Core Viewpoint - Xinhua Jin is facing significant challenges due to the judicial freezing of its controlling shareholder's shares and a substantial non-operating fund occupation issue, leading to its stock being marked as ST starting September 30, 2025 [2][3][4]. Group 1: Shareholder Issues - The entire 186 million shares held by the controlling shareholder, Shandong Lujin Import and Export Group Co., Ltd., are under judicial freeze, accounting for 43.27% of Xinhua Jin's total shares [3]. - As of the announcement date, all shares held by the controlling shareholder have been frozen, indicating a complete restriction on their equity [3]. Group 2: Fund Occupation Problem - Xinhua Jin is facing a non-operating fund occupation issue amounting to 406 million yuan, which has not been resolved within the stipulated one-month period, triggering the ST designation [4][5]. - The company received an administrative regulatory decision from the China Securities Regulatory Commission, highlighting the fund occupation issue as a critical factor for the ST designation [4]. Group 3: Company Response and Future Actions - Xinhua Jin's stock will be suspended for one day on September 29, 2025, and will resume trading as ST Xinhua Jin on September 30, with a reduced daily price fluctuation limit of 5% [6]. - The company asserts that its operations remain normal and that the freezing of the controlling shareholder's shares will not significantly impact its production and governance [6]. - To address the fund occupation issue, Xinhua Jin is urging its controlling shareholder to expedite the sale of assets, including the equity of Shandong Jimo Huangjiu Factory, to raise funds for repayment [7].

Core Viewpoint - Two A-share stocks, Meichen Technology and Xinhua Jin, are set to be marked as ST due to financial irregularities and non-compliance with regulatory requirements [1][6]. Group 1: Meichen Technology - Meichen Technology announced that it will be marked as ST due to false financial reporting in its annual reports from 2014 to 2018, resulting in a cumulative inflated revenue of 1.438 billion and inflated profit of 658 million [2][3]. - The Shandong Securities Regulatory Bureau has proposed penalties including a fine of 600,000 yuan for the company and fines ranging from 100,000 to 300,000 yuan for several individuals involved [2][3]. - The company’s stock will be suspended for one day on September 29 and will resume trading on September 30 under the new name "ST Meichen," with a trading limit of 20% [3][4]. - Despite the recent issues, Meichen Technology's stock had a significant increase of nearly 250% from April 8 to September 15, although it has recently corrected by about 20% [5]. Group 2: Xinhua Jin - Xinhua Jin will also be marked as ST due to the non-operational occupation of funds by related parties, totaling 406 million yuan, which was not rectified within the required timeframe [6][7]. - The company received a regulatory notice requiring the return of the occupied funds within six months, but as of the announcement date, the funds had not been returned [6]. - Xinhua Jin's stock will also be suspended for one day on September 29 and will resume trading on September 30 under the new name "ST Xinhua Jin," with a trading limit of 5% [6].

美晨科技下周将被"ST"。 9月29日（星期一），公司股票将停牌1天，9月30日（星期二）开市起复牌。 美晨科技（300237）9月26日晚间公告称，公司股票自9月30日（星期二）被实施其他风险警示，股票简称由"美 晨科技"变更为"ST美晨"；股票代码不变，仍为"300237"。实施其他风险警示后，股票交易日涨跌幅限制不变， 仍为20%。 公告显示，截至该公告披露日，新华锦集团及其关联方尚未归还占用资金，非经营性占用公司资金余额4.06亿 元。 责编：万健祎 校对： 刘星莹 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责 任的权利。 公告显示，公司股票本次被"ST"，是由于公司披露的2014年至2018年年度报告存在虚假记载，但未触及重大违 法强制退市的情形。 同日，公司公告收到中国证券监督管理委员会山东监管局下发的《行政处罚事先告知书》（以下简称《告知 书》）。 《告知书》显示，2014年9月，美晨科技以发行股份购买资产方式收购郭柏峰等持有的杭州赛石园林集团有限公 司（以下简称赛石园林）股权，赛石园林自此成为美晨科技全资子公司。 2014年至 ...

Financial Performance - In Q1 2025, the company reported revenue of 0.80 billion yuan, a decrease of 72.59% year-on-year [1][2] - The net profit attributable to shareholders was -0.56 billion yuan, compared to -1.04 billion yuan in the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -0.60 billion yuan, unchanged from the previous year [1][2] - The net cash flow from operating activities was -1.18 billion yuan, slightly worse than -1.12 billion yuan in the same period last year [1][4] Annual Report Insights - For the year 2024, the company achieved revenue of 9.49 billion yuan, a slight decline of 0.60% year-on-year [4][5] - The net profit attributable to shareholders for 2024 was -7.27 billion yuan, compared to -2.48 billion yuan in 2023 [4][5] - The net cash flow from operating activities for 2024 was -5.06 billion yuan, a significant drop from 1.48 billion yuan in 2023 [4][6] Audit and Compliance Issues - The company received a negative audit opinion from Tianjian Accounting Firm regarding its 2024 financial report, leading to a risk warning for its stock [7][8] - The company acknowledged management issues, resulting in overpayments to suppliers totaling 180 million yuan, with the chairman committing to recover these funds [7] - The stock will be suspended from trading starting April 30, 2025, and will resume trading with a risk warning on May 6, 2025 [8] Stock Market Performance - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 19, 2022, with an initial public offering price of 51.88 yuan per share [8] - The stock reached a peak price of 45.92 yuan on its first trading day but has since been in a downward trend, currently trading below its IPO price [8] - The total funds raised from the IPO amounted to approximately 1.74 billion yuan, exceeding the planned amount by 85.75 million yuan [8][9]