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 - Five A-share companies will be subject to delisting risk warnings starting April 29, indicating a potential increase in companies facing performance-related risks as financial reports are disclosed [1][2]. Group 1: Delisting Risk Warnings - Five companies, including Lihang Technology and Gengxing Co., announced their stocks will be suspended for one day on April 28 and will receive delisting risk warnings from April 29 [1][2]. - The upcoming busy period for annual and quarterly report disclosures may lead to more companies reporting underperformance or losses, raising the likelihood of delisting risk warnings [2][4]. Group 2: Regulatory Changes - The "new delisting regulations" introduced stricter standards for mandatory delisting, including raising the revenue threshold for loss-making companies on the main board from 100 million to 300 million [2][3]. - The market capitalization delisting threshold has been increased from below 300 million to below 500 million, and the criteria for significant violations leading to delisting have been lowered [2][3]. Group 3: Impact on Market Dynamics - The introduction of dividend risk warnings aims to improve the dividend behavior of listed companies, which is expected to enhance investor returns and promote a positive investment cycle [4]. - The ongoing emphasis by the China Securities Regulatory Commission on solidifying the delisting mechanism is crucial for the healthy development of the capital market [4].

多数公司触及"净利润为负且营收不到3亿元"的情形 随着2024年报披露，退市新规威力大显。 据不完全统计，4月28日有6家上市公司被实施退市风险警示，29日还将有14家被披星戴帽，这20家公司 均触及财务类退市风险，多数公司触及"净利润为负且营收不到3亿元"的情形。 根据上市公司公告粗略统计，今年以来被实施退市风险警示的公司中，还有10余家触及"净利润为负且 营收不到3亿元"的情形。另有多家公司因为2024年末净资产为负值，被实施退市风险警示。还有些公司 预计触及上述情形，可能被*ST。 近年来存在一个较为普遍的现象，就是面临财务指标、重大违法等情形被强制退市的公司，最终率先被 投资者用脚投出市场。 南开大学金融发展研究院院长田利辉认为，财务指标趋严是退市新规核心，财务类退市将成为主流， 2025年预计有30～40家企业因此退市；同时，规范类、重大违法类退市同步强化，形成多元退市格局。 他称，退市新规的严格执行，标志着A股从"重融资"向"重投资"转型，通过财务指标、交易规则、违法 惩处的多维约束，推动市场形成"有进有出、优胜劣汰"的良性循环。 多数公司触及财务类退市风险 4月28日，6家上市公司被实施退市风险 ...

Core Viewpoint - Puli Pharmaceutical has officially entered the delisting preparation period due to serious financial fraud, marking a significant case of forced delisting in the A-share market [2][7]. Group 1: Company Overview - Puli Pharmaceutical, once a star in the pharmaceutical industry with a stock price exceeding 100 yuan, has faced severe penalties for financial misconduct, leading to its delisting [2][9]. - The company reported a dramatic decline in net profit from 4.08 billion yuan in 2020 to a loss of 982.7 million yuan in 2023, indicating a hollowing out of actual performance after excluding fraudulent activities [9]. Group 2: Financial Fraud Details - The China Securities Regulatory Commission (CSRC) found that Puli Pharmaceutical inflated its revenue by 1.029 billion yuan and profits by 669 million yuan over two years, accounting for 73.83% of the disclosed profits during that period [7]. - In 2021, the company falsely reported 514 million yuan in revenue (34.07% of that year's disclosed revenue) and 290 million yuan in profit (62.06% of disclosed profit) [7]. - In 2022, the inflated figures were 515 million yuan in revenue (28.51%) and 379 million yuan in profit (86.36%) [7]. Group 3: Market Reaction - On the first day of the delisting preparation period, the stock price of Puli Pharmaceutical plummeted by 77%, closing at 0.65 yuan per share, with a total market value shrinking to 365 million yuan, a loss of over 20 billion yuan from its peak [3][9]. - The convertible bonds issued by Puli also experienced a significant drop, with an intraday decline of 33.72% [5]. Group 4: Regulatory Actions - The CSRC imposed a fine of 10 million yuan on Puli Pharmaceutical, with the chairman and other executives facing substantial penalties and market bans [8]. - The new delisting regulations have led to increased scrutiny, with over 30 ST stocks facing similar fates, indicating a tightening of financial and regulatory standards in the market [11].

Core Viewpoint - The recent downturn in micro-cap stocks, which had previously led the market rally, is attributed to multiple factors including regulatory changes, earnings concerns, and market dynamics [1][4][5]. Group 1: Market Performance - The Wind micro-cap stock index saw a year-to-date increase of over 20% until March 20, 2023, but faced significant pullbacks afterward, impacting related funds [3]. - Funds heavily invested in micro-cap stocks experienced an average gain of 12.72% from the beginning of the year to March 20, followed by an average decline of nearly 3% in the subsequent week [3]. Group 2: Factors Influencing Micro-Cap Stocks - The new delisting regulations are causing concerns about the stability of smaller companies, leading to fears of potential delistings or ST (special treatment) designations [4]. - There are worries regarding annual report performance, as the effects of economic stabilization policies may take time to reflect in company earnings, prompting early sell-offs by investors [4]. - The significant prior gains in micro-cap stocks have led to a decline in valuations as investor risk appetite decreases [4]. Group 3: Market Dynamics and Strategies - The recent adjustments in micro-cap stocks are partly attributed to a calendar effect, with April being a peak month for annual report releases and potential delistings [4]. - The volatility in micro-cap stocks is seen as a normal part of market fluctuations, although the current environment and technological advancements have made this period different from early 2024 [5]. - Concerns about high-frequency trading and quantitative strategies exacerbating market declines are noted, but some experts argue that these strategies can also provide liquidity and stabilize the market [6][7]. Group 4: Investment Strategies and Opportunities - Fund managers are innovating strategies to manage volatility, such as maintaining a constant stock-bond ratio and employing barbell strategies to balance portfolios [11]. - There is recognition of the long-term investment value in micro-cap stocks, as many are overlooked and may contain significant growth potential [12][13]. - The current economic transition and technological advancements present opportunities for micro-cap stocks in sectors like AI, semiconductor equipment, and automation [14].