2025年12月2日晚，A股市场再度迎来不眠夜。 一边是ST东通因连续四年财务造假触及重大违法强制退市情形，交易所已启动退市程序，公司股票已停牌； 另一边是19家上市公司密集发布减持公告，包括ST万方、北方股份、派能科技等。 这不是孤立事件。 2025年以来，A股市场已有30家公司退市，这些公司通过交易类、财务类、规范类以及重大违法强制退市等不同渠道退出市场。 面值退 市成为主流方式，ST吉药、ST东方、ST嘉寓、ST高鸿、ST元成等均因连续20个交易日股价低于1元而退市。 为什么在整体行情向好的背景下，还有公司股价会跌入1元以下？ 因为这些公司基本面严重恶化，有的已触及强制退市条件。 ST大药、ST博信、ST美讯因市值连续20个交易日低于5亿而退市，它们共同点是业绩连续亏损，净资产为负。 更值得关注的是，退市类型呈现多元化特征。 ST九有、ST龙津等因公司连续三年净利润亏损，营收低于1亿而触及财务类退市；而ST东通则因连续四年财务造假触及重大违法强制退市。 | 2025-12-03 | | | | --- | --- | --- | | *ST万方(000638) 进行中 天殿东 | | | | 减持占总股 ...

Core Viewpoint - The implementation of the new "National Nine Articles" and accompanying delisting regulations has tightened financial delisting indicators, creating significant pressure for underperforming companies in the A-share market [1][5]. Group 1: Delisting Risk Warnings - As of April 28, 2024, a total of 41 companies will be subject to risk warnings due to financial non-compliance and internal control deficiencies, with their stock being suspended for one day on April 29 and renamed starting April 30 [2][3]. - Since the beginning of the year, 99 companies have been subjected to risk warnings, with 74 facing delisting risk due to market capitalization and 25 receiving other risk warnings [2]. - Companies like Guohua Network Security reported negative profits and revenues below 300 million yuan, triggering delisting risk warnings under the Shenzhen Stock Exchange rules [2][3]. Group 2: New Delisting Regulations - The new delisting regulations, effective from 2024, include stricter financial, trading, compliance, and major violation indicators for delisting risk warnings [5][6]. - The revenue threshold for main board companies has been raised from 10 million yuan to 30 million yuan, increasing the elimination of underperforming companies [6]. - The market capitalization delisting threshold for main board A-shares has been increased from 300 million yuan to 500 million yuan, while thresholds for the Sci-Tech Innovation Board and Growth Enterprise Market remain unchanged at 300 million yuan [6]. Group 3: Market Impact and Investor Protection - The new delisting regulations aim to enhance the overall quality of listed companies by increasing delisting standards and reducing the value of "shell" resources, effectively driving out underperforming entities [7]. - The regulations also emphasize deterrence against financial fraud and governance issues, making it more challenging to engage in shell trading [7]. - The implementation of these regulations is expected to accelerate the market's cleansing process, with a higher likelihood of companies being forcibly delisted due to financial misconduct [7].

Core Viewpoint - The new delisting regulations in A-shares are intensifying, leading to an accelerated "survival of the fittest" process in the market, with a recent surge in delisting risk warnings from multiple companies [1] Group 1: Companies at Risk - ST Xintong is facing delisting risk due to 368 million yuan in non-operating fund occupation, with a two-month deadline for rectification [2] - ST Ningke is projected to incur a loss of 580 to 650 million yuan in 2024, with non-deductible revenue below 300 million yuan, risking delisting if the annual report receives an "unable to express opinion" audit [5][6] - ST Dayao has seen its market value drop below 500 million yuan, making it the first trading delisting stock of 2025, with a stock price plummeting to 1.18 yuan [7][8] - ST Modern has not completed regulatory rectification on time and risks delisting if it fails to submit an audit proof within two months [9][10] Group 2: Regulatory Background - The 2025 delisting regulations have tightened financial indicators, including continuous losses, revenue below 300 million yuan with negative net assets, and excessively low market value [11] - Regulatory scrutiny on information disclosure violations and financial fraud has intensified, exemplified by the case of Dongfang Group, which inflated revenue by 16.1 billion yuan over four years [11] Group 3: Investor Guidance - Investors are advised to avoid high-risk stocks, particularly ST and *ST stocks, companies with continuous losses, and those with abnormal stock price fluctuations [12] - Caution is advised against "doomsday speculation," as some ST stocks may experience short-term surges followed by sharp declines due to major shareholders offloading [13] - Investors should focus on the quality of financial reports, particularly looking for non-standard audit opinions and issues related to major shareholder fund occupation [14] - A rational perspective on "shell protection" expectations is necessary, as the accelerated delisting process under new regulations poses high risks for speculative bottom-fishing [15]