2025年是新"国九条"及退市新规全面落地的首年，A股市场持续优胜劣汰。 iFinD数据显示，截至12月30日，年内已有31家A股上市公司退市，退市原因主要包括财务类退市、交易类退市、重大违法强制退市，以及主动退市等。 从行业分布来看，2025年A股退市企业虽呈现分散化特征，但部分领域退市案例相对集中，环保行业便是典型。年内该行业共有*ST旭蓝（000040.SZ）、 *ST元成（603388.SH）2家企业退市，上述2家公司均属于面值退市的情形。 值得一提的是，2025年A股上市公司退市数量明显下降，较2024年同期减少21家。回顾历史数据可知，2022年至2024年A股退市公司数量分别为46家、45 家、52家。 2025年以来，A股退市制度改革持续深化。随着多元出清机制愈发成熟、立体化追责体系持续完善，资本市场"有进有出、优胜劣汰"的良性生态正加速成 形，为资本市场高质量发展注入更强动力。 | 代码 | 名称 | 目期 | 股价 | 每股净资产 | | | --- | --- | --- | --- | --- | --- | | 200771.SZ | 杭汽轮B | 2025-12-22 | 13.3 ...

转自：新华财经 *ST长药涉嫌严重财务造假，触及重大违法强制退市情形，将被依法启动退市程序；瓦轴集团发起以终 止瓦轴B上市地位为目的的全面要约收购；石家庄中院发布ST旭电普通代表人诉讼权利登记公告……一 组最新案例的进展勾勒出2025年A股退市领域的全新画像，"打假退市""占用退市""主动退市""退市不免 责""强化退市过程中投资者保护"等成为2025年的退市关键词。从"退得下"到"退得稳"，2025年A股退市 制度改革持续深化。随着多元出清机制愈发成熟、立体化追责体系持续完善、基础制度供给不断加强， 资本市场"有进有出、优胜劣汰"的良性生态将加速成形，为资本市场高质量发展注入更强动力。 年末A股市场跌宕起伏，个股显著分化，股票私募机构做多意愿依然高涨。第三方机构私募排排网最新 数据显示，截至12月19日，国内股票私募平均仓位为83.16%，尽管较前一周微降0.43个百分点，但仍维 持在今年以来的较高水平。其中，50亿元至100亿元规模的股票私募平均仓位高达88.61%，显示出头部 私募机构投资者对后市仍抱有信心。整体来看，在新兴科技产业和资源板块持续积极做多，长期锚定全 球AI产业发展，成为了现阶段私募的主 ...

Core Viewpoint - ST Hongda (formerly stock code: 002002) officially delisted from A-shares on January 18, 2024, after its stock price fell below the par value of 1 yuan for 20 consecutive trading days, marking the end of its journey in the A-share market [1][4]. Group 1: Company Background - Hongda Xinye, originally Jiangsu Qionghua, was listed on the Shenzhen Stock Exchange on June 25, 2004, and was once a "star stock" in the market, primarily engaged in the production of PVC sheets and boards [3]. - After Guangdong Hongda Xinye Group took over in 2011, the company rebranded and shifted focus to hydrogen energy and new materials, claiming to have built China's first civilian liquid hydrogen plant [4]. Group 2: Financial and Operational Issues - The company faced severe financial difficulties starting around 2021, with the controlling shareholder experiencing a debt crisis that led to significant defaults and litigation, severely impacting the company's liquidity and operations [4][6]. - In September 2023, the company was investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a collapse in market confidence and a series of trading halts [5][6]. Group 3: Delisting and Aftermath - Following its delisting, Hongda Xinye's stock price continued to plummet, experiencing 36 consecutive trading halts, dropping from 0.58 yuan to a low of 0.12 yuan [1][6]. - In March 2025, nearly a year after delisting, the Jiangsu Securities Regulatory Bureau issued a notice revealing that the company had inflated its revenue by 3.505 billion yuan and profits by 4.078 billion yuan from 2020 to 2023, with severe financial misconduct [6][8]. Group 4: Regulatory Actions and Market Implications - The regulatory authorities imposed fines totaling 57.8 million yuan on Hongda Xinye and eight executives, with the actual controller facing a lifetime ban from the securities market [8]. - The case highlights the ongoing reforms in the A-share delisting system, with 46 companies delisted in 2023 and an increasing focus on diverse delisting types, including those related to financial misconduct [8][12].