因长期财务造假、信披违规，*ST苏吴退市落定。12月1日，江苏吴中医药发展股份有限公司（以下简 称"*ST苏吴"）公告，公司收到上海证券交易所出具的《关于江苏吴中医药发展股份有限公司股票终止 上市的决定》，决定终止公司股票上市，12月9日，其股票将进入退市整理期。 根据中国证监会查证，自2018年起，*ST苏吴长期隐瞒实际控制人，并通过关联交易累计虚增营业收入 超过17.71亿元。更为严重的是，公司约16.93亿元资金被关联方非经营性占用，几乎被掏空核心资产。 退市之际，*ST苏吴经营亦深陷泥潭。其曾寄予厚望、贡献超四成毛利的"童颜针"代理业务因权属争议 已然停摆，而传统医药板块表现溃败。2025年前三季度，*ST苏吴营收同比大幅下滑38.85%，净亏损扩 大至8746.8万元。 虚增与侵占 *ST苏吴的退市，早在10个月前就初露端倪。 今年2月，*ST苏吴收到中国证监会的《立案告知书》，因公司涉嫌信息披露违法违规，根据《中华人 民共和国证券法》等相关法律法规，中国证监会决定对公司立案。5月，*ST苏吴再度公告，因2024年 度财务报告出具了无法表示意见的审计报告，同时叠加控股股东关联方存在非经营性资金占用， ...

Core Viewpoint - *ST Tianmao is facing a potential delisting crisis but has announced a significant matter being planned by its controlling shareholder, Xinliyi Group, which may provide a new opportunity for the company [1][3]. Group 1: Company Situation - *ST Tianmao has received a notice from Xinliyi regarding the planning of a significant matter, leading to a temporary suspension of its stock trading starting August 7, with an expected duration of no more than two trading days [3]. - The company is currently in a delisting crisis due to its failure to disclose the 2024 annual report and the 2025 first-quarter report within the legal deadlines, resulting in a delisting risk warning implemented on July 8 [3]. - As of August 6, *ST Tianmao has not yet disclosed its financial reports, but it claims that normal operations are ongoing and that it is working to complete the necessary reports [3]. Group 2: Financial Performance - *ST Tianmao, as an investment holding company, primarily engages in insurance business through its subsidiaries, Guohua Life and Huarui Insurance, with Guohua Life being a nationwide life insurance company [4]. - As of June 30 of the previous year, Guohua Life had total assets of 271.599 billion and net assets of 26.22 billion, operating 111 branches across the country [4]. - Since July 8, *ST Tianmao's stock has dropped over 40%, currently priced at 1.45 per share, with a total market value of 7.1 billion [4]. - Recently, the stock has shown signs of recovery, with a rare two-day increase of over 4% [4].

Core Viewpoint - *ST Tianmao is facing a potential delisting crisis but has announced a significant development as its controlling shareholder, Xinliyi Group, plans to undertake a "major matter" [2][4]. Group 1: Major Developments - Xinliyi Group announced on August 6 that it is planning a "major matter" related to *ST Tianmao, leading to the company's stock suspension starting August 7 [4]. - The suspension is expected to last no more than two trading days due to the uncertainty surrounding the major matter [4]. Group 2: Financial Reporting and Delisting Risk - *ST Tianmao has been under delisting risk since July 8 due to its failure to disclose the 2024 annual report and the 2025 first-quarter report within the legal timeframe [4]. - If *ST Tianmao does not disclose more than half of its board's assurance of the 2024 annual report within two months after July 8, the Shenzhen Stock Exchange will decide to terminate its stock listing [4]. - As of August 6, *ST Tianmao has not yet disclosed its financial reports, although the company claims it is working to complete the necessary documentation [4]. Group 3: Company Overview and Market Performance - *ST Tianmao operates as an investment holding company primarily engaged in insurance through its subsidiaries, Guohua Life and Huari Insurance [5]. - Guohua Life, established in November 2007, has total assets of 271.599 billion and net assets of 26.22 billion as of June last year [5]. - Since July 8, *ST Tianmao's stock price has dropped over 40%, currently trading at 1.45 yuan per share with a total market value of 7.1 billion [5]. - Recently, the stock has shown signs of recovery with a two-day increase of over 4% [5].

Core Viewpoint - Sihuan Bio is facing a critical survival challenge due to poor performance and a risk of delisting, following significant management changes and a new controlling shareholder [2][8]. Group 1: Management Changes - Sihuan Bio's board received resignation letters from key executives, including the chairman and independent directors, leading to a complete management overhaul [2]. - Chen Long has been appointed as the new general manager, with Liu Xiaofeng, Wei Linfu, and Zhou Yang taking on vice president roles [2]. Group 2: Financial Performance - In 2024, Sihuan Bio reported revenue of 204 million yuan, a year-on-year decline of 13.55%, and has faced cumulative losses of nearly 270 million yuan over four years [2][10]. - The company has triggered delisting warnings due to negative net profits and revenues below 300 million yuan [2][14]. - The pharmaceutical segment generated 198 million yuan, accounting for 97.34% of total revenue, but also saw a decline of 12.33% [9]. Group 3: Shareholder Changes - The former controlling shareholder, Lu Keping, was sentenced for insider trading, leading to the judicial auction of his 27.78% stake, which was acquired by Fujian Bihui Agricultural Investment Co., Ltd. for 388 million yuan [6][10]. - The new controlling shareholder, Qiu Weibin, has not yet disclosed specific plans for resource injection or strategic direction for Sihuan Bio [7]. Group 4: Industry Challenges - Sihuan Bio is grappling with a dual crisis of "industry decline and governance failure," with its pharmaceutical products facing intense competition and price controls due to healthcare policies [8][10]. - The company has seen a consistent decline in revenue and net profit from 2021 to 2023, with losses increasing significantly in 2024 [9][10]. Group 5: Future Outlook - Sihuan Bio must achieve over 300 million yuan in revenue and positive net profit by 2025 to avoid delisting, presenting a significant challenge for the new management team [2][14]. - The company has increased R&D spending to 9.05 million yuan in Q1 2025, indicating a commitment to innovation despite ongoing financial pressures [10][11].