Core Viewpoint - The company *ST Jingfeng has experienced significant stock price fluctuations and is facing financial difficulties, including a recent court ruling for reorganization and potential bankruptcy risks [1] Financial Performance - For the period of January to September 2025, the company's revenue was 271.86 million yuan, representing a year-on-year decline of 7.75% [1] - The net profit for the same period was -44.56 million yuan, showing a year-on-year increase of 8.71% despite being negative [1] Corporate Actions and Risks - On October 21, 2025, the company was ruled to enter reorganization proceedings, indicating risks of reorganization failure, bankruptcy declaration, and delisting [1] - The company has reported negative net profits for the last three years, raising concerns about its ability to continue as a going concern in the 2024 annual report [1] - The "16 Jingfeng 01" bond still has an outstanding principal of 185 million yuan that remains unpaid [1]

Core Viewpoint - The company, Hunan Jingfeng Pharmaceutical Co., Ltd., is undergoing a pre-restructuring process, facing significant uncertainties regarding its ability to enter formal restructuring and the potential outcomes of this process [2][8]. Group 1: Stock Trading and Financial Performance - The company's stock (ST Jingfeng, stock code: 000908) experienced an abnormal trading fluctuation, with a cumulative closing price deviation of 13.75% over two consecutive trading days [3]. - For the first half of 2025, the company reported a revenue of 183.39 million yuan, a decrease of 9.47% year-on-year, and a net profit attributable to shareholders of -32.57 million yuan, an increase of 1.47% year-on-year [7]. Group 2: Restructuring Process - The company has entered a pre-restructuring phase, but there is uncertainty regarding whether it will proceed to formal restructuring due to the complex review process [2][8]. - The company has signed a restructuring investment agreement with CSPC Pharmaceutical Group, which has been selected as a pre-restructuring investor, but multiple uncertainties remain regarding the final restructuring plan and related financial arrangements [2][8]. Group 3: Debt Obligations - The company has not repaid the principal and interest of the "16 Jingfeng 01" bond, which amounts to 295 million yuan, and has reached a debt waiver agreement with five fund management representatives, waiving 110 million yuan of the principal [9]. - After the waiver, the remaining unpaid principal of the "16 Jingfeng 01" bond is 185 million yuan [9].

Core Viewpoint - The company, Hunan Jingfeng Pharmaceutical Co., Ltd., has reported no cash dividends or stock bonuses for the current reporting period, and it has acknowledged accounting errors that require adjustments to previous financial statements [3][4]. Company Overview - Hunan Jingfeng Pharmaceutical Co., Ltd. has not experienced significant changes in its operational status during the reporting period [6]. Financial Data and Indicators - The company issued "16 Jingfeng 01" bonds with a principal of 800 million yuan, of which 505.36 million yuan has been repaid, leaving 294.64 million yuan overdue as of December 31, 2023. The latest extension agreement for repayment is set until June 30, 2024 [4]. - The company has calculated that it needs to accrue additional penalties of 20.96 million yuan for 2023 and 9.26 million yuan for the first half of 2024 due to the default situation triggered by the inability to repay the principal [4]. Shareholder Information - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [6].

Core Viewpoint - Hunan Jingfeng Pharmaceutical Co., Ltd. is facing the risk of being delisted due to negative net assets and other financial issues, prompting the sixth risk warning announcement regarding potential termination of its stock listing [1][19]. Group 1: Reasons for Delisting Risk Warning - The company’s stock was placed under delisting risk warning on May 6, 2024, due to negative net assets reported in the 2023 annual report [2][3]. - The internal control audit report for 2023 issued by Da Xin Accounting Firm contained a negative opinion, leading to additional risk warnings [3][5]. - The company has reported negative net profits for the last three accounting years, raising concerns about its ability to continue as a going concern [3][14]. Group 2: Financial Performance and Projections - As of the announcement date, the company anticipates a positive net asset value by the end of 2024, based on preliminary calculations [4]. - The company expects that the net profit, after deducting non-recurring gains and losses, will still be negative for 2024 [14]. - The company has not yet resolved the significant uncertainty regarding its ability to continue operations, as indicated by the audit report [14]. Group 3: Debt and Restructuring Issues - The company has entered a pre-restructuring process, but there is uncertainty about whether it will successfully enter formal restructuring [15][16]. - The company has not repaid the principal and interest on the "16 Jingfeng 01" bond, totaling 295 million yuan, and has reached a debt waiver agreement for part of this amount [17]. - If the restructuring is unsuccessful, the company may face bankruptcy, which would lead to delisting risks [16][17]. Group 4: Regulatory Compliance and Announcements - The company is required to issue risk warning announcements every ten trading days following the initial warning due to regulatory requirements [2][18]. - This announcement marks the sixth risk warning regarding the potential termination of the company's stock listing [19].