登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：国际金融报 上交所监管函直指*ST春天（维权）的营收真实性、营收扣除合规性、资金占用风险三大问题。 2月25日晚间，听花酒母公司青海春天药用资源科技股份有限公司（下称"*ST春天"，代码600381）宣 布延期回复上交所关于2025年业绩预告的监管工作函，理由为"确保信息披露真实、准确、完整"。 需要注意的是，此前*ST春天因业绩不佳已两次发布退市风险警示，2025年的业绩指标对公司而言，可 能是其能否继续留在资本市场的"生死线"。 营收真实性被质疑 *ST春天业务包括白酒和虫草两大类，其中酒水业务的核心产品听花酒曾风靡一时，但两年前被央 视"3·15"晚会点名曝光，导致产品口碑和销量受到双重打击，公司业绩承压显著。 最近五年，*ST春天连续亏损，营收在1.2亿元到2.7亿元区间徘徊。2024年的财报披露后，其因净利润 为负、扣非后营收不足3亿元首次触发退市风险警示。 按照相关规定，若已被*ST的公司最近一年审计利润总额、净利润、扣非净利润三者的最低值为负值， 且扣除后的营业收入低 ...

Core Viewpoint - *ST Dongjing (002199.SZ) is projected to achieve an operating revenue of 340-370 million yuan in 2025, with a net revenue of 330-360 million yuan, both exceeding the 300 million yuan delisting threshold [1] Group 1 - The company needs to generate 146 million yuan in revenue in the fourth quarter, with 102 million yuan expected from the newly added battery-grade lithium carbonate business [1] - The battery-grade lithium carbonate business was not disclosed in the semi-annual report, leading to uncertainty in revenue recognition [1] - The company's revenue for the first three quarters was 184 million yuan, with quarterly revenue remaining stable in the range of 50-67 million yuan [1] Group 2 - If the special audit excludes the revenue from the new business, the company may face a delisting crisis [1]

Core Viewpoint - Zotye Auto has secured a 400 million yuan loan from Zhejiang Yongkang Rural Commercial Bank, with 343 million yuan already received, indicating potential plans for resuming production and recruitment efforts [1][2] Funding and Financial Strategy - The loan is intended for repaying specific bank creditors and resuming operations, suggesting that a significant portion may be used for debt restructuring rather than new vehicle development [2] - Zotye's survival hinges on its "shell resources," allowing it to avoid delisting despite past financial struggles, as it holds dual production qualifications for both fuel and new energy vehicles [2][3] Recruitment and Market Position - Following the funding, Zotye has initiated a recruitment drive for 49 core R&D positions, focusing on new energy systems and intelligent driving, signaling a commitment to revitalize its operations [2][3] - However, the scale of the recruitment is minimal compared to industry standards, where competitors invest billions in R&D and employ thousands of engineers, highlighting Zotye's limited capacity to compete effectively [3] Industry Context and Challenges - The automotive market has evolved significantly, with competitors like BYD and tech giants raising the bar for vehicle technology and pricing, making it challenging for Zotye to regain market share [4] - Zotye's previous branding as "the poor man's Porsche" is now a liability, as consumer preferences shift towards original designs and core technologies, complicating its efforts to rebuild trust and market presence [4] Future Strategies - Zotye's potential paths for survival may include focusing on overseas markets or transitioning to an OEM model, leveraging existing resources to produce cost-effective vehicles for export [5] - The company may also consider becoming a contract manufacturer, providing production capacity to other firms, as the landscape shifts towards companies with strong technological foundations [5]

Core Viewpoint - *ST Bio (000504) expects significant revenue growth in 2025, projecting operating income between 385 million to 425 million yuan, compared to approximately 130 million yuan in the previous year, indicating a substantial year-on-year increase [2][5]. Financial Performance - The company anticipates a total profit of 18.5 million to 26.5 million yuan for 2025, with net profit attributable to shareholders expected to be between 28.5 million to 32.5 million yuan, and net profit after deducting non-recurring gains and losses projected at 8.5 million to 12.5 million yuan, all indicating a turnaround from previous losses [2][5]. - Basic earnings per share are forecasted to be between 0.025 yuan and 0.037 yuan, a recovery from a loss of 0.06 yuan per share in the previous year [5]. Revenue Drivers - The revenue increase is attributed to the acquisition of Loudi Jinhong New Materials Co., which enhanced the company's recycling business, particularly in the areas of waste battery and scrap steel recycling [5][6]. - The company has also expanded sales of related products in its main business, including beauty and health products linked to its biopharmaceutical operations, contributing to revenue and profit growth [5][6]. Cost Management - In 2025, *ST Bio implemented cost reduction and efficiency improvement measures, including organizational restructuring, personnel optimization, and expense control, which enhanced profitability [6]. Regulatory Context - 2025 is a critical year for *ST Bio to avoid delisting, as the company faced a risk warning due to negative profits and revenue below 300 million yuan in 2024 [7]. - The company can apply to lift the delisting risk warning if it meets specific financial criteria in the subsequent annual report [7]. Asset Restructuring - Concurrently, *ST Bio announced the termination of a major asset restructuring plan aimed at acquiring a 51% stake in Hunan Huize Biopharmaceutical Technology Co., a professional CRO company [11][12].

Core Viewpoint - *ST Baoshi is undergoing a significant transformation by divesting its loss-making traditional bearing business and acquiring state-owned new energy assets, aiming for survival amid delisting risk warnings [1][4]. Group 1: Asset Restructuring - On January 13, 2026, Baota Petrochemical Group completed the transfer of 200 million shares, reducing its stake in *ST Baoshi from 34.99% to 17.43%, while Ningxia State-owned Capital Operation Group became the controlling shareholder with a 29.33% stake [1][4]. - The major asset swap has been completed, changing the company's main business from traditional bearing manufacturing to new energy generation and storage [1][4]. - The asset swap involves the transfer of all assets and liabilities, except for some retained assets, in exchange for 100% equity of Electric Power Investment New Energy, valued at 8.09 billion yuan, while the divested assets are valued at 4.68 billion yuan, with a cash payment of 3.41 billion yuan [1][4]. Group 2: Financial Performance - Since 2008, *ST Baoshi has reported negative net profits excluding non-recurring items, but post-restructuring, the company achieved a revenue of 504 million yuan in the first three quarters of 2025, a year-on-year increase of 7.74%, and a net profit of 118 million yuan, successfully turning a profit [2][5]. - The dramatic financial turnaround has led the market to interpret the restructuring as a "shell protection" action, especially given the company's delisting risk status [2][5]. - The transaction includes a three-year performance commitment, with Electric Power Investment New Energy promising net profits of no less than 75.86 million yuan, 78.79 million yuan, and 78.51 million yuan for the years 2025 to 2027, contingent on asset delivery by December 31, 2025 [2][5]. Group 3: Industry Challenges - Electric Power Investment New Energy faces challenges, with its gross profit margin expected to decline from 51.63% in 2023 to 39.03% in 2024, indicating increased competition in the new energy generation sector [2][5]. - The company's debt-to-asset ratio was high, reaching 83.07% by the end of March 2025, reflecting potential financial strain [2][5].

Core Viewpoint - The company *ST XinYuan (300472) is seeking to mitigate its delisting risk through a combination of cash donations and debt waivers, while facing multiple challenges that could lead to its termination of listing [1][2]. Group 1: Cash Donation and Debt Waiver - The company announced that it will receive up to 330 million yuan in cash assets from its industry investors, which will be a non-repayable donation without any conditions attached [1]. - Additionally, the actual controller, Zhu Yesheng, has committed to waive debts amounting to no more than 50 million yuan, which is also a unilateral and unconditional waiver [2]. Group 2: Delisting Risks - The company is currently under delisting risk warnings due to potential negative audit opinions for the 2024 fiscal year, which could lead to termination of listing if issues are not resolved by the 2025 annual report [2]. - As of the first three quarters of 2025, the company reported revenues of 68.43 million yuan and a negative equity of 55.02 million yuan, which could trigger delisting if certain financial thresholds are not met [3]. - The company faces additional risks of bankruptcy and delisting if its restructuring efforts fail or if a court accepts its restructuring application [4]. Group 3: Business Operations and Future Plans - The company is in urgent need of quality business integration to establish stable revenue sources, as its current business scale and operational support are insufficient [5]. - A restructuring investment plan has been proposed, which includes the injection of core quality businesses from related parties, aimed at improving the company's financial and operational status [5]. Group 4: Market Performance - The latest stock price of *ST XinYuan is reported at 8.3 yuan per share, with a total market capitalization of 2.285 billion yuan [6].

Core Viewpoint - The article discusses the actions taken by Zhuhai Zhengfang Group, the controlling shareholder of *ST Jianyi, to support the company in avoiding delisting by waiving debts and donating cash assets [3][4][7]. Group 1: Financial Support Actions - Zhuhai Zhengfang Group waived a debt principal of 1.4 billion yuan and donated 400 million yuan in cash to *ST Jianyi, totaling over 1.8 billion yuan in financial support [4][7]. - The cash donation has already been deposited into *ST Jianyi's designated bank account, which is crucial for the company's financial health [8][9]. Group 2: Company Financial Status - As of the end of the third quarter, *ST Jianyi reported total equity of -893 million yuan, indicating significant financial distress [8][9]. - The company is under pressure to achieve positive net assets by the end of 2025 to avoid delisting, with the audit report highlighting substantial uncertainties regarding its ongoing operations [8][9]. Group 3: Shareholder Commitment - Zhuhai Zhengfang Group has shown a strong commitment to maintaining *ST Jianyi's listing status, emphasizing the importance of the company as a platform for the Zhuhai municipal government [10]. - The group has previously engaged in discussions about selling fixed assets and subsidiary equity to improve the company's financial situation, although these plans have faced delays [12]. Group 4: Market Reactions - Following a series of trading halts, *ST Jianyi's stock price experienced a sudden increase, reflecting market optimism regarding the shareholder's support [13].

Core Viewpoint - The controlling shareholder of *ST Jianyi, Zhuhai Zhengfang Group, has waived a debt of 1.4 billion yuan and donated 400 million yuan in cash to support the company and prevent its delisting [1][5]. Group 1: Financial Support - Zhuhai Zhengfang Group has issued a debt waiver letter and a donation letter, waiving the principal debt of 1.4 billion yuan and corresponding interest of 8.897 million yuan [5]. - The total financial support from Zhuhai Zhengfang Group amounts to over 1.8 billion yuan, which is significant given the group's own financial struggles, including a net loss of 600 million yuan last year and 920 million yuan in the first three quarters of this year [5][6]. Group 2: Urgency of Delisting Prevention - *ST Jianyi is under pressure to maintain its listing status, with a negative net asset value of -893 million yuan as of the end of the third quarter [6]. - The company has received the cash donation, which is expected to be accounted for in the 2025 financial statements, potentially helping to turn its net assets positive and mitigate delisting risks [6][8]. Group 3: Previous Strategies and Market Reactions - The company had previously planned to sell some fixed assets and equity stakes but has since terminated those plans [10]. - Following a series of trading halts, *ST Jianyi's stock price experienced a sudden increase, indicating market optimism following the financial support from its controlling shareholder [10].

Core Viewpoint - The A-share market is witnessing a "shell protection" battle as multiple *ST companies are taking drastic measures to avoid delisting risks, with a deadline for compliance set for April 2026 [1][2]. Group 1: Company Actions - *ST Jinke announced the completion of its restructuring plan and applied to the Shenzhen Stock Exchange to lift the delisting risk warning [1]. - *ST Dongyi received court approval for its restructuring plan, indicating progress in its efforts to avoid delisting [1]. - *ST Nan Zhi completed a major asset sale, transferring real estate-related assets and liabilities for 1 yuan, involving 17 equity assets and 11.582 billion yuan in debt [3]. - *ST Lvkang disclosed the completion of the sale of three subsidiaries at a price of 0 yuan, effectively shedding its loss-making solar business [4]. Group 2: Financial Maneuvers - *ST Guandian reported the repayment of approximately 99.459 million yuan by its controlling shareholder, which alleviated financial pressure and improved its chances of avoiding delisting [5]. - *ST Huamei's controlling shareholder returned all occupied funds and interest totaling 156.69589 million yuan, marking a significant turning point for the company [5]. - Debt forgiveness has emerged as a quick way for *ST companies to reduce liabilities and improve net asset status, with several companies like *ST Yatai and *ST Yunwang announcing substantial debt waivers [5]. Group 3: Regulatory Environment - The regulatory environment is tightening, with *ST Huke being investigated by the China Securities Regulatory Commission during a critical period for "shell protection" [6]. - The trend towards a comprehensive registration system and normalized delisting practices is expected to reduce the availability of shell resources, making it increasingly difficult for companies to reverse long-term trends [6].

Core Viewpoint - B. Riley Financial Inc. has submitted its overdue Q2 report to the SEC, moving closer to meeting Nasdaq's listing requirements and avoiding delisting, with the stock rising over 40% in after-hours trading following the report submission [2][4]. Group 1: Financial Performance - The Q2 report indicates a turnaround from a loss in the previous year to a profit, with a net income of approximately $137.5 million, including gains from asset sales [2][4]. - The adjusted EBITDA for continuing operations rose significantly from $31.2 million to $38.5 million, while the profit from continuing operations was about $71.7 million compared to a loss of $449.2 million in the same quarter last year [4]. - The company has faced challenges in timely reporting, leading to Nasdaq's threats of delisting, but recent efforts have resulted in a temporary extension for overdue filings [4][5]. Group 2: Operational Challenges - B. Riley is currently dealing with significant investment losses and ongoing civil investigations related to its former key business partner, Brian Kahn, which have compounded its financial difficulties [3][5]. - The bankruptcy of Franchise Group, a critical long-term investment, has resulted in substantial write-downs for B. Riley, impacting its ability to submit timely reports [3][5]. - The company has been forced to delay debt repayments and has taken measures to improve its balance sheet, including asset disposals and reducing leverage [5][6]. Group 3: Market Position and Sentiment - B. Riley's stock has plummeted from approximately $60 at the beginning of 2022 to around $3.7, primarily due to exposure to Franchise Group and subsequent investigations by the SEC [6][7]. - The company has been labeled by some analysts as a potential delisting candidate, reflecting its struggles to maintain its status as a diversified financial services leader [5][6]. - The ongoing challenges have led to a suspension of preferred stock dividends and significant asset disposals, further suppressing market sentiment and valuation [7].