Core Viewpoint - *ST Yushun faces significant scrutiny regarding its 2024 annual report, particularly concerning audit compliance, going concern ability, and whether risk warnings have been eliminated, amidst ongoing market skepticism about its financial data and operational changes [1][2]. Group 1: Audit Procedures and Compliance - The audit for 2024 was conducted by Zhengyi Accounting Firm, which was appointed on April 9 and completed the audit in just 20 days, raising concerns about the quality of the audit [1]. - Zhengyi's team consisted of 16 members, including 6 certified public accountants, and claimed to cover 87.37% of revenue and 83.38% of accounts receivable, asserting that the audit procedures were sufficient [1]. - Market concerns arise from Zhengyi's significantly lower revenue of 3.6 million and only 11 certified accountants compared to the previous firm, Liananda, which had 485 million in revenue and 407 accountants, suggesting potential evasion of rigorous auditing standards [1]. Group 2: Going Concern and Financial Performance - The company reported 2024 revenue of 220 million, a year-on-year increase of 41.94%, but posted a net loss of 17.57 million, a staggering decline of 1922% [1]. - Despite the revenue growth attributed to the acquisition of Shanghai Fubang Industrial, which contributed 99.15 million in revenue and 14.51 million in net profit, doubts remain about the sustainability of this growth and the clarity of the acquired company's technological advantages [1]. - The company’s financial health is further questioned by a significant increase in accounts receivable by 196.93% and inventory by 364.72%, with accounts receivable to revenue ratio reaching 49.95%, well above the industry average of 30.29% [1]. Group 3: Risk Warnings and Regulatory Challenges - The company applied to remove risk warnings based on claims of operational improvements, but regulatory scrutiny remains due to previous audit reports highlighting significant risks such as negative cash flow and non-recurring losses [2][3]. - The 2024 revenue forecast was revised down from 312 million to 220 million due to revenue accounting adjustments, revealing internal control deficiencies and leading to regulatory penalties from the Shenzhen Securities Regulatory Bureau [4]. - Under new delisting regulations, the company faces potential delisting if its adjusted revenue falls below 300 million and net profit remains negative, with the 2024 adjusted revenue being 220 million, heavily reliant on the acquisition's contribution [5].

Core Points - The company "退市九有" (600462) has entered the delisting arrangement period as of June 24, 2025, marking another addition to the list of companies facing delisting risks this year [1][2] - The stock price of "退市九有" plummeted by 80.21% at closing, with an intraday drop exceeding 83%, indicating severe market reaction to its delisting status [2] - The company reported a negative net asset value at the end of 2023, leading to its stock being flagged for delisting risk starting May 6, 2024 [3] Company Overview - "退市九有" is officially known as 湖北九有投资股份有限公司, primarily engaged in comprehensive marketing services and cosmetics sales, with a focus on integrated marketing capabilities [2] - The company expanded its business by acquiring 40% of the shares in 佩冉化妆品 (Jiangsu) Co., Ltd. in March 2023, extending its service offerings to include brand promotion and sales for its own cosmetics [2] Financial Performance - In the 2024 fiscal year, "退市九有" reported a revenue of 504 million yuan and a net profit attributable to shareholders of 20.86 million yuan [3] - However, in the first quarter of 2025, the company recorded a net loss of 5.67 million yuan, highlighting ongoing financial struggles [3] Industry Context - More than 10 companies have entered the delisting arrangement period in 2025, indicating a troubling trend in the A-share market [1][4][7] - Recent examples include *ST卓朗, *ST普利, and others, which have also faced significant stock price declines upon entering the delisting period [4][5][6]

Core Viewpoint - *ST Huamei is facing significant operational challenges, including a potential change in control due to the transfer of shares by its major shareholder, Shanghai Pengsheng, aimed at addressing regulatory pressures and financial risks associated with non-operational fund occupation [2][6][13]. Group 1: Company Overview - *ST Huamei, originally known as Jilin Huamei Electronics Co., Ltd., specializes in power semiconductor devices and is one of the few domestic companies employing the IDM model (Integrated Design and Manufacturing) [4]. - As of the end of Q1 this year, *ST Huamei had a total market capitalization of 7.548 billion yuan, with a share price of 7.86 yuan [2]. Group 2: Regulatory and Financial Challenges - The company is under pressure from the Jilin Securities Regulatory Bureau due to non-compliance in disclosing non-operational fund occupations, with a total of 1.491 billion yuan still outstanding as of October 15, 2024 [6]. - If the company fails to rectify the situation by the deadline of August 12, 2025, it risks being suspended from trading and potentially delisted [6]. Group 3: Recent Performance and Shareholder Dynamics - Despite governance issues, *ST Huamei reported a strong recovery in performance, with a revenue of 2.058 billion yuan in 2024, marking an 18.13% increase year-on-year, and a net profit of 128 million yuan, up 246.45% [8]. - In Q1 2025, the company continued its growth trajectory with a revenue of 643 million yuan, a 29.56% increase, and a net profit of 55 million yuan, up 253.08% [10]. - The composition of the top ten circulating shareholders has changed frequently, indicating potential instability in shareholder confidence [11][12]. Group 4: Control Change and Future Outlook - Shanghai Pengsheng, holding 22.32% of *ST Huamei's shares, has all its shares pledged, and the upcoming share transfer could represent a new approach to resolving the company's financial issues [5][13]. - The control change is seen as a critical path for *ST Huamei to navigate its financial difficulties and regulatory pressures [7].

Core Viewpoint - *ST Huamei is facing a potential change in control due to the planned share transfer by its controlling shareholder, Shanghai Pengsheng, which aims to address the company's financial irregularities and avoid delisting risks [1][3][4]. Group 1: Company Background and Current Situation - *ST Huamei, formerly known as Jilin Huamei Electronics Co., Ltd., specializes in power semiconductor devices and is one of the few domestic companies adopting the IDM model (Integrated Design and Manufacturing) [3]. - The company announced a stock suspension starting June 19, 2025, for no more than two trading days due to the share transfer planning by its largest shareholder, Shanghai Pengsheng, who holds 22.32% of the company's shares [3][4]. - The suspension is primarily driven by the need to mitigate delisting risks associated with non-compliance regarding the disclosure of non-operating fund occupation by the controlling shareholder [3][4]. Group 2: Financial Irregularities and Regulatory Actions - From 2015 to 2023, Shanghai Pengsheng and its affiliates occupied non-operating funds from *ST Huamei, with an outstanding balance of 1.491 billion yuan as of October 15, 2024 [3][4]. - The Jilin Securities Regulatory Bureau issued a notice requiring *ST Huamei and Shanghai Pengsheng to recover the 1.491 billion yuan within six months, with a deadline set for August 12, 2025 [3][4]. - If the recovery is not completed by the deadline, the Shanghai Stock Exchange will suspend the company's stock, and further delays could lead to a delisting decision [4]. Group 3: Financial Performance - Despite governance issues, *ST Huamei reported strong financial recovery, with a revenue of 2.058 billion yuan in 2024, marking an 18.13% year-on-year increase, and a net profit of 128 million yuan, up 246.45% [5]. - In the first quarter of 2025, the company continued its growth trend, achieving a revenue of 643 million yuan, a 29.56% increase year-on-year, and a net profit of 55 million yuan, up 253.08% [7]. - The increase in performance is attributed to the growing demand in the power semiconductor device market [7]. Group 4: Shareholder Dynamics - The composition of the top ten circulating shareholders has changed frequently, with new shareholders entering and others exiting [8]. - As of the first quarter of 2025, Shanghai Pengsheng's shares are fully pledged, indicating potential liquidity issues [8]. - The specifics of the share transfer, including the transaction counterpart, transfer ratio, and price, have not yet been disclosed, but it is seen as a potential new model for resolving the company's financial issues [8].

MACD金叉信号形成，这些股涨势不错！ 责任编辑：AI观察员 信任崩塌与转型困局：控股权转让成最后赌注 *ST华微的危机不仅源于资金黑洞，更因长达数年的信披违规而深陷信任泥潭。2015至2023年间，公司 未如实披露资金占用情况，问询函回复、配股说明书等文件存在虚假记载和重大遗漏，导致监管开出合 计2000万元罚单，多名高管被终身市场禁入。这一丑闻直接引发投资者索赔诉讼，符合条件的股民可追 溯至2016年4月买入的损失。 尽管2024年公司营收达20.58亿元，净利润同比激增246%，但审计机构仍因资金可回收性存疑对财报出 具"无法表示意见"。作为国内功率半导体先驱，*ST华微曾试图向汽车电子与新能源转型，却因资金占 用、高管动荡及信披风波步履维艰。如今，距离8月12日整改期限不足两个月，若股权转让与资金清偿 未能同步完成，6.7万股东或将面临血本无归的风险。控股权易主能否成为破局关键，不仅考验接盘方 的资源整合能力，更将决定这家老牌半导体企业的生死存亡。 在退市风险步步紧逼的生死关头，*ST华微（维权）（600360.SH）正通过控股权的"闪电转让"寻求破 局。6月18日晚间，公司公告称，控股股东上海鹏盛筹 ...

另外，《处罚》针对*ST恒立未按期披露2024年年报的事项，行政处罚拟对公司责令改正、给予警告并 处以350万元罚款，对相关责任人给予警告并处以100万元—180万元金额不等的罚款。 *ST恒立(000622)退市"尘埃落定"。 6月17日，因未在法定期限内披露过半数董事保证真实、准确、完整的2024年年报，*ST恒立收到终止 上市决定。 值得注意的是，在收到深交所退市决定的同时，*ST恒立收到湖南证监局下发的《行政处罚事先告知 书》（下称《处罚》），《处罚》揭示了公司未按期披露2024年年报的真实原因。 6月17日，因未在法定期限内披露过半数董事保证真实、准确、完整的2024年年报，*ST恒立收到终止 上市决定。 回溯*ST恒立发展历程，此次退市是长期经营不善、叠加严重违规问题、公司治理缺陷等多重因素导致 的结局。上市以来，公司经营过冷气设备，生产过新能源电池。2018年以来，公司设备生产主业大幅萎 缩，主要业务转向委托加工及贸易，盈利能力持续承压，深陷亏损泥潭，甚至收入也逼近退市红线。 2024年，公司将保壳赌注押宝在注入新余锂想新能源有限公司，收购后公司第四季度突击增加收入超过 2亿元。从年审机构提出的 ...

Core Viewpoint - Zhongtai Automobile is facing significant risks of delisting due to a lack of operational funds, resulting in no vehicle production this year and a potential negative net asset situation by the end of 2025 [1][4]. Financial Performance - As of June 18, 2025, Zhongtai Automobile's stock price was 2.07 yuan per share, with a market capitalization of 10.438 billion yuan [5]. - The company's net assets were reported at 234 million yuan at the end of 2024, down from 1.235 billion yuan the previous year, marking a decline of 80.98% due to a net profit loss of 1 billion yuan [6]. - By the end of Q1 2025, net assets further decreased to 131 million yuan, a drop of 43.88% from the previous year, primarily due to a loss of 103 million yuan in Q1 [9]. Operational Challenges - In 2024, Zhongtai Automobile sold only 14 vehicles, a 98.74% decrease from 1,112 vehicles sold in 2023, and produced no vehicles compared to 1,108 in 2023 [12]. - The company is currently relying on overseas orders and is working to expand into international markets, including Algeria and Egypt, while preparing for the export of the T300 fuel version [12]. Bankruptcy and Restructuring - Zhongtai Automobile has been under bankruptcy restructuring since June 2021, with a court-approved restructuring plan in December 2021 [10]. - The company successfully removed some risk warnings in November 2022 but has struggled to fully recover, with ongoing issues related to production and operational funding [11]. Judicial Freezes and Financial Issues - Approximately 337 million shares and 27 million yuan in bank deposits have been judicially frozen by Zheshang Bank, impacting the company's operational liquidity [13]. - The company emphasizes that the frozen accounts are primarily for settling restructuring debts and do not directly affect its main operational accounts [17].

Core Viewpoint - The article highlights the increasing regulatory scrutiny in the capital market, emphasizing a "zero tolerance" approach towards financial fraud, information disclosure violations, and fund misappropriation by listed companies. Group 1: ST Longyu - ST Longyu has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, with a total of 8.7 billion yuan in fund misappropriation involved [1][2] - The company’s controlling shareholder and related parties have non-operational fund misappropriation totaling 9.18 billion yuan, of which 8.68 billion yuan remains unpaid [2] - The audit report for ST Longyu's 2023 annual report was issued with a "disclaimer of opinion," leading to increased delisting risks for the company [2] Group 2: ST Huamei - ST Huamei has been formally investigated by the CSRC for suspected information disclosure violations, with a self-reported non-operational fund misappropriation of 14.35 billion yuan [3][4] - The company reported significant fund flows lacking real commercial substance, with total outflows of 81.39 billion yuan and inflows of 68.52 billion yuan [3] - The ongoing investigation will impact the company's compliance risks and market reputation [3] Group 3: Guangji Pharmaceutical - Guangji Pharmaceutical has received a notice from the CSRC regarding an investigation for suspected information disclosure violations, following a previous warning from the Hubei Securities Regulatory Bureau [4][5] - The company acknowledged accounting errors in its financial reports, leading to adjustments in previously reported revenue and costs [4] - The CSRC's investigation marks an escalation in regulatory scrutiny regarding the company's compliance with information disclosure requirements [5] Group 4: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism and its actual controller have been placed under investigation by the CSRC for suspected information disclosure violations [5] - The specific details of the violations have not yet been disclosed, but the investigation will assess the company's compliance with securities laws [5] - The outcome of the investigation is expected to be a focal point for market participants [5]

【导读】华夏基金下调*ST紫天估值，调整幅度超过70% 中国基金报记者 若晖 被监管出具《责令改正决定书》并实施风险警示，停牌近3个月时间，股价距2023年最高点已下跌超80%的*ST紫天，近期再遭基金公司"补刀"。 6月16日，华夏基金发布公告称，即日起，对华夏中证2000ETF持有的停牌股票"*ST紫天"按照2.50元进行估值。相比停牌前的价格，估值下调幅度超 70%。 业内人士表示，早在6月13日收盘，中证2000指数就已将*ST紫天从成份股中调出，未来该股一旦复牌，将遭遇指数基金集体卖出。而目前基金公司调整 停盘股估值，意味着基金公司认为当前停牌价格无法反映最新的基本面情况。未来不排除更多的基金公司跟进调整估值。 华夏基金下调*ST紫天估值 调整幅度超过70% 停牌接近3个月，面临退市风险的*ST紫天遭遇基金公司猛砍估值。 6月16日，华夏基金公告，停牌股票"*ST紫天"（证券代码：300280）于6月13日沪深交易所收市后由中证2000指数成份股中调出，为客观反映基金公允价 值，根据《中国证监会关于证券投资基金估值业务的指导意见》的要求，经与基金托管行协商一致，自6月16日起，华夏基金对华夏中证20 ...

6月12日晚，*ST工智（000584）发布公告称，公司于当日收到深交所送达的《关于江苏哈工智 能机器人股份有限公司股票终止上市的决定》，深交所决定终止公司股票上市。 公告显示，*ST工智股票自6月20日起进入退市整理期，退市整理期届满的次一交易日，深交所 对公司股票予以摘牌。 图片来源：公司公告 根据《决定》，因2023年度财务会计报告被出具无法表示意见的审计报告，*ST工智股票交易 自2024年5月6日起被实施退市风险警示。2025年4月28日，*ST工智披露被实施退市风险警示后 的首个年度报告显示，公司2024年度财务会计报告被出具无法表示意见的审计报告，财务报告 内部控制被出具否定意见的审计报告，触及深交所相关规定的股票终止上市情形。根据相关规 定，深交所决定对公司股票终止上市。 公告显示，公司股票进入退市整理期的起始日为6月20日，退市整理期为十五个交易日，预计 最后交易日为7月10日。如证券交易日期出现调整，公司退市整理期最后交易日期随之顺延。 *ST工智 年报信息显示，公司主要业务为智能制造业务，包括围绕工业机器人进行全产业链布 局，目前涵盖高端智能装备制造、工业机器人本体的制造和销售两个子板块 ...