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].

Core Viewpoint - *ST Yuancheng is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosure of financial data in its annual reports and other periodic reports [2][5]. Financial Performance - *ST Yuancheng has reported continuous losses for the past three years, raising concerns about its ability to continue as a going concern and exposing it to financial delisting risks [6][8]. - The company's audited operating revenue for 2024 was 146 million yuan, with a net profit attributable to shareholders of the listed company (after deducting non-recurring gains and losses) amounting to -323 million yuan [9]. Regulatory Actions - The CSRC has initiated an investigation based on violations of the Securities Law and the Administrative Penalty Law of the People's Republic of China [2]. - If the CSRC's administrative penalties confirm significant violations, *ST Yuancheng's stock may face mandatory delisting under the Shanghai Stock Exchange's listing rules [5]. Debt and Receivables - As of December 31, 2024, *ST Yuancheng reported accounts receivable and contract assets totaling 684 million yuan, with significant amounts owed by its subsidiaries facing financial difficulties and litigation [10]. - The company is experiencing weak short-term solvency, with overdue bank loans and increasing litigation, indicating challenges in debt repayment [10]. Market Position - As of July 1, the stock price of *ST Yuancheng was 3.54 yuan per share, with a total market capitalization of 1.2 billion yuan [11].

Core Viewpoint - The valuation of Tianmao Group has been drastically reduced by Huitianfu Fund to 0.27 CNY per share, representing a decline of over 90% from the pre-suspension price of 2.74 CNY per share, indicating severe market pessimism regarding the company's future prospects [2][8][12]. Group 1: Valuation Adjustment - Huitianfu Fund announced on July 1 that it would value its holdings in Tianmao Group at 0.27 CNY per share, effective from June 30, 2025 [4][8]. - This valuation adjustment comes after Tianmao Group's stock was suspended for nearly two months due to its failure to disclose the 2024 annual report on time [10][12]. Group 2: Suspension and Regulatory Risks - Tianmao Group's stock was suspended on May 6 after it confirmed it could not disclose the 2024 annual report by the legal deadline of April 30 [11][12]. - If the company fails to disclose the annual report within two months of suspension (by July 6), it will face a delisting risk warning (*ST) [10][12]. Group 3: Company Background and Financial Issues - Tianmao Group, primarily engaged in life insurance through its subsidiary Guohua Life Insurance, has been facing significant operational challenges, including continuous losses and declining premiums [11][12]. - The inability to timely disclose financial reports is attributed to liquidity pressures and deteriorating asset quality, compounded by regulatory scrutiny [12].

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]

Core Viewpoint - *ST Zitian has been heavily penalized by the regulatory authority for serious financial fraud, including fabricating revenue and obstructing regulatory enforcement, leading to significant legal and financial consequences for the company and its management [1][19]. Financial Fraud Details - The financial fraud involved methods such as fictitious business operations and the use of gross revenue recognition instead of net revenue, which significantly inflated reported income [2][8]. - In 2022, *ST Zitian inflated its revenue by 778 million yuan, accounting for 44.59% of its reported income, through fictitious SMS services and improper revenue recognition in advertising [9][10]. - The company continued fraudulent practices into 2023, inflating its revenue by 207 million yuan in the first half of the year and 1.72 billion yuan in the annual report, with the latter accounting for 78.63% of reported income [10][11]. Regulatory Actions and Consequences - The company faced multiple penalties, with 12 current and former executives fined approximately 40 million yuan, and two key individuals banned from the market for life [1][14]. - *ST Zitian is at risk of three types of delisting due to its financial misconduct, including "normative delisting" for failing to rectify significant accounting errors and "major illegal delisting" for two consecutive years of false reporting [15][17]. Investor Impact and Legal Actions - Investors have begun filing civil compensation lawsuits against *ST Zitian, reflecting a growing trend of legal action against companies involved in financial fraud [4][21]. - Regulatory bodies are enhancing protections for investors affected by fraudulent activities, including mechanisms for advance compensation and commitments from responsible parties to ensure timely restitution [22].

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].

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 [2][12]. Financial Fraud - *ST Zitian inflated its revenue by nearly 2.5 billion yuan from 2022 to 2023 [4]. - In the 2022 annual report, the company fabricated internet advertising fees and SMS service revenues, resulting in an inflated revenue of 778 million yuan, which accounted for 44.59% of annual revenue, and an inflated profit of 85 million yuan, representing 35.99% of total profit [4]. - In the 2023 semi-annual report, the company prematurely recognized revenue of 207 million yuan from cloud services that had not commenced, leading to an inflated revenue of 207 million yuan, which was 14.56% of the period's revenue, and an inflated profit of 79 million yuan, accounting for 51.64% of total profit [5]. - In the 2023 annual report, *ST Zitian's subsidiary improperly recognized revenue of 1.721 billion yuan due to not obtaining control over goods, which constituted 78.63% of the period's revenue [7]. Regulatory Actions - The Fujian Securities Regulatory Bureau imposed penalties on *ST Zitian and 12 responsible individuals for the aforementioned violations, including fines and lifetime market bans for some individuals [8]. - The company failed to disclose its 2024 annual report within the legal timeframe, leading to a proposed administrative penalty of 3.5 million yuan and warnings for several executives [10]. - The company is also facing penalties for obstructing law enforcement, with a proposed fine of 1 million yuan for the company and a total of 2.8 million yuan for related management personnel [11]. Delisting Risks - Due to the outlined violations, *ST Zitian issued a risk warning regarding the potential termination of its stock listing [13]. - The company was ordered to rectify its issues by February 14, 2025, but has not yet complied. If not rectified by July 19, 2025, the stock will be delisted [15]. - The company's stock price has dropped nearly 60% since the beginning of the year until its suspension [16].

Core Viewpoint - ST Bailing faces significant scrutiny due to a qualified audit report from Tianjian Accounting Firm, highlighting issues related to sales expense adjustments, inventory valuation disputes, and concerns over its ability to continue as a going concern [1][2]. Group 1: Audit and Financial Concerns - Tianjian Accounting Firm issued a qualified opinion on ST Bailing's 2024 financial report, focusing on two main issues: unrecorded market development expenses of 288 million yuan from previous years and the inability to verify the net realizable value of certain raw materials due to lack of quality inspection reports [2]. - The company reported that sales expenses accounted for 54.21% of revenue in 2023, with 73.19% of the 1.691 billion yuan market development expenses directed towards third parties with low registered capital, raising concerns about potential commercial bribery [2]. Group 2: Performance and Regulatory Risks - In 2024, ST Bailing's revenue was 3.825 billion yuan, a year-on-year decrease of 10.26%, with a net profit of 33.62 million yuan, but a non-recurring profit dependency on government subsidies of 47.05 million yuan [3]. - The company experienced a dramatic decline in operating cash flow, down 92.83% to 9.02 million yuan, with accounts receivable surging by 196.93% to 1.813 billion yuan and inventory increasing by 364.72%, indicating severe pressure on its cash flow [3]. - ST Bailing is facing dual crises: an unresolved equity dispute with He Ren Tang Pharmaceutical and an investigation by the China Securities Regulatory Commission for suspected information disclosure violations, which could lead to delisting if certain financial thresholds are not met [3]. Group 3: Corporate Governance and Restructuring Efforts - ST Bailing applied to remove its ST designation, claiming completion of internal control rectification, with the 2024 audit now reflecting a "clean opinion with emphasis" [4]. - However, market skepticism remains regarding the effectiveness of these reforms, as sales expenses still constituted 48.74% of revenue in 2024, significantly above industry averages, and issues regarding the qualifications of payment recipients have not been adequately addressed [4]. - The company's R&D investment decreased by 26.79%, yet its capitalization rate was high at 62.13%, suggesting potential manipulation of profits through R&D expense adjustments [4].