经济观察网2026年2月5日，清越科技(688496.SH)发布公告称，因涉嫌定期报告等财务数据虚假记载， 被中国证监会立案调查。同时，公司3个证券账户(合计冻结163.13万股回购股份)及7个募集资金专户(合 计冻结本金约1.34亿元)被冻结。若后续行政处罚认定事实触及重大违法强制退市情形，公司股票可能 被强制退市。该事件是近期影响股价的核心因素，监管风险加剧了市场担忧。 财报分析公司经营压力持续：2025年前三季度营收4.76亿元，同比下降13.64%，归母净利润亏损 4335.34万元。2025年全年业绩预告显示，预计亏损区间扩大至7400万元至1.1亿元，主要受电子纸业务 收入下滑、资产减值准备增加等因素影响。业绩疲软与立案调查事件叠加，进一步削弱投资者信心。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势截至2026年2月13日收盘，清越科技报收6.46元，近5日累计上涨2.22%，但波动显著(区间 振幅5.22%)。资金流向方面，2月10日主力资金净流出136.93万元，而2月13日主力资金转为净流入83.38 万元，市场交投活跃度较高(换手率1.80%)。股价表现受立案调查事件压制，但 ...

Core Viewpoint - *ST Lifan has experienced a significant stock price surge despite ongoing financial fraud investigations and the imminent risk of forced delisting, with a remarkable increase of 314.93% over a recent 10-day trading period [1][2] Group 1: Stock Performance and Trading Activity - From January 20 to February 5, *ST Lifan had 7 out of 10 trading days with price limits, resulting in a total increase of 314.93% [2] - On February 4, the stock exhibited extreme volatility, opening at the daily limit down and closing at the limit up, with a price fluctuation of 40.41% [2] - The trading volume and turnover rate for *ST Lifan have significantly increased since late January, indicating heightened market activity [2] Group 2: Regulatory Actions and Financial Misconduct - The company is under investigation for financial misconduct, including inflated revenue and profit figures in its financial reports from 2021 to 2023 [4] - The Anhui Securities Regulatory Bureau has proposed penalties, including a fine of 10 million yuan and warnings to responsible individuals, with potential market bans for three related personnel [5] - The company has acknowledged the possibility of being subjected to forced delisting due to major legal violations [5] Group 3: Investor Sentiment and Future Outlook - Despite the risks, some investors remain optimistic about potential outcomes from the ongoing hearings, leading to continued speculative trading [6] - For the first nine months of 2025, the company reported a revenue of 203 million yuan, a slight decline of 0.44%, and a net loss of 62.21 million yuan, a 20.59% decrease year-on-year [6] - The company anticipates a projected loss of between 180 million to 210 million yuan for 2025, with revenue expectations of 200 million to 230 million yuan [6]

深交所依规对存在异常交易行为的投资者采取了暂停交易等自律监管措施。 2月10日，深交所发布关于*ST立方（300344）股票交易的风险提示。深交所称，2025年11月28日，*ST 立方收到安徽证监局作出的《行政处罚及市场禁入事先告知书》，公司2021年至2023年连续三年年度报 告财务数据涉嫌虚假记载，2021年和2022年连续两年涉嫌虚假记载的营业收入金额合计达到5亿元以上 且超过该两年披露的年度营业收入合计金额的50%，涉嫌重大财务造假并触及《创业板股票上市规则》 关于重大违法强制退市情形的规定，公司股票可能被强制退市。 近期，*ST立方股价大幅波动，已多次触发股价异动标准。深交所依规对存在异常交易行为的投资者采 取了暂停交易等自律监管措施。鉴于*ST立方存在重大违法强制退市风险，请广大投资者注意交易风 险，理性投资、审慎交易。 今日晚间，*ST立方还发布了关于股票交易停牌核查结果暨复牌的公告。 公告称，停牌期间，公司就股 价波动的相关事项进行了核查。 鉴于相关自查工作已完成，根据相关规定，经公司申请，公司股票将 于2026年2月11日（星期三）开市起复牌。 目前，公司股票价格已严重脱离公司基本面情况， ...

近期，*ST立方股价大幅波动，已多次触发股价异动标准。深交所依规对存在异常交易行为的投资者采取了暂停交易等自 律监管措施。鉴于*ST立方存在重大违法强制退市风险，请广大投资者注意交易风险，理性投资、审慎交易。 （编辑 张昕） 本报讯 （记者田鹏）2月10日，深圳证券交易所（以下简称"深交所"）官方公众号消息，2025年11月28日，*ST立方收到 安徽证监局作出的《行政处罚及市场禁入事先告知书》，公司2021年至2023年连续三年年度报告财务数据涉嫌虚假记载，2021 年和2022年连续两年涉嫌虚假记载的营业收入金额合计达到5亿元以上且超过该两年披露的年度营业收入合计金额的50%，涉 嫌重大财务造假并触及《创业板股票上市规则》关于重大违法强制退市情形的规定，公司股票可能被强制退市。 ...

Core Viewpoint - *ST Lifan (300344) announced that it has completed an internal review regarding stock price fluctuations and will resume trading on February 4 [2] Group 1: Stock Performance - From January 20 to January 29, *ST Lifan experienced a significant price increase, with 5 out of 8 trading days hitting the daily limit, resulting in a total price increase of 188.06% [2] - The stock has shown abnormal trading fluctuations during this period, indicating a potential overreaction in market sentiment [2] Group 2: Company Fundamentals - The company stated that its stock price has significantly deviated from its fundamental value, suggesting risks of market overheating and irrational speculation [2] - There is a possibility that the company may face forced delisting due to major legal violations [2]

1月29日晚，*ST奥维（002231，股价0.60元，市值2.08亿元）发布公告称，公司股票将被深圳证券交易所（以下简称"深交所"）终止上市交 易。因触及交易类强制退市情形而终止上市的股票不进入退市整理期，敬请广大投资者注意投资风险。公司股票将自2026年1月30日（星期 五）开市起停牌。 告知书显示，该公司股票在2025年12月31日至2026年1月29日期间，连续二十个交易日的股票收盘总市值均低于5亿元，触及深交所《股票上市 规则（2025年修订）》第9.2.1条第一款第六项规定的股票终止上市情形，深交所拟决定终止公司股票上市交易。 据公司2025年业绩预告，*ST奥维预计，2025年全年公司实现净利润为-2.66亿元至-1.33亿元，同比下降188.41%至476.82%；扣非归母净利润 为-2.3亿元至-1.15亿元，同比下降97.03%至294.05%；利润总额为-3.4亿元至-1.7亿元，同比大幅下滑。 对于业绩持续亏损且降幅扩大的原因，*ST奥维表示，一是子公司东和欣新材料产业（无锡）有限公司金属制品业务处于停产、停工状态，同 时公司通信设备制造业务规模缩减，综合导致本年度收入同比大幅下降；二 ...

Core Viewpoint - *ST Changyao has been officially penalized by the China Securities Regulatory Commission (CSRC) for systematic false reporting in its annual reports from 2021 to 2023, leading to imminent forced delisting due to major violations [2][4][7]. Financial Misconduct - *ST Changyao has been found to have engaged in financial fraud for three consecutive years, with significant false reporting in its annual financial statements [4][7]. - The company inflated its revenue by 215 million yuan, 284 million yuan, and 234 million yuan for the years 2021, 2022, and 2023 respectively, representing 9.12%, 17.57%, and 19.51% of the reported revenue for those years [5]. - The inflated profit totals were 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan for the same years, accounting for 35.62%, 88.23%, and 6.42% of the reported profit respectively, with 2022 showing an alarming 90% inflation rate [5][6]. Regulatory Actions - The CSRC has imposed a fine of 10 million yuan on *ST Changyao and mandated corrective actions due to the confirmed financial misconduct [7]. - The company is facing multiple delisting risks, including major violations, financial delisting, and trading delisting, as it has reported negative net assets and negative profits for the last three accounting years [7][8]. Market Behavior - Despite the serious delisting risks, *ST Changyao's stock price has surged, with a cumulative increase of over 100% in a short period, indicating a significant divergence from its fundamental performance [2][9]. - The stock has been trading below the 1 yuan threshold for 17 consecutive trading days, approaching the delisting threshold of 20 days [8]. Similar Cases - *ST Lifang is experiencing a similar situation, with allegations of financial fraud and stock price volatility despite the risks of forced delisting [2][10]. - Both companies have seen unusual trading activity, with significant price increases despite ongoing regulatory scrutiny and warnings about the risks involved [9][10].

Core Viewpoint - *ST Changyao has been officially recognized by the regulatory authority for systematic false reporting in its annual reports from 2021 to 2023, leading to imminent forced delisting due to major violations [1][3][5]. Group 1: Financial Misconduct - *ST Changyao has been found to have inflated revenue by CNY 215 million, CNY 284 million, and CNY 234 million for the years 2021, 2022, and 2023 respectively, with these figures representing 9.12%, 17.57%, and 19.51% of the disclosed revenue for those years [4]. - The company also inflated total profit by CNY 56.4 million, CNY 63.4 million, and CNY 43.7 million for the same years, accounting for 35.62%, 88.23%, and 6.42% of the total disclosed profit [5]. - The financial misconduct originated from a 2020 acquisition of 52.75% of Hubei Changjiang Star Pharmaceutical Co., which led to false revenue recognition through fabricated documents [3][4]. Group 2: Regulatory Actions and Consequences - The China Securities Regulatory Commission (CSRC) has issued a penalty of CNY 10 million and mandated corrections due to the financial misreporting [5]. - *ST Changyao is facing multiple delisting risks, including major violations, financial delisting, and trading delisting, with its net assets reported as negative [6]. - The stock has been trading below CNY 1 for 17 consecutive days, nearing the threshold for forced delisting if it continues for 20 days [6][7]. Group 3: Market Behavior and Investor Risks - Despite the significant risks and multiple warnings about potential delisting, *ST Changyao's stock price has surged, with a cumulative increase of over 100% in a short period [1][7]. - Similar patterns are observed in *ST Lifang, which is also under scrutiny for financial misconduct, with its stock price experiencing unusual volatility [7][8]. - The trading activity for both companies has shown a turnover rate exceeding 250%, indicating speculative trading behavior, with net selling from major funds [9].

Core Viewpoint - *ST Changyao (300391) is facing multiple risks of being delisted, including trading-related, financial-related, and major violation-related delisting risks, as its stock price has been below 1 yuan for 15 consecutive trading days [2][5]. Group 1: Stock Performance - On January 21, *ST Changyao's stock opened at 0.64 yuan per share, reaching a daily limit increase for the second consecutive trading day [2]. - The stock has experienced a 20.75% increase, with a trading volume of 517,000 shares and a total transaction amount of 31.99 million yuan [3]. - The stock price has been below 1 yuan for 15 consecutive trading days, and if it remains below this threshold for the next 5 trading days, it will be suspended from trading [2][4]. Group 2: Delisting Risks - The company is at risk of trading-related delisting due to its stock price being below 1 yuan and market capitalization below 300 million yuan for consecutive trading days [4]. - Financial-related delisting risks arise from the expectation that the company's audited net assets will be negative by the end of 2025, along with potential adverse audit opinions on financial reports [5]. - Major violation-related delisting risks are present as the company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data [5][6]. Group 3: Financial Irregularities - From 2021 to 2023, *ST Changyao's annual reports contained false records, inflating revenue by 215 million yuan, 284 million yuan, and 234 million yuan, which accounted for 9.12%, 17.57%, and 19.51% of the disclosed revenue respectively [6]. - The company also inflated total profit by 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan during the same period, representing 35.62%, 88.23%, and 6.42% of the disclosed profit [6]. - Due to these financial discrepancies, the company may face major violation-related delisting if formal penalties are imposed [6].

Core Viewpoint - *ST Aowei is facing significant financial distress, with its stock price hitting a record low and potential delisting risks due to market capitalization falling below 5 billion yuan and share price below 1 yuan [1][4]. Financial Performance - In 2024, the company reported a revenue of 291 million yuan, with a net profit loss of 50 million to 75 million yuan, significantly lower than the previously forecasted revenue of 450 million to 520 million yuan [5][4]. - For the first three quarters of 2025, the company experienced a staggering 87.01% year-on-year decline in revenue, with a net profit loss of 188 million yuan, marking a 988% drop compared to the previous year [8]. Stock Market Situation - As of January 19, 2026, *ST Aowei's stock price was at 0.89 yuan per share, having hit the daily limit down for four consecutive trading days, indicating severe market distress [1]. - The company has been under a delisting risk warning since April 2025, with its stock trading under the "*ST" designation due to financial irregularities [3][4]. Operational Challenges - The company's key metal processing business has been halted due to supplier debt disputes and the occupation of funds by its second-largest shareholder, Shanghai Donghexin, leading to operational disruptions [6][7]. - As of the end of 2024, approximately 208 million yuan of funds were occupied, with only 60.045 million yuan repaid by the second-largest shareholder, leaving a significant outstanding balance of 189 million yuan [7]. Regulatory Issues - The company has faced regulatory scrutiny from the Liaoning Securities Regulatory Bureau due to inaccuracies in financial disclosures and performance forecasts, resulting in administrative penalties [4][5].