companies including ByteDance, Alibaba, and Tencent have placed orders for at least $16 billion worth of Nvidia H20 chips in Q1 2024 [2] - Multiple fund companies have received notifications from index companies about a reduction in index authorization fees, with the fees being generally reduced by 20% [4] Group 2 - Several companies reported significant year-on-year net profit growth in Q1, including: - Yitu Technology with a 287% increase - Lantian Co. with a 3543% increase - Jinlang Technology with an 860% increase - Juchip Technology with a 386% increase - Wuhan Fangu with a 195% increase - Huichuan Technology with a 63.08% increase - Xingqi Eye Medicine with a 320% increase - WuXi AppTec with an 89.06% increase - Yunnan Baiyao with a 14% increase - Shengyi Electronics with a 656.87% increase - Hongjing Technology turning a profit of 21.65 million yuan [5] Group 3 - Several companies reported declines in net profit for Q1, including: - Transsion Holdings with a 70% decrease - Dongbei Group with a 5.85% decrease - Zhongbei Communication with a 59% decrease, despite a 973% increase in intelligent computing business revenue - BAIC Blue Valley with a net loss of 953 million yuan, planning to raise no more than 6 billion yuan through a private placement - Yanghe Distillery with a 39.93% decrease [6] Group 4 - Stocks of multiple companies will face delisting risk warnings starting April 30, including: - Sitong Co. - Baidu Co. - ST Dongfang, which will terminate its listing - Weitai, which will also face delisting risk warnings - Aiai Precision Engineering [7][8] Group 5 - Lifan Technology announced it could not disclose its regular report by the scheduled date and is unlikely to do so within the legal timeframe [10] - The stock of Huadian Co. is set for a reduction of up to 12 million shares by Huishi Holdings [11] - Sairisi has applied for a main board listing in Hong Kong, with CICC and China Galaxy International Securities as joint sponsors [12]

主业持续亏损，星光股份（002076）(002076.SZ)股票将被"披星戴帽"。 同花顺（300033）数据显示，2018年至2024年，星光股份已连续七年扣非净利润亏损，累计亏损金额达 到18.6亿元。 长江商报奔腾新闻记者注意到，2024年，星光股份先后以800万元、1000万元增资收购广东星光神州量 子信息技术有限公司(简称"星光量子")51%股权、广州元生信息技术有限公司(简称"元生信息")51%股 权，布局信息安全与系统集成行业，以期培育新的增长点，星光量子、元生信息分别于2024年6月、 2024年10月纳入公司合并报表范围。 然而，由于收购股权时间较短，协同效应难以快速发挥，以及受外部经济环境等多方面的影响，星光量 子、元生信息在报告期并表后3-7个月内的盈利情况不及预期，2024年，星光股份对收购两家公司产生 的商誉计提减值准备2341.35万元，拖累公司当期业绩。 包括商誉减值在内，星光股份计提资产减值准备使得公司2024年度合并财务报表净利润减少3819.26万 元，所有者权益减少3819.26万元。 长江商报奔腾新闻记者徐佳 4月27日晚间，星光股份发布年报。2024年，公司实现营业收 ...

南华仪器近三年营收情况 郭晨凯 制图 ◎李子健 记者 李五强 连续两年营收在1亿元退市风险警示"红线"之上挣扎的南华仪器，在2024年"冲营收""并公司""倒房 产"一系列的动作之后，再次"涉险"过线。 围绕"增收"，在历年业务营收均未表现出明显季节性波动的情况下，南华仪器在2024年第四季度营 收"突飞猛进"，比2024年上半年营收还高出55%。与此同时，南华仪器在年末匆忙收购两家公司控股 权，为公司营收"添砖加瓦"。 围绕"增利"，南华仪器将一处房产出售给关联方，交易总金额为5257万元。通过此次关联交易，公司 2024年净利润成功实现由负转正。 种种数据和现象表明，南华仪器"连环计"的目的显而易见——规避"披星戴帽"。 营收"踩线"破亿规避"披星" 4月22日晚，南华仪器披露2024年年报，在2020年至2023年连续4年营收同比下滑的背景下，公司2024年 营收同比增长10.79%，达到1.24亿元。 根据《深圳证券交易所创业板股票上市规则（2024年修订）》规定，上市公司出现最近一个会计年度经 审计的利润总额、净利润、扣除非经常性损益后的净利润三者孰低为负值，且扣除后的营业收入低于1 亿元的，股票交 ...