围绕"营收+利润"和净资产两大核心关键指标，一些*ST公司通过破产重整、并购优质资产、剥离亏损业务、推进债务重组与豁免等手段自 救，尽管手段多样，但在"退市不免责"的全周期严监管下，合规边界正日益收紧，保壳难度不小。 南开大学金融发展研究院院长田利辉表示，保壳争得的是时间，根本出路在于刮骨疗毒，剥离亏损业务与破产重整等手段是公司法赋予企 业的合法自救工具，关键在于区分"报表式保壳"与"实质化重生"，前者通过关联交易、突击增收等手法修饰指标，但这无异于饮鸩止渴，后 者则通过重整实现债务出清、业务重构和治理再造，这才是值得鼓励的市场化纾困路径。 保壳方式层出不穷 财务指标逼近红线，多家"披星戴帽"的上市公司谋求自救。2025年，50家上市公司成功实现"脱星摘帽"，其中，31家上市公司撤除了"其他 风险警示"（ST），19家上市公司撤除了"退市风险警示"（*ST）。 岁末年初，多家*ST公司打响保壳大战。 在零容忍的监管趋势下，仅仅通过变更数据的"技术型保壳"已无空间可言，监管部门通过"刨根问底"式的问询、立案调查等方式，严防违规 保壳。 如*ST观典，在保壳关键期，上交所向该公司出具关于2025年三季度报告的问询 ...

每经记者｜胥帅 每经编辑｜陈柯名 廖丹 年底保壳倒计时，A股又现"中国好股东"，它就是*ST建艺控股股东珠海正方集团有限公司（以下简称正方集团）。 官网截图 豁免14亿元债务本金并捐4亿元现金 12月25日晚间，*ST建艺公告称，为支持上市公司持续健康有序发展，公司控股股东正方集团向公司出具了《债务豁免函》《捐赠函》，正方集团决定豁 免公司应向正方集团偿还的债务本金14亿元，并同时豁免该债务相应的利息889.7万元；正方集团决定向公司捐赠4亿元现金资产。 12月25日晚间，*ST建艺（SZ002789，股价10元，市值15.96亿元）公告，公司控股股东正方集团不仅豁免其债务本金14亿元，还决定向公司捐赠4亿元现 金资产。值得一提的是，4亿元现金捐赠已经打进*ST建艺的账户。正方集团之所以当好股东，还是为了维持上市公司不退市。根据*ST建艺财务数据，公 司三季度末所有者权益合计-8.93亿元。 每经记者注意到，正方集团堪称A股的好股东，上述合计金额已经超过了18亿元。对比正方集团自身业绩和资产负债表，更可以见到这18亿元的"珍贵"之 处。 去年，正方集团营业收入241.3亿元，但净利润亏损6亿元。今年前三季度， ...

郭晨凯 制图 ◎记者 高志刚 郭成林 知名财税审计专家、资深注册会计师刘志耕表示，当前*ST公司的"保壳"操作主要围绕"营收+利润"和 净资产两大核心关键指标展开，尽管手段多样，但合规边界正日益收紧。 资产并购与剥离： 从"报表修饰"转向"结构调整" 自财务类退市指标引入"营业收入扣除""非经常性损益"等系列规则以来，单纯依靠财会手段或非经营性 手段扩大营收与利润的"保壳"路径已被大幅压缩。 临近年末，A股市场的"保壳"大战再度打响。 2025年12月21日，*ST东易公告称，北京市第一中级人民法院裁定批准其重整计划。若该计划顺利执 行，公司将有效改善资产负债结构，"保壳"概率显著提升。 除重整外，并购优质资产、剥离亏损业务、推进债务重组与豁免等手段层出不穷，A股"保壳"大战正呈 现更为复杂的博弈形态。而监管层的"零容忍"态度，更让这场资本与规则的博弈充满变数。 在某资深业内人士看来，在退市标准持续提高、监管政策日趋严格的背景下，上市公司化解退市风险的 方式正从"技术性操作"向"实质性改善"转变。 另一方面，多家*ST公司选择"断臂求生"，快速摆脱退市风险。 2025年12月3日，*ST南置公告称，公司重大资 ...

面对连续九年扣非净利润亏损的退市悬崖，一场以4.5亿元为筹码的控制权转让，将*ST华嵘推上了交易 异动与监管问询的风口浪尖。 12月8日，公司股价已连续3个交易日跌停。根据此前公告，*ST华嵘称，若作为控制权受让方的海南伯 程汇能科技中心（有限合伙） （下简称海南伯程） 拖延付款达30日以上则构成违约，转让方有权要求 购买方支付转让总对价（4.5亿元）的10%作为违约金。 但这场看似为保壳而设计的"救命"交易，从开始就伴随着重重疑云。收购方是一家为此次收购专门成 立、成立仅四个月的新主体，截至公告披露日，实缴出资额仅2000万元。 "保壳"自救恐生变 4.5亿收购款远未到位 收购方刚成立即收监管函 2025年8月，连续亏损多年的*ST华嵘宣布，控股股东及一致行动人拟以总价约4.5亿元向海南伯程汇能 科技中心转让25.01%的股份。交易一旦完成，公司实际控制人将由楼永良变更为林木顺。 这笔交易的核心是控制权变更。交易前，*ST华嵘的控股股东为浙江恒顺投资有限公司，实际控制人为 楼永良。楼永良是中天控股的掌门人，其资本版图一度涵盖*ST华嵘和中天服务两家A股公司。 交易涉及浙江恒顺及其一致行动人上海天纪，分别向海 ...

Core Viewpoint - The A-share market is experiencing a surge in asset sales as companies aim to liquidate underperforming assets and improve financial positions ahead of year-end [2][4][5] Group 1: Asset Sales Trends - Nearly 300 listed companies have announced asset sales since October, significantly higher than in previous quarters, with over 100 being first-time disclosures [2] - Companies are selling assets to recover cash and enhance profits, while also focusing on core business operations by divesting non-core assets [2][4] Group 2: Specific Company Examples - *ST Baoying plans to sell investment properties for 86.87 million yuan, expecting a profit impact of approximately 42 million yuan [3] - Oriental Yuhong is selling several properties to improve asset structure and financial status, having previously sold other real estate to alleviate cash flow issues [4] - Zhuhai免税集团 is divesting real estate assets to focus on its core duty-free business, with a transaction value of approximately 5.518 billion yuan [4] Group 3: Loss-Making Asset Sales - Songyang Resources is selling a loss-making subsidiary for a minimum price of 10 million yuan after incurring cumulative losses of about 750 million yuan over three years [5] - Companies like Longxin General and Liujin Technology are transferring stakes in loss-making subsidiaries for as low as 1 yuan, highlighting a trend of divesting underperforming assets [6][7] Group 4: Market Reactions and Concerns - The trend of selling assets for 1 yuan or even zero has raised market concerns about the quality of these assets and potential hidden liabilities [7][8] - Regulatory scrutiny has increased, with exchanges questioning companies about their financial health and asset evaluations following such low-priced transactions [8][9]

Core Viewpoint - The phenomenon of A-share listed companies transferring assets for 1 yuan has garnered significant market attention, indicating strategic decisions rather than mere loss transactions [1][2][3] Group 1: Asset Transfer Dynamics - Many companies are engaging in "clearance-style" transfers, relinquishing control of assets that often have negative net worth and poor operational performance [1][2] - The low-priced asset transfers are often accompanied by debt transfer arrangements, effectively shifting liabilities along with the equity [1][5] - Companies like *ST Nan Zhi and ST Yi Gou are using these transactions as a strategy to exit non-core areas and mitigate losses [2][8] Group 2: Strategic Adjustments - The majority of the assets being transferred are in the real estate sector, which has been a significant burden on company performance due to ongoing losses [2][3] - By divesting from real estate, companies aim to pivot towards lighter asset business models, enhancing operational efficiency and profitability [2][3] Group 3: Financial Implications - The transfer of assets at 1 yuan often indicates the presence of substantial debts, with the receiving party assuming these liabilities [5][6] - For instance, ST Yi Gou's subsidiaries had significant negative equity, highlighting the financial distress associated with these assets [6][7] Group 4: Market Perception and Risks - While these transactions can improve financial metrics in the short term, they may also lead to negative market perceptions regarding the company's fundamentals and asset quality [7][8] - The practice of low-priced asset transfers can raise concerns about potential regulatory scrutiny and investor trust issues [7][8] Group 5: Long-term Considerations - Although divesting unprofitable assets can temporarily enhance financial statements, it may also result in reduced business scale and profitability sources in the long run [8][9] - Companies are encouraged to focus on building a competitive business structure and sustainable profit models to navigate the challenges of transformation [9]