登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 特别风险提示： 1、截至本公告披露日，公司已进入预重整程序，公司尚未收到法院关于受理重整申请的相关法律文书，申请人的 重整申请能否被法院受理、预重整程序最终能否完成及后续能否进入重整程序均存在不确定性，敬请广大投资者 注意投资风险。 2、公司分别于2025年1月21日和3月22日披露了《关于公司股票交易可能被叠加实施退市风险警示及其他风险警示 的提示性公告》和《关于公司股票交易可能被叠加实施退市风险警示及其他风险警示的第一次提示性公告》，敬 请广大投资者注意投资风险。 3、敬请广大投资者关注本公告风险提示内容，注意投资风险。 一、股票交易异常波动情况 奥园美谷科技股份有限公司（以下简称"公司"）股票（证券简称：ST美谷，证券代码：000615）于2025年4月8 日、4月9日和4月10日连续三个交易日收盘价格跌幅偏离值累计超过12%，根据《深圳证券交易所交易规则》的有 关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况说明 1、公司于2025年1月21日在 ...

Core Viewpoint - Zhang Xiaoqin Group is facing severe financial difficulties, with debts exceeding 59.25 billion yuan, leading to court actions and potential restructuring efforts [5][8]. Debt Situation - As of April 2, 2023, Zhang Xiaoqin Group has 8 court execution records, with a total amount exceeding 39 billion yuan [5]. - The group has debts of 80.34 million yuan as a borrower and 512.15 million yuan as a guarantor, totaling approximately 592.49 million yuan [7]. - The company is attempting to mitigate risks through a pre-restructuring process initiated by the court for its indirect controlling shareholder, Fuchun Holdings Group [8]. Corporate History and Recent Events - Zhang Xiaoqin, founded in 1628, has a long history and was recognized as a national intangible cultural heritage [9]. - The company went public in 2021, achieving a market value of 4.6 billion yuan on its first trading day [9]. - The company has faced reputational damage due to incidents like the "garlic smashing" controversy and subsequent penalties for organizing fake reviews [10][11]. Financial Performance - The net profit for Zhang Xiaoqin was 41.49 million yuan in 2022 and 25.12 million yuan in 2023, representing declines of 47.3% and 39.48% year-over-year, respectively [13]. - Sales expenses have increased from 117 million yuan in 2021 to 148 million yuan in 2023, despite declining revenues [13]. - As of April 3, 2023, the stock price of Zhang Xiaoqin was 15.25 yuan, nearly halving from its peak [13].

Core Viewpoint - The announcement of the pre-restructuring of the controlling shareholder of Zhang Xiaoqin has raised significant concerns in the capital market, especially following a recent surge in the company's stock price [1][4][10] Group 1: Company Announcement and Market Reaction - On March 25, Zhang Xiaoqin announced that its indirect controlling shareholder, Fuchun Holdings Group, was undergoing pre-restructuring due to an inability to repay debts, which attracted widespread attention [1][3] - The stock price of Zhang Xiaoqin surged by 19.97% on March 24, attracting significant retail investor interest, but subsequently fell by 2.42% on March 25 [4][5] - Following the announcement, the stock continued to decline, reaching 17.46 yuan per share with a drop of over 6%, resulting in a total market capitalization of 2.7 billion yuan [6] Group 2: Financial Background and Implications - Fuchun Holdings Group applied for pre-restructuring, citing an inability to repay due debts while still possessing restructuring value [3][10] - The controlling shareholder holds 99.9981% of the direct controlling entity of Zhang Xiaoqin, which in turn holds 48.72% of the company's total shares [3] - As of March 2025, 99.9% of the shares held by the controlling shareholder are pledged or frozen, with overdue debts amounting to 5.1 billion yuan and guarantees exceeding 4.486 billion yuan [13][14] Group 3: Market Sentiment and Future Outlook - There is a divided sentiment among investors regarding whether the restructuring news is a positive or negative signal for Zhang Xiaoqin, with many speculating on potential insider trading [7][10] - Despite a significant increase in revenue, the net profit for the first three quarters of 2024 was only 17.2 million yuan, indicating underlying financial issues [12][15] - Concerns persist that even if the restructuring is successful, the core assets may be sold at a discount, further destabilizing the company's control [15]

公司股票也因此被实施其他风险警示，由"香雪制药"变更为"ST香雪"，自3月24日开市起停牌1天。3月25日，复牌 首日的ST香雪股价开盘跌停，截至当天上午收盘股价跌19.96%，报8.02元/股。 ST香雪复牌首日跌停，实控人被罚千万元加五年市场禁 入 华夏时报（www.chinatimes.net.cn）记者 黄敏璇 胡梦然 深圳报道 历经近半年的调查后，香雪制药涉嫌信披违规一案调查结果出炉。公司2月23日公告收到《行政处罚事先告知 书》，因年报存在虚假记载、未按规定披露关联方非经营性资金占用，广东证监局拟对公司及相关人员采取警 告、罚款等措施，总罚款金额超2000万元。其中实控人王永辉因违法情节严重被罚款1000万元，采取5年市场禁入 措施。 值得一提的是，连续多年亏损的ST香雪已经债台高筑。今年2月，公司因一笔6600万元的欠付工程款被债权人申 请预重整，其认为ST香雪"不能清偿到期债务，明显缺乏清偿能力"。 此次立案调查落定是否将推动公司进入重整程序？"公司被债权人申请预重整的事项，前期已进行了公告，后续会 根据信息披露规则结合事项的进展情况进行信息披露。目前公司生产经营正常。"3月24日，ST香雪回 ...

Core Viewpoint - ST Xifa has experienced its 17th postponement of the pre-restructuring process, with the latest extension granted until April 25, 2025, due to complex historical debt issues [1][2]. Group 1: Pre-restructuring Developments - The company received a court decision on March 24, 2025, extending the pre-restructuring period by one month to April 25, 2025, based on the temporary manager's justification regarding the complexity of historical debt issues [2]. - Since October 2023, the pre-restructuring process has been postponed multiple times, indicating ongoing challenges in resolving the company's financial situation [2]. Group 2: Financial Challenges and Restructuring Efforts - Since 2022, ST Xifa has faced a debt crisis due to issues such as fund occupation by the former major shareholder and illegal guarantees, with total involved amounts exceeding 1.2 billion yuan [3]. - In July 2023, the court initiated the pre-restructuring process, with a strategic investor committing to inject 180 million yuan in liquidity and assume some debts [3]. - The restructuring plan approved in March 2024 aims to resolve over 900 million yuan in debt through a combination of debt-to-equity swaps and cash settlements, significantly diluting the original shareholders' equity [3]. Group 3: Business Performance and Future Prospects - Post-restructuring, ST Xifa has focused on divesting non-beer assets and shutting down unprofitable real estate and trade operations, redirecting resources to restart beer production in Lhasa [3]. - The Q3 2024 financial report indicated a revenue of 299 million yuan, a year-on-year increase of 21.79%, with a net profit of 23.99 million yuan, reflecting a 144.96% growth [3]. - The beer segment saw a quarterly revenue increase of 37%, contributing to a turnaround in net profit for the quarter [3]. - The company received 230 million yuan in special industry support from the Tibet Autonomous Region government for beer capacity upgrades and marketing network reconstruction [4]. - Management plans to launch new products like barley craft beer and explore cross-industry models combining beer and cultural tourism in 2025 [4]. Group 4: Market Challenges - Despite the financial support from regional state-owned enterprises, ST Xifa faces long-term challenges such as limited market capacity and insufficient national brand competitiveness [4]. - The company's stock remains under delisting risk warning [5].