青海春天，走到了退市边缘。 从巅峰时期的"冬虫夏草第一股"到如今披星戴帽的*ST春天，这家曾凭借"极草"产品声名大噪的公司， 正站在A股市场的退市边缘。 12月11日晚间，青海春天发布对上海证券交易所《关于青海春天2025年三季度报告信息披露监管工作 函》的回复公告。有股民感慨："看了这个回复，感觉青海春天处境艰难。" 上交所主要提出了三个问题，涉及收入确认及现金流情况、关联方往来款项和关联交易。从青海春天的 回复中，可以看出，公司的退市警报已经拉响、核心业务存在"虚胖"风险、对宜宾听花的预付款及投资 款存在无法收回计提减值的风险。 核心业务存在"虚胖"风险，虫草业务应收款近七千万 公告显示，目前，青海春天主营酒水、虫草及中药业务。2025年前三季度，青海春天主营业务收入约 2.09亿元，其中酒水业务板块收入8767.54万元、中成药业务板块收入3626.38万元、冬虫夏草销售板块 收入8499.97万元。 到了2025年，青海春天仍在延续类似的信用销售策略，今年前三季度，其前十大客户均采用"验收合格 后支付货款"模式，信用账期从15个工作日内到数月不等。 最新数据显示，截至今年9月底，青海春天冬虫夏草销售业 ...

Core Viewpoint - *ST Chuntian received a warning letter from the Qinghai Securities Regulatory Bureau for failing to disclose its relationship with Yibin Tinghua and related transactions, violating information disclosure regulations [1][2]. Group 1: Regulatory Actions - The company was ordered to correct its actions due to non-disclosure of its relationship with Yibin Tinghua Wine Industry Development Co., Ltd. and related transactions [1][2]. - Four senior executives, including Chairman Zhang Xuefeng and actual controller Xiao Rong, received warning letters for their roles in the violations [1][2]. Group 2: Relationship with Yibin Tinghua - Yibin Tinghua is identified as a related entity to *ST Chuntian, as it is the producer of the company's alcoholic products, and the company has made advance payments to Yibin Tinghua for product procurement [2]. - The company failed to disclose the related party transactions and did not follow the necessary approval procedures, violating multiple provisions of the Information Disclosure Management Measures [2]. Group 3: Previous Concerns and Responses - There were previous concerns regarding potential benefit transfers to Yibin Tinghua, which the company denied in a response to the Shanghai Stock Exchange [4]. - The company stated that its collaboration with Yibin Tinghua was based on resource complementarity within the industry chain, and it emphasized that the advance payments were reasonable and related to its main business operations [5].