控股股东发起的全面要约收购，将在2月27日结束。这次是"以终止上市为目的"的收购，明确不设退市整理期。一旦达标，股票直接终止上市，没有通过二 级市场最后卖出的机会。 目前，净预受股份距离3905万股的生效门槛越来越近。达到门槛，才能触发退市，大家才能拿到现金退出。 有三个关键点，你必须知道： 21世纪经济报道 记者 崔文静 注意了！瓦轴B（200706）的股东们，你们的决策时间只剩最后四个交易日。 ① 最后时限：2月25日-27日是"不可撤销期"，一旦申报就不能撤回。 ② 后续风险：退市后股票将转入新三板。如果未来公司法人资格注销，股份流动性将极差，退出会更难。 ③ 公司背景：瓦轴B已连续12年扣非亏损，负债率高达91.9%，且B股多年无法融资。这次收购，其实是控股股东给中小股东提供的难得的退出通道。 ...

*ST岩石公告称，近日公司股价波动较大，于2026年连续涨停，2026年月收盘涨幅达4.57%。公司预计 2025年度营业收入低于1亿元，且扣非前后净利润均为负。同时，2024年度财务报表审计报告非标意见 涉及事项尚未消除，如无法证明相关事项消除，2025年度财务报表将被出具非无保留意见，公司股票均 将因触及财务类退市情形被终止上市。此外，公司控股股东及其一致行动人合计持有的2.17亿股（占总 股本64.80%）已全部被司法冻结，实控人韩啸已被采取刑事强制措施。 ...

Trading Information Summary - The stock price of *ST WanFang (000638) closed at 2.58 yuan, down 5.15%, marking a continuous decline for 13 days, with a cumulative drop of 44.9% for the year [1][3] - In the last five trading days, the stock experienced a decline of over 5% on three occasions, with a total trading volume of 8,471 lots and a transaction amount of 2.1855 million yuan on January 29 [1][3] Fund Flow Analysis - On January 29, the net outflow of main funds was 1.6497 million yuan, while speculative funds and retail investors saw net inflows of 0.9734 million yuan and 0.6762 million yuan, respectively [1][3] Company Announcements - The company received a tax notice requiring the payment of a late fee of 30.4511 million yuan, which will be accounted for in the 2025 financial results, potentially impacting net profit by the same amount [1][3] - The stock has been identified as experiencing severe abnormal fluctuations, with expected 2025 revenue below 300 million yuan and a negative net profit, which may trigger financial delisting criteria [2][3] - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, which could lead to significant legal consequences [2][3]

*ST花王公告称，公司股票于2025年5月6日被实施退市风险警示，因2024年度利润总额、净利润等为 负，且扣非后营收低于3亿元。若2025年度相关财务指标再次触及强制退市情形，上交所将决定终止其 股票上市。公司预计2025年年度营收3.8-4.3亿元，扣非后营收3.6-4.1亿元，年末净资产2.6-3.55亿元。若 指标满足规定，公司将申请撤销退市风险警示，但最终能否撤销尚不确定。 ...

*ST万方公告称，公司股票于2025年4月30日起被实施退市风险警示。预计2025年度营收不足3亿元，且 扣非前后净利润均为负，或触及财务类终止上市情形；2024年度财报被出具保留意见，截至公告披露日 相关不确定性未消除，2025年度审计报告仍可能被出具保留意见，也或触及财务类终止上市情形。此 外，公司因涉嫌信披违规被立案调查，若触及重大违法强制退市情形，股票可能被强制退市。 ...

Group 1 - The company *ST Panda announced that due to a non-standard opinion issued for the 2024 annual report, its stock will be subject to delisting risk warning and other risk warnings starting from May 6, 2025 [1] - In 2025, the company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations [1] - The preliminary review by the annual audit accountant indicates that the issues leading to the non-standard opinion for 2025 have not been resolved, and it is expected that a non-standard opinion will be issued for the 2025 annual report [1] Group 2 - If the 2025 annual report does not meet the conditions for withdrawal or is not timely applied for withdrawal, the company's stock will face the risk of termination of listing [1] - The company expects its revenue for 2025 to be between 210 million to 260 million yuan, with a net profit ranging from 14 million to 21 million yuan [1]

Core Viewpoint - The company has received a decision from the Shenzhen Stock Exchange to terminate its stock listing, with the delisting process set to begin on December 30, 2025, and lasting for 15 trading days [1] Group 1 - The company will enter a delisting preparation period starting December 30, 2025, which will last until January 21, 2026 [1] - After the delisting preparation period, the company's stock will be officially delisted and transferred to a national equity transfer company for management in the delisted sector [1]

Core Viewpoint - The company, Dongfang Tong, has received a decision from the Shenzhen Stock Exchange to terminate its stock listing, with the delisting process set to begin on December 30, 2025, and a 15-day trading period for delisting preparation [1] Group 1 - The stock will enter a delisting preparation period starting December 30, 2025, with the expected last trading date being January 21, 2026 [1] - The first trading day of the delisting preparation period will not have any price limits, while subsequent days will have a price fluctuation limit of 20% [1] - No major asset restructuring will be planned or implemented during the delisting preparation period [1]

Core Viewpoint - *ST长药 is facing potential delisting due to its stock price and market capitalization falling below regulatory thresholds, with significant financial distress indicated by negative net assets expected for the fiscal year 2025 [1] Group 1: Stock Performance - As of January 13, 2026, the company's stock closed at 0.79 yuan per share, remaining below 1 yuan for nine consecutive trading days [1] - The company's market capitalization is reported at 2.77 billion yuan, having been below 3 billion yuan for three consecutive trading days [1] Group 2: Regulatory Compliance - According to the Shenzhen Stock Exchange's rules, if the stock price remains below 1 yuan or the market capitalization below 3 billion yuan for twenty consecutive trading days, the stock will be delisted [1] - The company has been under delisting risk warnings since April 22, 2025, and has faced additional warnings since December 29, 2025 [1] Group 3: Financial Condition - The company is expected to report negative net assets for the fiscal year ending December 31, 2025, pending the final audited financial report [1] - If the audited net assets are negative or if the financial report receives a qualified, adverse, or disclaimer opinion, the company will trigger mandatory delisting conditions [1]

Core Viewpoint - Shanghai Gui Jiu (stock code "*ST Yan Shi (600696)") has announced a pre-loss forecast, expecting revenue for 2025 to be less than 300 million yuan, with both net profit and net profit after deducting non-recurring gains and losses projected to be negative, indicating a potential forced delisting from the A-share market [1][2][3] Financial Performance - The company reported a significant decline in performance, with revenue dropping from a peak of 1.629 billion yuan in 2023 to 285 million yuan in 2024, and less than 40 million yuan in the first three quarters of 2025 [3] - For the first three quarters of 2025, the company achieved a cumulative revenue of only 34.76 million yuan, with a net profit of -112 million yuan and a net profit after deducting non-recurring gains and losses of -67 million yuan [2] Legal and Operational Challenges - The company is facing multiple crises, including the criminal coercive measures taken against its actual controller, Han Xiao, and ongoing lawsuits, leading to a strained financial situation [1][2] - The company has been reported to have overdue wages and debts, with a significant reduction in the number of distributors, dropping by 3,693 in 2024 [2][3] Inventory and Sales Strategy - To alleviate financial pressure, the company has initiated a "1 yuan clearance" sale for its products, including core items, through live streaming platforms [4] - As of mid-2025, the company's inventory amounted to 489 million yuan, representing 24.72% of total assets, prompting the implementation of a discount sales plan for slow-moving products [4] Trademark and Legal Issues - In October 2025, the company lost a trademark infringement case against Guizhou Gui Jiu Group, which may require it to change its name and cease using the "Gui Jiu" designation, significantly impacting its operations [5] - The company has also faced asset freezes, with approximately 4.3823 million yuan in bank deposits frozen or seized, indicating ongoing financial instability [6]