2025年12月，贵州百灵（002424.SZ）又再一次被ST。 距离它上次"摘帽"还不到半年。 这家号称"苗药第一股"的企业，仿佛陷入一场永无止境的循环：造假、被罚、戴帽、摘帽、再戴帽…… 而这一次，老板姜伟直接被证监会"红牌罚下"——市场禁入10年。 更戏剧的是，他的"白衣骑士"华创证券，正拿着17亿的借条，在法院门口"等"他。 财报上的"魔术"：四年调控11亿利润 贵州百灵的监管问题并非偶然。 事情起于2024年5月，公司因被天健会计师事务所出具了2023年度否定意见的《内部控制审计报告》， 深交所对公司股票实施其他风险警示被戴帽成为"ST百灵"。 证监会一纸罚单，2560万，创下历史记录。贵州百灵也再度遭遇ST，其内控整改，被证明似乎只是一 场"纸面表演"。而姜伟，作为公司的实控人、董事长，直接被禁入市场十年，意味着其将彻底退出公司 经营决策层，对公司战略稳定性构成重大冲击。 2024年11月，公司因涉嫌信息披露违法违规，证监会决定对公司立案。 2025年6月，在被ST一年之后，公司公告其完成了 "摘帽"动作。公司表示采取了一系列整改和提升措 施，认真"改过自新"。 然而就在其摘帽后仅半年，证监会的立 ...

Core Viewpoint - Huayi Brothers, known as "China's first film and television entertainment stock," is facing financial difficulties, including overdue debts of 52.5 million yuan and the potential judicial auction of shares held by its controlling shareholder, Wang Zhongjun [1][2][3]. Financial Situation - As of December 10, Huayi Brothers reported overdue debts totaling 52.5 million yuan, exceeding 10% of its audited net assets for 2024 [2][3]. - The company's asset-liability ratio reached 87.69%, an increase of 8.6 percentage points year-on-year, indicating a concerning financial structure [7]. - The company has accumulated losses exceeding 8.3 billion yuan, with continuous losses reported since 2018 [7]. Shareholder and Control Risks - Wang Zhongjun's shares are subject to judicial auction, which could reduce his and his brother Wang Zhonglei's combined shareholding to 8.26%, raising concerns about control stability [5]. - The company emphasized that current operations are normal and that this situation will not significantly impact production and governance [5]. Strategic Response - Huayi Brothers is actively negotiating with financial institutions for loan renewals and plans to sell non-core assets to raise funds for its main business [3][7]. - The company has already begun strategic contraction, including the sale of the Suzhou Huayi Brothers Movie World theme park, which had been a significant project but was sold due to ongoing losses [7]. Market Performance - Following the announcement of financial troubles, Huayi Brothers' stock price dropped to 2.3 yuan per share, reflecting a decline of 6.5% [1][2].