Group 1 - The company operates primarily in the pharmaceutical and health industry, focusing on pharmaceutical manufacturing, retail, research, and investment [3] - The company has approximately 128 drug production licenses, including 55 products listed in the national medical insurance directory [3] - The company has one new drug under research and five unique products or dosage forms nationwide [3] Group 2 - The company received a non-standard audit opinion from Beijing Dehao International Accounting Firm, indicating an inability to express an opinion on the financial report [2] - The company has not distributed cash dividends or bonus shares during the reporting period [2] - The company has initiated bankruptcy reorganization to address historical debt pressures and improve operational sustainability [6][7] Group 3 - The company is at risk of delisting due to its stock price being below 1 yuan for twenty consecutive trading days [8] - The Shenzhen Stock Exchange has issued a notice indicating the intention to terminate the company's stock listing [8]

Core Viewpoint - Jiyou Holdings has received a notice of termination of listing due to its stock price being below 1 yuan for 20 consecutive trading days, with a current stock price of 0.21 yuan and a total market value of 140 million yuan [1] Group 1: Company Background - Jiyou Holdings was originally known as Shuanglong Co., which produced white carbon black, a functional material used in various fields including national defense [1] - The company transitioned into the pharmaceutical industry in 2014 by acquiring Jinbao Pharmaceutical for 1 billion yuan, marking its entry into the healthcare sector [3][4] Group 2: Financial Performance - From 2014 to 2016, Jiyou Holdings experienced revenue growth from 300 million yuan to 700 million yuan, with net profit increasing from under 50 million yuan to over 100 million yuan [4] - In 2019, the company achieved its highest revenue of over 1 billion yuan but also reported its first loss since going public, with a net profit loss exceeding 1.7 billion yuan [5][7] - The company’s asset-liability ratio increased significantly from 38% in 2017 to 87% in 2019, indicating deteriorating financial health [5][7] Group 3: Acquisition Attempts and Challenges - Jiyou Holdings attempted to acquire Xiu Zheng Pharmaceutical in July 2019, but the deal was terminated shortly after, leading to significant public relations issues [6] - Since 2019, the company has not reported any profitable years, accumulating nearly 3 billion yuan in losses [7] Group 4: Legal and Operational Issues - The company faced multiple lawsuits due to overdue debts and guarantees, resulting in frozen bank accounts and assets [7] - In 2022, the former chairman and a vice president were arrested for alleged job-related crimes, further complicating the company's operational stability [8] Group 5: Bankruptcy Proceedings - In 2023, Jiyou Holdings applied for bankruptcy reorganization, but the court terminated the pre-reorganization process due to the failure of the proposed plan, increasing the risk of delisting [9]