不过，公司也表示，目前处于预重整阶段，预重整为法院正式受理重整前的程序，公司是否能进入重整 程序尚存在不确定性。即使法院正式受理重整申请，后续仍然存在因重整失败而被宣告破产并被实施破 产清算的风险。如果公司因重整失败而被宣告破产，根据相关规定，公司股票将面临被终止上市的风 险。 《每日经济新闻·将进酒》记者注意到，自2023年7月，拉萨中院决定对连连亏损、资不抵债的ST西发启 动预重整以来，目前ST西发收到法院的延期决定书已多达20余次；并多次发布公司股票可能被终止上 市的风险提示公告。 近几年来，ST西发的业绩承压明显。数据显示，2021年～2024年，ST西发的营收分别为3.93亿元、2.77 亿元、3.37亿元、4.21亿元；归属于上市公司股东的净利润则分别为-0.16亿元、-0.79亿元、-0.26亿元、 0.26亿元。根据7月12日公司发布的业绩预告，2025年上半年净利润预计在1900万元~2850万元。 （文章来源：每日经济新闻） 8月27日，ST西发再次发布预重整延期的公告。 公告称，公司于2025年8月26日收到拉萨中院决定书（2023）藏01破申4号，内容显示，法院认为，临时 管理人提出西 ...

上市20多年的ST华闻（股票代码000793）正遭遇"流动性紧缺"。 财报显示，2025年上半年，ST华闻实现营业收入约1.35亿元，同比下滑22.5%；归属于上市公司股东的净利润约-7640.88万元，三年半累计亏 损已超25亿元；经营活动产生的现金流量净额约-6367.99万元，同比下滑418.79%；负债合计超过20亿元，资产负债率继续攀升，达到82%， 比去年年底增长3.03%。 截至2025年6月30日，ST华闻2017年度第一期中期票据、2018年度第一期中期票据逾期，累计未偿付金额约5.69亿，银行借款逾期未偿付本金 约1.29亿元。 更棘手的是，ST华闻的很多资产被"上锁"，资产受限总额超过18亿元。ST华闻坦言："公司当前业务发展所需资金较大，中期票据、银行贷款 等相关债务相继到期，所负担的成本及费用较高，如无法创造新的利润增长点、新增融资受限、融资渠道受阻，将会加剧公司的流动性风 险。" 资产受限总额逾18亿元 ST华闻多项股权、房产及土地遭质押冻结 | | 本报告期 | | 上年同期 | | 同比增减 | | --- | --- | --- | --- | --- | --- | | | ...

Core Viewpoint - ST Ningke has signed a "Pre-restructuring Investment Agreement" with Hunan Chuantou and other financial investors, marking a significant step in its restructuring process [2][3][4]. Group 1: Pre-restructuring Investment Agreement - The company announced the signing of the "Pre-restructuring Investment Agreement" on July 11, 2024, which is essential for advancing its restructuring efforts [2]. - Two industrial investors submitted restructuring proposals during the recruitment period, with Hunan Chuantou being selected as the main industrial investor [2][4]. - The agreement with Hunan Chuantou and other financial investors is expected to facilitate the smooth progress of the company's pre-restructuring and restructuring work [4]. Group 2: Financial Investors - A list of financial investors has been designated, including companies such as Kaishuo (Hubei) Biotechnology Co., Ltd., National Trust Co., Ltd., and several private equity funds [3]. - These financial investors have also signed the "Pre-restructuring Investment Agreement," indicating their commitment to the restructuring process [3]. Group 3: Legal and Regulatory Context - The signing of the investment agreements is a necessary step in the restructuring process, which will lead to the drafting of a restructuring plan to be submitted for approval by stakeholders [4]. - The company and its management received administrative penalties from the China Securities Regulatory Commission for violations related to false disclosures in the 2022 annual report [5].

Core Viewpoint - ST Xiangxue is facing significant financial challenges, including a court ruling requiring repayment of loans totaling 1.2 billion yuan, amidst ongoing legal disputes and declining revenues [1][2][3] Group 1: Financial Obligations - ST Xiangxue is required to repay two loans to Hubei Qingsong Yuyao Co., with a total principal of 1.2 billion yuan and accumulated interest nearing 20 million yuan [1] - The first loan of 812 million yuan has an interest rate of 14.6%, while the second loan of 400 million yuan has an interest rate of 3.1% [1][2] - The company has pledged shares worth 600 million yuan as collateral for the loans, giving the lender priority in repayment if obligations are not met [2] Group 2: Legal Issues - The company is currently involved in 143 lawsuits and arbitration cases, with 103 related to operational matters [2][3] - A recent court decision has allowed the company to enter a pre-restructuring phase, which lasts for three months, but does not guarantee formal restructuring [3] Group 3: Financial Performance - In 2024, ST Xiangxue reported a revenue of 1.859 billion yuan, a decline of 19.16% year-on-year, and an increased net loss of 859 million yuan compared to a loss of 389 million yuan in 2023 [2][3] - The first quarter of 2025 showed a revenue of 421 million yuan, down 25.99% year-on-year, with a net loss of 877 million yuan, worsening from a loss of 356 million yuan in the same period last year [3] - The company’s cash flow from operating activities was negative 824 million yuan, a decline of 419.44% year-on-year [3]