登录新浪财经APP 搜索【信披】查看更多考评等级 目前，*ST长药正陷入多重危机：旗下光伏子公司河北羿珩科技因资金紧张已停产；公司涉及多起诉讼，涉案金额累计超1.5亿元。财务造假、经营困境与退 市风险相互交织，使其成为资本市场又一高风险案例。截至2025年三季度末，*ST长药股东户数超1.4万户，绝大多数为中小投资者。随着退市临近，投资者 面临本金归零风险，而现有处罚机制能否转化为有效赔偿，成为市场关注焦点。 系统虚增利润超1.6亿 证监会调查显示，*ST长药本次财务造假行为具有系统性、跨年度特征，主要源于其于2020年以现金方式收购的控股子公司湖北长江星医药股份有限公司。 公开资料显示，收购完成后，长江星原实际控制人罗明继续担任该公司董事长、总经理，全面负责经营管理，并对2020年至2022年的净利润等指标作出了业 绩承诺。此次造假正是发生在业绩承诺期及后续期间。 根据证监会《行政处罚事先告知书》及公司相关公告，造假的具体实施主体为长江星旗下两家子公司，湖北长江源制药有限公司和湖北新峰制药有限公司。 在2021年至2023年期间，这两家子公司通过制作虚假的原材料入库单、产成品出库单、销售发货单等全套单据，在 ...

截至2025年12月26日收盘，天合光能（688599）报收于17.16元，较上周的16.29元上涨5.34%。本周， 天合光能12月26日盘中最高价报17.58元。12月24日盘中最低价报15.94元。天合光能当前最新总市值 401.98亿元，在光伏设备板块市值排名10/64，在两市A股市值排名462/5178。 本周关注点 股本股东变化 天合光能股份有限公司2025年第六次临时股东会会议材料 公司拟于2025年12月29日召开第六次临时股东会，审议三项议案：一是2026年度开展期货、期权及外汇 套期保值业务，保证金最高额度不超过30亿元人民币，外汇套期保值占用银行授信不超过10亿美元；二 是因可转债转股导致总股本增加，公司注册资本由约21.79亿元增至约23.43亿元，并将董事会战略委员 会调整为战略与可持续发展委员会，修订公司章程相关条款；三是2026年度申请综合融资额度不超过 1400亿元，担保额度预计不超过1173亿元。 天合光能股份有限公司关于对外出售资产获取股份暨经营合作的进展公告 股东户数变动 截至2025年12月10日，天合光能股东户数为5.41万户，较11月10日减少695户，减幅1.27 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for serious financial fraud, which includes a proposed fine of 10 million yuan for the company and 31 million yuan for 14 responsible individuals, along with a lifetime ban for the former general manager, Luo Ming [4][6]. Financial Fraud Details - *ST Changyao has inflated its revenue and profits for three consecutive years, violating securities laws. The company is facing a potential forced delisting due to these serious violations [4][7]. - The company reported inflated revenues of 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan for the years 2021, 2022, and 2023, respectively, which accounted for 9.12%, 17.57%, and 19.51% of the disclosed revenue for those years [6]. - The inflated profit totals were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [6]. Regulatory Actions - The CSRC has initiated an investigation into the practices of intermediary institutions involved, with potential penalties for any violations found [4][6]. - The company is the 15th listed firm this year to face potential forced delisting due to financial fraud [4]. Company Performance - *ST Changyao has reported continuous losses, with a net profit of -210 million yuan for the first three quarters of 2025, a year-on-year decrease of 15.89% [8]. - The stock price has been declining since the investigation began, closing at 1.47 yuan per share on December 26, with a total market value of only 515 million yuan [10].

【导读】证监会严肃查处长药控股严重财务造假案件，深交所将依法启动退市程序 严重财务造假案件，监管通报来了！ 12月26日，"证监会发布"显示，证监会严肃查处长药控股严重财务造假案件。 12月26日晚间，*ST长药披露了证监会下发的《行政处罚事先告知书》，公布其涉嫌违法的具体事实。 证监会表示，对于可能涉及的犯罪线索，将坚持应移尽移的工作原则，严格按照《刑法》《最高人民检察院公安部关于公安机关管辖的刑事案件立案追诉 标准的规定（二）》的规定移送公安机关。 据介绍，*ST长药是今年以来沪深两市第15家因财务造假而涉嫌触及重大违法强制退市的公司。 连续三年财务造假 近日，证监会对上市公司长江医药控股股份有限公司（简称*ST长药）涉嫌定期报告等财务数据存在虚假记载作出行政处罚事先告知。 经查，*ST长药连续三年虚增收入和利润，违反证券法律法规。证监会拟对上市公司罚款1000万元，对14名责任人合计罚款3100万元，对公司原总经理罗 明采取终身证券市场禁入措施。 *ST长药涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。证监会对中介机构执业情况同步开展核查，一旦发现违法违规情形，将依法予以 惩处。 据悉，202 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has taken serious action against Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for significant financial fraud, leading to potential delisting procedures by the Shenzhen Stock Exchange [2][5][10]. Group 1: Financial Fraud Details - *ST Changyao has been found to have inflated revenue and profits for three consecutive years, violating securities laws [5][8]. - The company is facing a proposed fine of 10 million CNY, with 14 responsible individuals facing a total fine of 31 million CNY, including a lifetime ban for the former general manager, Luo Ming [5][9]. - The inflated revenues reported were 215.32 million CNY, 283.74 million CNY, and 233.63 million CNY for the years 2021 to 2023, representing 9.12%, 17.57%, and 19.51% of the disclosed revenues respectively [8]. Group 2: Company Performance and Market Impact - As of September 30, 2025, *ST Changyao reported a net profit of -210 million CNY, a year-on-year decrease of 15.89% [11][12]. - The company's stock price has been in decline, closing at 1.47 CNY per share on December 26, 2023, with a total market value of only 515 million CNY [13]. - The company has also announced the suspension of operations for its wholly-owned subsidiary, Yiheng Technology, due to financial difficulties and ongoing losses [11][12].

Group 1 - The company, Jinlang Technology, announced that it will hold the fourth extraordinary general meeting of shareholders on December 26, 2025 [2] - The agenda includes a proposal from the board of directors to adjust the conversion price of "Jinlang Convertible Bond 02" downwards [2]

记者丨崔文静 编辑丨包芳鸣 一场维持三年的财务造假，最终迎来的是一张"终身禁入"的罚单与不可避免的退市终局。 12月26日，*ST长药公告收到行政处罚事先告知书，因连续三年财务造假，深交所将对其启动重大违法强制退市程序。这家公司，成为年内第15家触及此 红线的上市公司，数量创下历史纪录。 这绝非孤立事件，而是当前资本市场"零容忍"严监管态势的缩影。根据最新退市规则，只要财务造假行为持续三年，即会触及重大违法强制退市。*ST长 药正是撞上了这条监管"高压线"：其子公司通过伪造单据、虚构交易，在2021至2023年间累计虚增收入7.33亿元、利润1.68亿元。 监管的雷霆手段随之而至。处罚不仅针对公司（罚款1000万元），更重拳直击"首恶"：14名责任人员被合计罚款3100万元，主导造假的原总经理罗明被 处以终身证券市场禁入。证监会更明确表示，对可能涉及的犯罪线索将"应移尽移"，后续的民事赔偿或也箭在弦上。针对造假上市公司的行政、民事、 刑事"三罚联动"监管新趋势已然形成。 值得注意的是，监管的探照灯也已同步照向可能的"帮凶"。对*ST长药造假期间中介机构的核查正在进行中，而正在立法进程中的《上市公司监督管理条 ...

证券日报网讯 12月26日，锦浪科技发布公告称，2025 年 12 月 26 日，公司召开第四届董事会第十三次 会议审议通过《关于向下修正"锦浪转 02"转股价格的议案》。 （文章来源：证券日报） ...

一场维持三年的财务造假，最终迎来的是一张"终身禁入"的罚单与不可避免的退市终局。 12月26日，*ST长药公告收到行政处罚事先告知书，因连续三年财务造假，深交所将对其启动重大违法 强制退市程序。这家公司，成为年内第15家触及此红线的上市公司，数量创下历史纪录。 2014年上市、2020年起由光伏企业转向医药赛道的*ST长药，走向退市终局。根据其12月26日公告的 《行政处罚事先告知书》，*ST长药因涉嫌触及重大违法强制退市情形，将被深交所依法启动退市程 序。 这背后，是*ST长药长达三年的财务造假，而造假的出现则与2020年的一起转型相关联。 *ST长药成立于2001年，原名康跃科技，主营业务为光伏设备，2014年在创业板上市。上市后，其业绩 一度波动，并于2019年出现6.70亿元的亏损。于是，这家企业走上转型之路。 2020年11月，*ST长药通过支付现金方式收购收购湖北长江星医药股份有限公司(以下简称"长江 星")52.75%的股权。同年12月，长江星纳入*ST长药财务报表合并范围。2023年收购完成后，康跃科技 更名为长药控股，正式成为一家以中药饮片及医药批发、光伏设备为双重主营业务的上市公司。 20 ...

Core Viewpoint - The case of *ST Changyao highlights the severe regulatory environment in the capital market, with the company facing a forced delisting due to three consecutive years of financial fraud, marking a record number of such cases in 2023 [1][8]. Group 1: Company Overview - *ST Changyao, originally a photovoltaic equipment company, transitioned to the pharmaceutical sector in 2020, acquiring a 52.75% stake in Hubei Changjiang Star Pharmaceutical Co., which led to its financial reporting issues [4][5]. - The company inflated its revenue by a total of 733 million yuan and profits by 168 million yuan from 2021 to 2023 through fraudulent practices [5][6]. Group 2: Regulatory Actions - The Shenzhen Stock Exchange initiated a forced delisting process against *ST Changyao due to its financial misconduct, which is part of a broader trend of stringent regulatory measures against financial fraud in the capital market [1][8]. - The company was fined 10 million yuan, while 14 responsible individuals were collectively fined 31 million yuan, with the former general manager receiving a lifetime ban from the securities market [6][7]. Group 3: Regulatory Environment - The regulatory framework has evolved to impose harsher penalties on companies and individuals involved in financial fraud, with a new rule stating that companies committing fraud for three consecutive years will face mandatory delisting [8][9]. - The efficiency of regulatory actions has improved, with the investigation and issuance of the administrative penalty notice taking only one month [2][7]. Group 4: Investor Protection - The regulatory body has emphasized investor protection, requiring major shareholders and actual controllers of companies facing delisting to take proactive compensation measures for affected investors [8][9]. - New mechanisms for investor rights protection, such as representative litigation and innovative dispute resolution methods, have been introduced to enhance the efficiency of investor claims [8][9].