Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 206.69% from September 1 to November 17, 2025, raising concerns about a disconnect from its fundamental performance and potential market speculation [1][5][8]. Stock Performance - Since its resumption of trading on November 12, 2025, *ST Zhengping has recorded four consecutive daily limit-up sessions [3]. - The stock has achieved a total of 25 limit-up sessions from September 1 to November 17, 2025, excluding periods of suspension [5]. Financial Performance - For the first three quarters of 2025, *ST Zhengping reported total revenue of 6.52 billion CNY, a year-on-year decrease of 20.92% [8]. - The company incurred a net loss attributable to shareholders of 997.57 million CNY, compared to a loss of 859.99 million CNY in the same period last year [8]. - The net cash flow from operating activities was -699.64 million CNY, worsening from -877.37 million CNY year-on-year [8]. Risks and Warnings - The company faces multiple risks, including the potential for delisting due to an inability to provide a standard audit opinion for its 2024 annual report [5][7]. - There are concerns regarding non-operational fund occupation and ongoing litigation, with 252 new lawsuits filed in 2025, amounting to 497.65 million CNY, which is 177.73% of the company's net assets as of the third quarter [11]

Group 1 - The stock of *ST Jintai (300225) closed at 6.76 yuan on November 3, 2025, with an increase of 3.21% and a turnover rate of 7.22% [1] - The trading volume was 342,900 shares, with a total transaction amount of 234 million yuan [1] - On the same day, the net outflow of main funds was 12.6942 million yuan, while retail funds saw a net inflow of 580,100 yuan [3] Group 2 - The company received a negative audit opinion report from Zhongxinghua Accounting Firm regarding its internal controls for the year 2024, leading to the implementation of other risk warnings on its stock trading [1] - A new working group led by the new chairman has been established to optimize procurement approval processes and strengthen risk control and accountability mechanisms [1] - The company has signed a repayment agreement to recover 50 million yuan related to strategic reserve supplier funding issues and is enhancing communication with regulatory authorities [1]

Core Viewpoint - *ST Jintai (300225) has been placed under risk warning due to negative audit opinions on its internal controls for the fiscal year 2024, leading to significant operational changes and compliance measures [1] Group 1: Stock Performance - As of November 3, 2025, *ST Jintai closed at 6.76 yuan, up 3.21% from the previous trading day, with a total market capitalization of 3.214 billion yuan [1] - The stock opened at 6.55 yuan, reached a high of 6.98 yuan, and a low of 6.50 yuan, with a trading volume of 2.34 billion yuan and a turnover rate of 7.22% [1] Group 2: Risk Warning Announcement - The company announced that it is under other risk warnings due to a negative audit report from Zhongxinghua Accounting Firm regarding its internal controls for 2024 [1] - According to the Shenzhen Stock Exchange's rules, the stock is subject to risk warnings, and the company has established a working group led by the new chairman to enhance procurement approval processes and strengthen risk control and accountability mechanisms [1] Group 3: Compliance and Financial Measures - The company is focusing on improving compliance awareness among employees and has set up a compliance management department to oversee the compliance system [1] - A repayment agreement has been signed to recover 50 million yuan related to strategic supplier funding issues [1] - The company is in ongoing communication with regulatory authorities to report on its rectification progress [1] Group 4: Future Risks - Starting July 3, 2025, the stock will be subject to delisting risk warnings due to an inability to express an opinion on the 2024 financial statements [1] - The company has received a preliminary notice of administrative penalties from the CSRC for failing to timely disclose the 2024 annual report, but this does not trigger major illegal delisting scenarios [1] - The company will continue to disclose progress announcements monthly until the risks are resolved [1]

Core Viewpoint - Taiyuan Heavy Industry (600169.SH) has received an administrative penalty notice from the Shanxi Securities Regulatory Bureau, indicating that the company’s annual report financial indicators contain false records, leading to a risk warning for its stock [1] Group 1: Administrative Penalty - The company has been issued an administrative penalty notice (Jin Zheng Jian Punishment No. [2025] 3) by the Shanxi Securities Regulatory Bureau [1] - The notice states that the company’s financial indicators in the annual report, including operating income, total profit, net profit, and balance sheet items, contain false records [1] - The company’s stock will be subject to a risk warning due to these violations, as per the Stock Listing Rules [1] Group 2: Stock Trading Impact - The company’s stock will be suspended for one day on November 3, 2025, and will resume trading with a risk warning on November 4, 2025 [1] - The stock abbreviation will change from "Taiyuan Heavy Industry" to "ST Tai Heavy" following the risk warning [1] - After the implementation of the risk warning, the daily price fluctuation limit for the stock will be set at 5% [1]

Core Viewpoint - The company *ST Weihai has faced multiple risk warnings due to violations such as improper guarantees, fund occupation, and false financial reporting from 2019 to 2025 [1] Group 1: Financial Irregularities - From 2017 to 2019, under the direction of Feng Quanhong, the company provided guarantees amounting to 1.354 billion yuan and funds totaling 346 million yuan to related parties [1] - As of November 30, 2021, the balance of funds occupied by related parties was 851 million yuan [1] - The company has received 856 million yuan in proceeds from the acquisition of rights to the illegal funds and 93 million yuan in interest [1] Group 2: Operational Status - The company's major bank accounts have been unfrozen [1] - The internal control audit report for 2024 received a standard unqualified opinion [1]

Group 1 - Company received an administrative regulatory measure decision from Qingdao Securities Regulatory Bureau regarding non-operational fund occupation amounting to 406 million yuan [1] - The occupied funds must be returned within six months from the receipt of the decision, but as of the announcement date, the funds have not been returned [1] - Company is actively promoting the equity transfer of Shandong Jimo Huangjiu Factory Co., Ltd. and urging the group to expedite asset liquidation and fund raising to repay the occupied funds [1] Group 2 - According to the Shanghai Stock Exchange listing rules, if the company fails to recover the occupied funds within one month, it will face risk warnings on its stock [2] - If the company does not comply with the rectification requirements within six months, its stock will be suspended, and if not rectified within two months post-suspension, it will face delisting risk warnings [2] - Continued failure to rectify within the subsequent two months will result in termination of stock trading [2]

Core Viewpoint - Fudan Fuhua (600624.SH) received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) regarding false financial disclosures in its annual report, leading to a risk warning for its stock [1] Summary by Relevant Sections Administrative Penalty - The company received the administrative penalty notice on September 19, 2025, from the Shanghai Regulatory Bureau of the CSRC [1] - The notice indicates that the company's annual report contains false financial indicators, including revenue, total profit, net profit, and balance sheet items [1] Stock Trading Impact - Following the notice, the company's stock will be suspended for one day on September 22, 2025, and will be subject to a risk warning starting September 23, 2025 [1] - After the implementation of the risk warning, the daily price fluctuation limit for the stock will be set at 5% [1] - The stock will trade on the risk warning board after the warning is implemented [1]

Group 1 - The company received an administrative penalty notice from the Shanghai Securities Regulatory Bureau on September 19 [1] - The company's stock will be subject to other risk warnings according to the Shanghai Stock Exchange listing rules, with a trading suspension for one day on September 22, 2025, and the stock name changing to "ST复华" from "复旦复华" starting September 23, 2025 [1] - The daily price fluctuation limit for the stock will be set at 5% following the risk warning implementation [1] Group 2 - The company's board of directors is taking the matters outlined in the notice seriously and is actively implementing measures to mitigate adverse effects [1] - The company plans to apply for the removal of the risk warning once the necessary conditions are met [1]

Core Viewpoint - The company, Juewei Foods (603517.SH), has received a notice from the China Securities Regulatory Commission indicating potential issues with its financial disclosures, leading to a risk warning for its stock [1] Group 1: Regulatory Actions - On September 19, 2025, the company received a "Notice of Prior Disclosure" from the Hunan Regulatory Bureau of the China Securities Regulatory Commission [1] - The notice cites that the company's annual report financial indicators may contain false records, which could trigger a risk warning under the Shanghai Stock Exchange listing rules [1] - The stock will be suspended for one day on September 22, 2025, and will be subject to risk warnings starting September 23, 2025, with trading on a risk warning board [1] Group 2: Financial Impact - Following the implementation of the risk warning, the stock price will have a daily fluctuation limit of 5% [1]

Core Viewpoint - The company has received an administrative regulatory decision from the Qingdao Securities Regulatory Bureau regarding the non-operational occupation of company funds amounting to 406 million yuan [1] Group 1 - The company and its related parties have non-operationally occupied funds totaling 406 million yuan [1] - If the company fails to recover the occupied funds within one month, the Shanghai Stock Exchange will implement additional risk warnings on the company's stock [1] - If the company does not recover the occupied funds within six months, the stock will be suspended, and if rectification is not completed within two months after suspension, a delisting risk warning will be issued [1]