ST立方最新披露，公司被查明存在年报虚假记载，2021年至2023年累计虚增营收超6亿元，安徽证 监局对公司及10名相关责任人合计罚款4000万元，多人被采取10年市场禁入措施。 记者关注到，在此番被查明财务造假之前，ST立方去年至今两度更正会计差错，2024年年报被出 具"非标"意见，今年4月底被实施ST。 2025.11. 30 本文字数：2666，阅读时长大约4分钟 作者 | 第一财经 周楠 连续三年虚增营收，其中两年的虚增金额占到当期总营收五成以上，控股股东正在推进破产重整的 ST立方（300344.SZ），因上述财务造假问题吃下大额罚单，并由此拉响退市"警钟"。 如今，ST立方在"戴帽"半年之后还将"披星"。根据安排，该股将于12月1日开市起停牌，次日复牌后 股票简称变更为*ST立方。公司同时提到， 若后续正式处罚出炉，公司被认定触及重大违法强制退 市情形，将被终止上市。 基本面上，ST立方已亏损累累，近五年扣非净利润累计亏损超10亿元。公司控股股东正在推进破产 重整，持股5%以上股东的部分持股近期则遭遇流拍。 连续三年财务造假 早前，ST立方4月底披露，公司因定期报告涉嫌信披违法违规被证监会立案。 ...

Core Viewpoint - R Puli 1 (Puli Pharmaceutical Co., Ltd.) is facing significant regulatory scrutiny and financial challenges, including a recent fine for failing to disclose its 2024 annual report on time, which adds to its existing issues related to previous financial misconduct [1][2][3]. Group 1: Regulatory Issues - On November 28, R Puli 1 received an administrative penalty notice from the Hainan Regulatory Bureau of the China Securities Regulatory Commission (CSRC) for not disclosing its 2024 annual report within the legal timeframe, resulting in a fine of 500,000 yuan [1]. - The company had previously faced penalties for financial fraud, including a total of 1.029 billion yuan in inflated revenue and 669 million yuan in inflated profits over two years, leading to a fine of 10 million yuan and market bans for key executives [3]. Group 2: Financial Challenges - As of the end of Q3 2024, R Puli 1 reported cash reserves of only 331 million yuan, while its short-term liabilities due within a year amount to 541 million yuan, indicating a concerning short-term solvency issue [4]. - The company is under significant pressure from both the risk of delisting and a looming debt crisis, exacerbated by the recent regulatory penalties [4].

Core Viewpoint - ST Lifan is facing severe financial fraud allegations, which may lead to its delisting from the stock market due to continuous financial misconduct from 2021 to 2023 [2][5][10]. Financial Misconduct - From 2021 to 2023, ST Lifan inflated its revenue by a total of 638 million yuan and costs by 628 million yuan through various fraudulent activities [10]. - The breakdown of inflated figures includes: - 2021: Revenue inflated by 280 million yuan, costs inflated by 277 million yuan - 2022: Revenue inflated by 312 million yuan, costs inflated by 305 million yuan - 2023: Revenue inflated by 46 million yuan, costs inflated by 45 million yuan [10]. Regulatory Actions - The Anhui Securities Regulatory Bureau plans to impose a total fine of 40 million yuan on ST Lifan and related responsible individuals due to the financial fraud [5]. - ST Lifan has been warned and fined 10 million yuan, while 10 responsible individuals, including the chairman and general manager, face a combined fine of 30 million yuan and a 10-year market ban [10]. - The case involving the accounting firm associated with ST Lifan is under formal investigation for failing to fulfill its duties [10]. Delisting Risk - ST Lifan is at risk of being forcibly delisted due to serious violations of securities laws, with the Shenzhen Stock Exchange initiating delisting procedures [5][12]. - The company's stock will be suspended from trading starting December 1 and will be subject to delisting risk warnings upon resumption [12]. Financial Performance - ST Lifan has reported continuous losses over the years, with a recent financial summary indicating a total revenue of 2.03 billion yuan and a net loss of 620 million yuan for the latest reporting period [14]. - The company has seen a decline in its stock price, closing at 3.36 yuan per share, with a total market capitalization of 2.2 billion yuan as of November 28 [15]. Shareholder Information - As of October 20, ST Lifan had over 30,000 shareholders, with a slight decrease in the number of shareholders noted in recent periods [16][17].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Wuzhong*) has been forced to delist from the A-share market due to years of financial fraud, as confirmed by the China Securities Regulatory Commission (CSRC) [2][4][6] Financial Misconduct - *ST Wuzhong* failed to disclose the actual controller from 2018 to 2023, misrepresenting Qian Qunying as the actual controller instead of Qian Qunshan [4][6] - The company inflated revenue and profits significantly from 2020 to 2023, with a total inflated revenue of 1.771 billion yuan and inflated profits of 75.9975 million yuan over four years [5][6] - The company also failed to disclose non-operating fund occupation by related parties, with the amount occupied increasing from 127 million yuan in 2020 to 1.693 billion yuan in 2023, representing 96% of the disclosed net assets [5][6] Regulatory Actions - The CSRC imposed a maximum penalty on *ST Wuzhong*, including a fine of 10 million yuan and a 10-year market ban on actual controller Qian Qunshan [6] - The company’s stock will be suspended from trading starting November 26, 2025, pending a review by the Shanghai Stock Exchange regarding its delisting [6] Company Performance - *ST Wuzhong* reported revenues of 1.872 billion yuan in 2020, declining to 1.599 billion yuan in 2024, with net profits fluctuating from -506 million yuan to 70.48 million yuan during the same period [8] - In the first three quarters of 2025, the company experienced a 38.85% decline in revenue year-on-year, with a net loss of 87.47 million yuan, attributed to decreased income from pharmaceutical and medical beauty businesses [8] Medical Aesthetics Business - The company’s medical aesthetics segment, particularly the product AestheFill, was expected to turn around its financial performance, but faced challenges due to a dispute with a major competitor, Aimeike [9] - An arbitration case is ongoing regarding the exclusive distribution rights for AestheFill, which has hindered the company’s ability to sell the product [9]

南方财经11月26日电，ST景谷(600265.SH)11月25日公告称，收到上海证券交易所问询函，就公司拟向 控股股东周大福投资出售汇银木业51%股权的重大资产重组草案提出多项关键问询。 据悉，公司2023年完成汇银木业51%股权收购，标的公司2023年业绩踩线达标后，2024年大额亏损， 2025年业绩大幅下滑且因民间借贷诉讼停工停产，公司在业绩承诺期内筹划出售并计提大额减值。上交 所要求公司说明前期收购是否审慎，重组报告书及财务数据是否真实完整，汇银木业业绩下滑原因及业 绩预测、承诺测算的合理性。 针对公司持续经营能力，问询函指出，2025年三季报显示公司营收1.4亿元且净利润为负，可能触及退 市警示指标，而汇银木业近年营收占公司整体比例超79%，交易后公司经营规模将大幅缩减，要求说明 交易后是否符合相关规定，并充分提示持续经营不确定性及退市风险。 此外，问询函还关注资金拆借偿还安排，要求明确汇银木业截至目前应偿还公司的1,326万元本金及利 息金额、交割日预计规模，以及具体资金来源和清偿安排。针对汇银木业涉及的3.13亿元民间借贷诉 讼，1.48亿元银行贷款提前到期等事项，上交所要求说明预计负债计提是 ...

ST中迪公告称，公司股票于2025年11月18 - 20日连续3个交易日收盘价格涨幅偏离值累计达18.07%，属 异常波动。公司控制权已变更，控股股东变为深圳天微投资合伙企业(有限合伙)，实控人变为门洪达、 张伟。2025年前三季度，公司营收13471.22万元，同比降52.64%；利润总额-15106.95万元，同比降 41.83%；扣非净利润-13234.92万元，同比降34.12%。公司提示股价背离基本面、业绩不佳、债务违 约、担保涉诉等多项风险，提醒投资者谨慎决策。 ...

Core Viewpoint - The company is facing significant financial challenges, with a projected negative net profit for 2024 and a risk of delisting due to non-compliance with stock exchange regulations [2][7]. Group 1: Financial Performance - The audited net profit for 2024, excluding non-recurring gains and losses, is expected to be negative, with operating revenue below 300 million yuan after excluding unrelated business income [2][7]. - For the first three quarters of 2025, the company reported operating revenue of 109 million yuan and a net profit attributable to shareholders of -2.1294 million yuan, with a net profit of -2.5239 million yuan after excluding non-recurring gains and losses (unaudited) [2][7]. Group 2: Regulatory Compliance - The company is at risk of being flagged for delisting, with the stock set to receive a warning on April 29, 2025, due to the financial conditions outlined in the Shanghai Stock Exchange rules [2][7]. - If the company encounters any of the conditions specified in the stock exchange regulations in the second year of being flagged, it may face financial delisting [2][7]. Group 3: Share Transfer Activity - Hainan Bocheng Huineng Technology Center (Limited Partnership) is in the process of acquiring a total of 25.01% of shares from Zhejiang Hengshun Investment Co., Ltd. and Shanghai Tianji Investment Co., Ltd. through a transfer agreement, but the completion of this transaction remains uncertain [2][6]. Group 4: Market Risks - The company's stock experienced consecutive price increases on November 14 and 17, 2025, indicating significant short-term volatility, prompting a reminder for investors to be cautious [3][5]. - The company emphasizes the importance of understanding market risks and encourages rational investment decisions [5][8]. Group 5: Disclosure and Communication - The company assures that there are no undisclosed significant matters affecting stock price fluctuations and that all relevant information will be disclosed through designated media [4][10].

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals compared to the Shanghai Composite Index and the construction industry [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct an investigation into the stock trading situation to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with multiple trading suspensions and investigations conducted in October and November 2025, resulting in consecutive price limits in the days following the resumption of trading [3]. - The company warns that the stock price may be subject to irrational speculation and could face significant declines after a substantial short-term increase [3]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new business areas such as renewable energy and intelligent computing services [4]. - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for the 2024 annual report, alongside other risk warnings related to internal controls and significant uncertainties regarding its ability to continue operations [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4]. Group 3: Mining Operations and Financial Constraints - The company has insufficient mining capacity and requires significant investment for future resource development, facing uncertainties regarding the ability to generate revenue from mining operations [5]. - As of September 30, 2025, the company had cash resources of 72.3767 million yuan, with a significant portion restricted due to various factors, leading to a high asset-liability ratio of 92.49% [5].

Core Viewpoint - ST Er Ya (600107) has experienced significant stock price fluctuations, with a recent increase of 4.53% to 7.62 CNY, while facing potential delisting risks due to financial performance issues [1][2][3] Trading Information Summary - ST Er Ya's stock was listed on the "Dragon and Tiger List" twice within a week due to a cumulative price deviation of over 12% in both downward and upward directions [1][3] - The stock reached a high of 7.62 CNY and a low of 6.37 CNY during the week [1] Company Announcement Summary - For the first three quarters of 2025, ST Er Ya reported revenue of 172 million CNY and a net loss of 35.68 million CNY [1][3] - The company is at risk of financial delisting if annual revenue falls below 300 million CNY and continues to incur losses [1] - The 2024 annual report received a qualified opinion, and if the internal control report for 2025 is also negative or unable to express an opinion, it may trigger regulatory delisting warnings [1] - The company and its actual controller, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [1][2][3]

Core Viewpoint - ST Zhongdi's financial distress is highlighted by its recent announcement of using real estate to offset debts, revealing a significant liquidity crisis despite a dramatic stock price increase of 153% in one month, indicating a severe disconnect between market performance and the company's fundamentals [1][2][4]. Financial Situation - As of September 30, 2025, ST Zhongdi reported a negative equity of -8.52 million yuan, indicating insolvency [9][11]. - The company experienced a 52.64% year-on-year decline in revenue for the first three quarters, totaling 135 million yuan, and a net loss of 151 million yuan, which is a 42.08% increase in losses compared to the previous year [8][10]. - The company still owes over 60 million yuan in construction payments to Chengdu Jieyi, despite the 885,410 yuan real estate offset [5][7]. Debt Obligations - ST Zhongdi faces substantial debt pressures, including a 5.92 billion yuan loan from Chongqing Three Gorges Bank, which remains unpaid [11]. - The company has also provided guarantees for a 170 million yuan loan for a subsidiary, which has led to legal liabilities [11][12]. Stock Performance and Market Reaction - The stock price surged by 153.19% from October 16 to November 12, 2025, despite the company's deteriorating financial health, leading to a suspension of trading for further investigation [2][12]. - The company's market valuation is significantly misaligned with its financial reality, as indicated by a price-to-book ratio of -376.33 times [12]. Corporate Governance Changes - A recent change in control occurred when Shenzhen Tianwei Investment acquired a 23.77% stake in ST Zhongdi for 255 million yuan, raising concerns about the new management's ability to address the company's financial challenges [1][4].