12月1日晚间，上海证券交易所发布公告：*ST苏吴（维权）（江苏吴中）因重大违法行为被强制终止上市，最后交易日期为2025年12月29日。戏剧性的 是，就在11月罚单公布前，其股价竟诡异地连续涨停，仿佛最后的狂欢。曾被视为江苏吴中"救命稻草"的韩国童颜针，在贡献45%毛利后，一纸解约函让 最后的希望破灭——这不仅是产品丢失，更是信用破产的连锁反应。 当*ST苏吴因17.72亿财务造假、16.9亿资金被实控人当提款机而强制退市时，它不过是这场2025退市风暴的缩影——全年已有多家医疗大健康上市公司被 摘牌，波及A股、港股、美股三地市场，数万名投资者血本无归。 从2月大理药业因市值不足5亿元首尝退市苦果，到5月普利制药虚增利润6.59亿触发重大违法退市，再到10月"癌症早筛第一股"诺辉健康因造假400亿市值 归零、11月美股湖岸生物因股价跌破1美元黯然离场，每起案例都在撕开行业最痛的伤疤：财务造假、资金占用、业绩爆雷、治理失控。 2025年，医疗大健康行业正在经历一场残酷的"清创手术"。一家25年老牌医药巨头，用5年时间编织了一张17.72亿的财务造假巨网，最终把自己送进了退 市之门。 值得注意的是，因违法行为" ...

Core Viewpoint - Jimin Health (603222.SH) reported a significant decline in revenue and a shift from profit to loss in its 2025 semi-annual report, alongside a negative cash flow from operating activities [2][4][6]. Financial Performance - The company achieved a revenue of 366.45 million yuan, a year-on-year decrease of 21.30% [4][5]. - The net profit attributable to shareholders was -52.70 million yuan, compared to a profit of 25.44 million yuan in the same period last year, marking a 307.10% decline [4][5]. - The net cash flow from operating activities was approximately -36.10 million yuan, a significant drop from 41.73 million yuan in the previous year, reflecting a 186.50% decrease [6]. - The weighted average return on net assets decreased by 5.24 percentage points to -3.63% [6]. Stock Performance - Jimin Health's stock price saw a cumulative increase of 53.78% from August 13 to August 19, 2025, before experiencing a significant drop on August 21, where it fell nearly 4% [2][3]. Operational Challenges - The decline in revenue was attributed to a 39.58% drop in export income from safety syringes due to U.S. tariff policies and a staggering 92.24% decrease in domestic sales of pre-filled catheter flushing devices and safety syringes, linked to a scandal involving a former vice president [8][9]. - The company is currently involved in legal issues related to the forgery of company seals by its former vice president, which has resulted in 19 lawsuits with a total amount in dispute of 73.06 million yuan [8][9].

Core Viewpoint - Jimin Health (603222.SH) reported a significant decline in revenue and a shift from profit to loss in its 2025 semi-annual report, alongside negative cash flow from operating activities [1][4][8]. Financial Performance - The company achieved revenue of 366.45 million yuan, a year-on-year decrease of 21.30% [4][5]. - The net profit attributable to shareholders was -52.70 million yuan, compared to a profit of 25.44 million yuan in the same period last year, marking a decline of 307.10% [4][5]. - The cash flow from operating activities was approximately -36.10 million yuan, a significant drop from about 41.73 million yuan in the previous year [7][8]. - The weighted average return on net assets decreased by 5.24 percentage points to -3.63% [7]. Stock Performance - Jimin Health's stock price increased by 53.78% from August 13 to August 19, 2025, with a trading volume of 1.51 million shares [1][2]. - On August 20, the stock hit the daily limit, with a turnover rate of 31.31%, significantly higher than the industry average [1][2]. - However, on August 21, the stock price experienced a sharp decline, reaching a near 4% drop [1]. Legal Issues - The company faced legal challenges due to the "He Qinghong stamp forgery incident," which significantly impacted sales, particularly for pre-filled catheter flushing devices and safety injection syringes, leading to a 92.24% decline in domestic sales [8][9]. - The incident involved the former vice president He Qinghong and her team forging company seals and signing agreements with distributors, resulting in 19 lawsuits with a total amount involved of 73.06 million yuan [8][9].