Core Viewpoint - ST Zhongdi's financial difficulties are highlighted by its recent announcement of using real estate to settle debts, revealing a strained cash flow situation and significant outstanding liabilities [1][4][10]. Financial Situation - As of September 30, 2025, ST Zhongdi reported a negative equity of -8.52 million yuan, indicating insolvency [8][10]. - The company experienced a 52.64% year-on-year decline in revenue, totaling 135 million yuan for the first three quarters of 2025 [7][9]. - The net loss for the same period was 151 million yuan, an increase of 42.08% compared to the previous year [7][9]. Debt Obligations - ST Zhongdi has outstanding construction payments exceeding 60 million yuan to Chengdu Jieyi, despite the recent real estate settlement of 885,410 yuan [1][6][10]. - The company faces additional debts, including a 5.92 billion yuan loan from Chongqing Three Gorges Bank, which remains unpaid [10][11]. - There are also contingent liabilities, such as a 17 million yuan guarantee for a subsidiary's loan, which has led to legal action against the company [10][11]. Stock Performance and Market Reaction - Following a control change, ST Zhongdi's stock price surged by 153.19% from October 16 to November 12, 2023, despite the underlying financial issues [1][3]. - The company has been subject to stock trading suspension due to abnormal price fluctuations and potential delisting risks [10][11]. Management Decisions - The decision to use real estate for debt settlement was made to alleviate immediate financial pressure, although it has faced internal dissent, with one board member suggesting postponement [6][11]. - The new controlling shareholder, Tianwei Investment, acquired a 23.77% stake for 255 million yuan, but is now confronted with the challenge of addressing the company's severe financial distress [1][3][10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603398 证券简称：*ST沐邦（维权） 公告编号：2025-139 江西沐邦高科股份有限公司 关于公司被债权人申请重整的 提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 江西沐邦高科股份有限公司（以下简称"公司"）于近日收到江西省南昌市中级人民法院（以下简 称"南昌中院"或"法院"）下发的《通知书》，债权人南昌市龙保泰供应链管理有限公司（以下简称"龙 保泰"）以公司不能清偿到期债务且明显缺乏清偿能力为由，向南昌中院申请对公司进行重整及预重 整。 ● 公司尚未完成非经营性资金占用清偿整改，能否进入重整程序存在重大不确定性。2025年7月，公司 收到江西证监局行政监管措施决定书查明，截至2025年6月末，公司控股股东、其他关联方非经营性资 金占用余额分别为4,845.59万元、3,526.25万元。截至目前，前述非经营性资金占用事项仍未处置完毕。 依据《关于切实审理好上市公司破产重整案件工作座谈会纪要》等相关规定，控股股东、实际控制人及 ...

Core Viewpoint - *ST Zhengping has received an inquiry letter from the Shanghai Stock Exchange regarding its Q3 2025 financial report, focusing on litigation risks, non-standard audit opinions, subsidiary operations, and frozen funds [1][2][3][4]. Group 1: Litigation Risks - The company has faced 252 new lawsuits since the beginning of 2025, with a total amount involved of 498 million yuan, which accounts for 177.73% of the net assets as of Q3 [2][3]. - The inquiry requires the company to disclose details about the lawsuits, including the parties involved, background, progress, and whether these have been recognized as liabilities [2]. Group 2: Non-Standard Audit Opinions - The company received a non-opinion audit report for its 2024 annual report, leading to a risk warning for delisting [3]. - The inquiry emphasizes the need for the company to assess the impact of these non-standard opinions on the 2025 financial report and to disclose potential delisting risks if issues remain unresolved [3]. Group 3: Subsidiary Operations - Some subsidiaries are reported to have non-operational fund occupation by minority shareholders, and there are instances of illegal guarantees [4]. - The inquiry requests detailed disclosures about the main subsidiaries' operations, including financial data and any potential fund occupation or guarantee issues [4]. Group 4: Frozen Funds - As of Q3, the company reported a cash balance of 72.38 million yuan, while 81.66 million yuan is frozen due to guarantees and litigation [4]. - The inquiry demands an investigation into the reasons for the frozen funds and the status of unreturned raised funds, along with future repayment plans [4].

出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：*ST长药（维权）涉嫌造假问题究竟出在哪？公司当年收购长江星究竟有无猫腻？需要指出 的是，公司近年业绩暴涨暴跌背后重组标的长江星出现欠税问题；与此同时，长江星出现控股股东客户 及大量个人采购现象，且毛利率异于同行等情形。随着*ST长药遭立案调查，退市风险进一步加剧，其 重整程序反复延迟，*ST长药重整又是否存变数。 近日，*ST长药因涉嫌定期报告等财务数据虚假记载，遭监管立案调查。 颇为值得关注的是，公司同时提醒不排除出现退市风险。若后续经中国证监会行政处罚认定的事实，触 及《深圳证券交易所创业板股票上市规则（2025年修订）》规定的重大违法强制退市情形，公司股票将 被实施重大违法强制退市。 需要指出的是，*ST长药已经启动重整。随着公司遭遇立案调查后，公司未来重整能否顺利推进或存在 较大不确定性。 造假风险或早有信号？重整被反复延期 *ST长药主要从事中药饮片生产销售，以及药品、保健品和医疗器械批发等业务。 因公司资产不能清偿全部到期债务且明显缺乏清偿能力，今年1月20日，十堰中院决定对*ST长药启动 预重整。 3月10日，十堰中院裁定子公司湖北长江星 ...

Core Viewpoint - The stock price of ST Zhengping has experienced an extraordinary surge, significantly diverging from the company's fundamental performance, raising regulatory concerns about market speculation and irrational trading behavior [1][4][6]. Group 1: Stock Price Surge - ST Zhengping's stock has seen an astonishing increase of over 170% since early September [3]. - The stock's short-term gains have deviated sharply from the Shanghai Composite Index and the construction industry index, indicating a disconnect from the company's fundamentals [4]. - Despite multiple risk warning announcements and two trading suspensions for verification, market speculation remains high, with the stock hitting consecutive daily price limits upon resumption [2][5][6]. Group 2: Underlying Risks - The company faces significant fundamental risks, including the threat of delisting due to an audit report that could not express an opinion for the 2024 annual report, leading to a delisting risk warning [7]. - The 2024 internal control audit report received a negative opinion, raising uncertainties about the company's ability to continue operations, alongside issues of illegal guarantees [7][8]. - The company has reported substantial losses for both 2024 and the first three quarters of 2025 [9]. Group 3: Legal and Financial Challenges - ST Zhengping is currently embroiled in numerous lawsuits and arbitration cases, with substantial amounts at stake, further complicating its financial situation [10]. - The company has resolved previous non-operational fund occupation issues, but uncertainties remain regarding undisclosed non-operational fund occupations [11]. - The company's wholly-owned subsidiary faces challenges in mineral resource extraction due to insufficient funds, personnel, and equipment, leading to significant uncertainty about future development and revenue generation [11]. Group 4: New Business Ventures - The company is actively exploring new growth areas, including renewable energy construction and intelligent computing services, and has established partnerships with various local governments and enterprises [12][13]. - However, the effectiveness of these new ventures in reversing the company's current predicament remains to be seen, and the company continues to caution investors about the risks associated with the recent stock price surge [14].

Core Viewpoint - *ST Changyao is embroiled in a financial fraud scandal, facing a formal investigation by the China Securities Regulatory Commission (CSRC) due to suspected false reporting of financial data, which could lead to mandatory delisting if deemed a major violation [1][2]. Group 1: Financial Fraud Investigation - The investigation focuses on the authenticity of *ST Changyao's financial data, highlighting severe deficiencies in its information disclosure quality and internal control systems [2]. - The company has already been warned of delisting risks due to a negative net asset value reported for the fiscal year 2024 [2]. Group 2: Deteriorating Operations - Since entering the pharmaceutical industry in 2020 and fully transforming in 2022, *ST Changyao has not achieved expected growth, with revenue plummeting from 1.615 billion yuan in 2022 to 112 million yuan in 2024 [3]. - The company's net profit has been negative for consecutive years, with net assets reported at -433 million yuan by the end of 2024, worsening to -643 million yuan by the end of Q3 2025 [3]. - Operating cash flow has been negative for three consecutive years, raising significant doubts about the company's ability to continue as a going concern [3]. Group 3: Legal and Financial Risks - *ST Changyao is facing multiple legal challenges, with 140 lawsuits involving a total amount of 1.878 billion yuan, which is 434% of its net assets, indicating governance issues and compliance failures [4]. - The company has 1.106 billion yuan in interest-bearing liabilities, with 390 million yuan overdue, leading to severe liquidity issues [4]. - A significant portion of the company's bank accounts, 67.7%, are frozen, impacting daily operations and cash flow management [4]. Group 4: Conclusion - *ST Changyao is undergoing its most severe test since its listing, facing a crisis that requires urgent resolution of debts and regulatory concerns to maintain its position in the capital market [5].

28个交易日，23个涨停，累计涨幅241.59%，*ST东易拟停牌核查。 11月13日晚间，*ST东易（002713）发布公告称，公司股票自9月26日晚披露《关于遴选重整投资人结果及签署重整投资协议暨预重整进展的公告》以 来，至11月13日价格涨幅为241.59%，其间出现9次异常波动，严重背离公司基本面，公司将就股票交易波动情况进行核查。 *ST东易从2024年7月最低价1.96元，涨至最新停牌价17.66元，涨幅近10倍。 经申请，*ST东易股票将自11月14日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌时间不超过3个交易日。 同时，华著科技将借助自身算力产业资源，通过捐赠智算中心运营主体、订单导入等方式，多措并举助力*ST东易拓展数据中心集成服务业务及算力服务 业务，推动上市公司实现双轮驱动，并承诺未来三年为公司导入算力产业相关业务订单。 预重整进展带动股价走牛 *ST东易的股价狂欢始于预重整进展带来的希望。 9月26日晚间，公司披露了《关于遴选重整投资人结果及签署重整投资协议暨预重整进展的公告》，随后股价便开启了"疯涨"模式。 根据公告，*ST东易已与多家重整投资人签订了协议书。截至目前，已收 ...

Core Viewpoint - *ST Dongyi's stock has experienced a significant increase of 241.59% since September 26, leading to a suspension of trading for verification due to multiple abnormal fluctuations [1][4]. Group 1: Stock Performance and Trading Suspension - The stock price of *ST Dongyi reached 17.66 yuan per share as of November 13, marking a "12 consecutive boards" achievement [1]. - The company announced a trading suspension starting November 14, pending the completion of the verification process, which is expected to last no more than three trading days [1][4]. Group 2: Abnormal Fluctuations and Company Self-Examination - Since the announcement regarding the selection of restructuring investors on September 26, the stock has shown nine instances of abnormal fluctuations, indicating a significant deviation from the company's fundamentals [4]. - The company conducted a self-examination and found no need for additional disclosures or corrections regarding previously released information [4]. Group 3: Restructuring and Bankruptcy Risks - *ST Dongyi is facing a restructuring application from creditors, and if the court accepts the application, the stock will be subject to "delisting risk warning" [5]. - There is a risk of bankruptcy if the restructuring fails, which could lead to the termination of the stock listing [5]. Group 4: Financial Performance - For the first three quarters, *ST Dongyi reported a revenue of 544 million yuan, a decrease of 52.02% year-on-year, with a net loss attributable to shareholders of 58.26 million yuan [7]. - The company has been issued a "delisting risk warning" due to negative net assets as of the end of 2024 and has received an audit report indicating significant uncertainty regarding its ability to continue as a going concern [7].

Core Viewpoint - *ST Dongyi's stock price has experienced significant volatility, with a 241.59% increase since September 26, raising concerns about its divergence from the company's fundamentals [1] Group 1: Stock Performance and Market Metrics - The stock has shown large fluctuations, with nine instances of abnormal trading behavior since the announcement of the restructuring investor selection [1] - As of November 12, *ST Dongyi's static P/E ratio was -6.03, rolling P/E ratio was -10.88, and P/B ratio was -6.06, indicating substantial differences compared to the industry averages of 26.83 for static P/E, 23.94 for rolling P/E, and 2.34 for P/B [1] Group 2: Financial Health and Risks - The company reported a negative net asset value at the end of 2024, leading to a "delisting risk warning" under Shenzhen Stock Exchange rules [2] - Continuous negative net profits for three years have resulted in a "other risk warning" from auditors, indicating significant uncertainty regarding the company's ongoing operations [2] - The company faces potential bankruptcy and delisting risks if the court does not accept its restructuring application by December 31, 2025 [2] Group 3: Regulatory Attention and Business Overview - The stock's abnormal price movements have attracted regulatory scrutiny, with the Shenzhen Stock Exchange monitoring *ST Dongyi for unusual trading activities [3] - Established in 1997, *ST Dongyi is the first listed company in the home decoration sector in A-shares, providing comprehensive home services including design, construction, and product supply [3] - For the first three quarters of 2025, the company reported revenues of 544 million, a decrease of 52.02% year-on-year, with a net loss of 58.26 million [3]

Core Viewpoint - ST Zhongdi's stock price surged by 153.19% over 20 trading days, leading to a trading suspension for verification due to significant price volatility [1][3]. Group 1: Stock Performance and Trading Suspension - ST Zhongdi announced a stock price increase of 153.19% from October 16 to November 12, resulting in a trading suspension starting November 13 for up to three days [1][3]. - The company recorded 19 consecutive trading limit-ups since October 17, with a current market capitalization of 3.205 billion [3]. Group 2: Shareholder Changes and Auction Details - The recent surge in ST Zhongdi's stock price was triggered by an announcement on October 17 regarding the second judicial auction of shares held by its controlling shareholder, Guangdong Runhong [5]. - Shenzhen Tianwei Investment acquired 71.1448 million shares for approximately 2.55 billion, representing 23.77% of ST Zhongdi's total share capital, leading to a change in control [5][7]. - The auction was dramatic, with Tianwei Investment placing a bid just six minutes before the deadline, after the shares had previously gone unsold [6]. Group 3: New Shareholder Background - Tianwei Investment, established on July 22, 2023, is co-founded by semiconductor veterans Meng Hongda and Zhang Wei, who are also the founders of Shenzhen Tianwei [8]. - Shenzhen Tianwei is a recognized high-tech enterprise engaged in integrated circuit design and semiconductor equipment manufacturing [8]. Group 4: Financial Risks and Challenges - ST Zhongdi faces severe delisting risks, with negative equity of -8.5168 million as of Q3 2025, and a significant decline in revenue and profits [10][11]. - The company has substantial debts, including approximately 5.92 billion in unpaid bank loans and potential liabilities exceeding 1.4 billion due to guarantees [12]. - Despite the change in control, there are no immediate plans for business transformation or asset injection, raising concerns about the company's ability to address its financial challenges [12].