截至2025年10月24日收盘，*ST苏吴（600200）报收于1.06元，较上周的0.97元上涨9.28%。本周，*ST 苏吴10月24日盘中最高价报1.06元。10月21日盘中最低价报0.95元。*ST苏吴当前最新总市值7.54亿元， 在化学制药板块市值排名150/150，在两市A股市值排名5158/5160。 江苏吴中医药发展股份有限公司因涉嫌信息披露违法违规，于2025年2月26日被中国证监会立案调查。 2025年7月13日收到《行政处罚事先告知书》，认定其通过子公司与关联公司开展无商业实质的贸易业 务，导致2020年至2023年年度报告虚增营业收入、营业成本和利润，触及重大违法强制退市情形，公司 股票自2025年7月14日起被叠加实施重大违法类强制退市风险警示。 公司2024年度财务报告被出具无法表示意见，已触发财务类退市风险警示。控股股东关联方截至2023年 末非经营性占用资金169,260.71万元尚未解决，控股股东所持股份全部被冻结。2025年上半年净利润 为-4,441.78万元，同比下降281.63%。医美产品独家代理权仲裁结果存在不确定性。公司股票存在重大 违法、财务类、面值等多重退市风 ...

Core Viewpoint - Zhejiang Jiaao Environmental Protection Technology Co., Ltd. (Jiaao Environmental, 603822.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its operational stability and investor confidence [1][3]. Group 1: Regulatory Issues - Jiaao Environmental has previously faced regulatory penalties, including a warning and a fine of 1 million yuan from the Zhejiang Securities Regulatory Bureau for false disclosures related to its financial reports from 2019 to 2020 [6]. - The company failed to consolidate certain subsidiaries and did not properly offset transactions, leading to inflated revenue and costs in multiple financial reports [4][5]. Group 2: Financial Performance - The company's financial performance has been under pressure, with revenues declining from 12.30 billion yuan in 2020 to an estimated 12.74 billion yuan in 2024, reflecting a year-on-year decrease of 16.98% in 2023 and 52.23% in 2024 [9]. - Net profits have shown a continuous loss over three years, with figures of 0.40 billion yuan, 1.03 billion yuan, -0.46 billion yuan, -0.05 billion yuan, and -3.73 billion yuan from 2020 to 2024 [9]. Group 3: Debt and Market Position - The company's debt-to-asset ratio has been increasing, reaching 61.35% in 2022 and projected to be 80.45% in 2024 [10]. - Despite the financial struggles, the company's stock price has remained above 40 yuan since 2025, with a closing price of 50.54 yuan as of June 24, 2023, indicating no immediate risk of delisting based on market value [10]. Group 4: Delisting Risks - Recent changes in the delisting rules by the Shanghai and Shenzhen Stock Exchanges have broadened the scope for mandatory delisting due to serious violations, which could pose a significant risk for Jiaao Environmental if further violations are confirmed [11].