Top 10 Bull and Bear Stocks in A-shares for 2025: AI Drives 18 Times Swancor Advanced Materials, 16 Times TIP Group, Fraudulent Companies Purged: Zhitian, Soochow

The 2025 A-share trading officially concluded. As of the close on the 31st, the Shanghai Composite Index reported 3968.8 points, up 18.4% for the year. The ChiNext Index surged nearly 50% for the entire year, while the Shenzhen Component Index rose close to 30%. The overall valuation center of A-shares has significantly increased. From the perspective of individual stocks, this has been a rare "true bull market" in recent years, with over 4,000 stocks rising throughout the year, accounting for nearly 80%. At the same time, from the frenzy of over 500 doubling stocks to the freezing of underperforming stocks under normalized delisting, the survival of the fittest in the capital market has been vividly reflected this year. Next, we will review the top ten "bull stocks" and "bear stocks" in the A-share market for 2025, dissecting the logic behind the explosive rises and the traps of the sharp declines. Top Ten Bull Stocks: Dual Drivers of AI and Mergers 2025 is referred to as the "Year of Mergers" and the "Year of AI Computing Power Explosion," with almost all stocks at the top of the gainers list marked by these two labels. 1. Swancor Advanced Materials: Transitioning from Traditional Chemicals to Humanoid Robots Swancor Advanced Materials achieved an over 18-fold increase in 2025, becoming the "monster stock" of A-shares, driven by the dual logic of "track transformation expectations + support from core business recovery." Starting in July, Zhiyuan Robot's related party, Zhiyuan Hengyue, gradually acquired equity in Swancor Advanced Materials through a combination of "agreement transfer + tender offer," becoming the company's controlling shareholder, with the actual controller changing to Zhiyuan Robot Chairman Deng Taihua. This change in control became the core trigger for the stock price increase. Additionally, the company's carbon fiber composite materials can be used in domestically produced large aircraft, providing solid fundamental support. The dual buff of concept and performance combined, and the stock price directly entered "rocket mode." From the stock price performance perspective, since the announcement of the change in control on July 9, Swancor Advanced Materials' stock price entered a continuous limit-up mode, achieving 11 consecutive limit-ups in a short period, with a cumulative increase of over 13 times, becoming the first tenfold stock of the year, demonstrating the market's recognition of its track transformation. Although the company has clearly stated that its embodied intelligent robot business focuses on personal and family scenarios and is currently still in the product development stage, with no mass production or scaled sales achieved, nor any positive impact on the 2025 annual performance, it still cannot dampen market enthusiasm. 2. TIP Group: Expectations of AI Chip Backdoor Listing TIP Group, primarily engaged in automotive parts, saw its stock price achieve a 16-fold surge in 2025, rising from 10 yuan to a high of 218 yuan, driven by expectations of an AI chip backdoor listing and the dual fermentation of TPU themes, attracting capital's collective pursuit In 2025, AI chips will be an absolute top-tier track. The explosion of large models like DeepSeek has made related themes highly sought after by capital. Meanwhile, TIP Group's "Zhonghao Xinying shell acquisition expectation" perfectly aligns with this trend, and the market has high expectations for this major asset restructuring. At the same time, the demand for the company's TPU materials in automotive lightweighting and electronic packaging has surged, with the fundamentals gaining momentum. The resonance between the hot topic and performance support has directly triggered a "continuous rise mode" in stock prices. *3. ST Yushun: Divesting Old Business, Turning Around Crisis Standing on the brink of delisting, *ST Yushun is expected to achieve over a 7-fold surge in stock price in 2025, primarily due to the fermentation of its restructuring and transformation into the computing power track, becoming a target favored by capital. Previously, the company's display business continued to incur losses, leading to a delisting crisis and being labeled. After Shanghai Fengwang took control at the end of 2023, a clear transformation direction was established. In April 2025, a fully cash acquisition plan of 3.35 billion was launched, intending to incorporate IDC intelligent computing assets under Zhong'en Cloud, which operates 8,000 high-density cabinets with stable performance, successfully entering the hot AI computing power track and opening up valuation reshaping space. The funding side has significantly strengthened the certainty of transformation: the controlling shareholder provided a loan of 1.7 billion and issued a funding proof, along with a large loan intention letter from the bank, solving the acquisition funding issue and making the expectation of lifting the label more credible. Coupled with the current explosion in AI computing power demand and the scarcity of computing power assets in core cities, the market has strong expectations for its performance reversal after transformation. Subsequently, capital surged in like a tide, pushing the stock price from a year-low of 3.56 yuan to a high of 41.31 yuan. *4. ST Yazhen: Asset Injection + Cross-Industry ST Yazhen is expected to achieve over a 6-fold increase in 2025, with the core logic being the dual catalyst of "change in control + cross-industry transformation expectations," combined with the market's rising sentiment for shell speculation, driving the stock price to soar from the brink of delisting. In April 2025, after being labeled due to a negative net profit excluding non-recurring items in 2024, the company simultaneously disclosed a significant matter regarding the controlling shareholder's intention to transfer equity. Wu Tao, the actual controller of mining giant Yuxiao Group, and his concerted actors entered the scene, ultimately acquiring 50.47% of the shares through a combination of agreement transfer and tender offer, becoming the new controlling shareholder. Yuxiao Group's strong capabilities in zirconium-titanium and rare earth mining contrast sharply with ST Yazhen's traditional home furnishing business, igniting market transformation expectations. After the acquisition was completed, the company quickly advanced its transformation, planning to acquire 51% of Guangxi Zirconium's equity for 55.449 million yuan to enter the zirconium-titanium mining sector. The target achieved 127 million yuan in revenue from January to May 2025 and simultaneously disclosed a strategic path for future injection of core mining assets from Yuxiao Group, further strengthening the certainty of transformation. Coupled with the current strict IPO review in the A-share market, making it difficult for mining companies to go public, the market has strong expectations for Yuxiao Group's shell listing, with short-term capital speculation boosting the stock price 5. Shenghong Technology: NVIDIA Tier 1 Supplier Shenghong Technology is a typical "hard logic" target in the AI industry chain, becoming a favored segmented leader in capital due to its core competitiveness in the AI PCB field, with its stock price rising nearly sixfold from a low point. As a core supplier of AI server PCBs (printed circuit boards) globally, its core advantage lies in deeply binding high-end customers and precisely hitting the AI computing power trend— with the explosive demand for computing power from companies like OpenAI and NVIDIA, the AI server market is experiencing explosive growth, while PCBs, as core components, see both usage and unit price rising simultaneously. Shenghong Technology has become a Tier 1 supplier for NVIDIA due to its strong technical capabilities, with related orders from NVIDIA accounting for over 70% in the first quarter of 2025. At the same time, benefiting from the global computing power center construction wave driven by OpenAI, both order volume and profit margins are increasing, providing solid support for its high growth performance and stock price. Additionally, the company supplies PCBs for robots to Tesla, tapping into the popular humanoid robot theme, creating a dual benefit resonance. In the first three quarters of 2025, the company's revenue grew by 83.4% year-on-year, and net profit attributable to the parent company surged by 324.38% year-on-year. The strong performance drove its stock price up by as much as 730% in the first three quarters, with its market value once exceeding 260 billion yuan. 6. Feiwo Technology: Surge in Orders Feiwo Technology achieved nearly a fivefold increase in stock price this year, driven by the dual dividends of new energy and high-end manufacturing sectors, as a leading player in high-strength fasteners, precisely capturing the explosive demand from the wind power and new energy vehicle industries. In terms of its main business, the company focuses on the research and production of high-strength fasteners and special-shaped parts, with products widely used in core areas such as wind power complete machines, new energy vehicle chassis, and photovoltaic brackets. Among them, the market share of high-strength fasteners for wind power exceeds 25%, ranking among the industry leaders. In 2025, global wind power installed capacity is expected to grow by 45%, and domestic new energy vehicle sales are expected to exceed 15 million units, directly driving a surge in the company's orders. In the first three quarters of 2025, the order amount for wind power fasteners increased by 180% year-on-year, and the revenue share of new energy vehicle-related products rose from 12% to 28%. On the technical side, the company has broken through the core technology of cold heading forming for high-strength bolts, achieving product precision and fatigue resistance at an internationally advanced level, deeply binding with industry leaders such as Goldwind Technology, SANY Heavy Energy, and BYD, resulting in strong customer stickiness. The performance is impressive, with revenue in the first three quarters of 2025 growing by 98.3% year-on-year, and net profit attributable to the parent company surging by 265.7% year-on-year. The strong performance growth provides solid support for its stock price. Additionally, the company will start a capacity expansion project in 2025, planning to add 30,000 tons of wind power fastener capacity, further consolidating its industry position. The market's expectations for its long-term growth potential are heating up, driving both valuation and stock price upward, with the annual stock price rising from 18.62 yuan to 110.38 yuan, and market value exceeding 20 billion yuan. 7. Filinger: Expectations for Transformation into "AI Home" A home furnishing company that has risen more than 11 times this year, the core reason is the change of actual controller, giving the market hope for transformation into the technology sector In May 2025, the Flingel family transferred their equity to Shanghai Chengxin Investment. After the transfer was completed, Shanghai Chengxin Investment held 25.1% of the shares, becoming the new controlling shareholder, and the actual controller changed to Li Jun. What everyone is most concerned about is that the enterprises under Li Jun are concentrated in high-tech fields such as AI home and industrial internet, which leaves infinite room for imagination for Flingel's transformation. The trend of AI empowering traditional industries is significant in 2025, with AI home as an upgraded version of smart home, and the market size is expected to increase by 60% year-on-year. Flingel originally relied on selling wooden floors and custom furniture for survival, but its revenue dropped by 8% in 2024, and the gross profit margin fell to 25%. The traditional business has long lost its growth momentum, and the market has been looking forward to its transformation. As soon as the new actual controller took office, speculation began about whether the company would enter the AI home sector through asset injection, cooperation, and other means, transforming from a traditional manufacturer into a technology company. Although by the end of 2025, a specific transformation plan had not yet been released, capital had already acted in advance to bet on expectations, pushing the stock price from 3.94 yuan to 49.70 yuan, with the valuation jumping from a traditional home industry PE of 15 times to a technology track PE of 60 times. 8. Dingtai High-Tech: Surge in Demand for AI Consumables Dingtai High-Tech has increased nearly sixfold this year, as a "hidden champion" in the global PCB drilling needle field, it has captured the consumable dividends brought by the explosion of AI server PCB demand. PCB drilling needles are core consumables used in the production of PCBs, used to drill holes on PCB boards, with precision and durability directly affecting PCB performance. In 2025, the number of layers of AI server PCBs upgraded from the traditional 8-12 layers to 16-18 layers, and the number of holes per PCB increased from 10,000 to 30,000, directly leading to a year-on-year increase of 150% in the demand for PCB drilling needles. Dingtai High-Tech's technology in the PCB drilling needle field is globally leading, with the high aspect ratio drilling needles produced capable of achieving 50:1, fully meeting the drilling needs of high-end AI server PCBs, capturing a global market share of 12%, ranking among the top three in the industry. In terms of customers, it has deeply bonded with 70 global PCB top 100 companies such as Shenzhen South Circuit, Huidian Co., Ltd., and Shenghong Technology, with high customer stickiness. In the first three quarters of 2025, revenue from PCB drilling needle products increased by 189% year-on-year, and the gross profit margin rose to 45%. Additionally, the company also produces supporting consumables such as PCB milling cutters and forming knives, forming a product matrix with stronger profitability. Against the backdrop of the explosion in demand for AI hardware consumables, both performance and valuation have risen, with the stock price increasing from 28.56 yuan to 191.87 yuan, and the market value exceeding 30 billion yuan. 9. Hengbo Co., Ltd.: The Domesticization of PEEK Materials Hengbo Co., Ltd. has entered the top ten bull stocks with a year-to-date increase of 486.70%, with the core logic being the dual opportunities of the domesticization of PEEK materials and the development of new energy vehicles. In 2025, the concept of PEEK materials continues to heat up. As a high-performance special engineering plastic, PEEK is widely used in aerospace, high-end manufacturing, and medical fields, with broad domestic substitution space, and Hengbo Co., Ltd.'s layout in this field has received significant market attention At the same time, the company's traditional main business of air filters also benefits from the high prosperity of the new energy vehicle industry. By 2025, the penetration rate of domestic new energy vehicles continues to rise, driving steady growth in demand for automotive parts. Hengbo Co., Ltd. has successfully entered the supply chains of several mainstream new energy vehicle companies, thanks to its stable product quality and customer resources. In terms of performance, the company's revenue in the first three quarters of 2025 increased by 35% year-on-year, and the net profit attributable to the parent company increased by 62% year-on-year, with improvements in fundamentals further supporting the rise in stock prices. The stock price rose from 26.54 yuan at the beginning of the year to 155.71 yuan at the end of the year, achieving a simultaneous increase in valuation and performance. 10. Shunhao Co., Ltd.: "Transformation + Policy" Dual Logic Shunhao Co., Ltd. has entered the top ten bull stocks of 2025 with an annual increase of over 5 times. The core of its surge is the resonance of "business transformation + policy catalysis," transitioning from a traditional packaging company to emerging sectors, which has become the key driving force behind the soaring stock price. In recent years, the company has divested its low-margin packaging business and focused on the dual tracks of industrial hemp and new tobacco. In the first half of 2025, its industrial hemp planting base in Yunnan achieved legalized mass production, and the extracted CBD (cannabidiol) products were certified by the EU, reaching supply agreements for medicinal raw materials with overseas pharmaceutical companies. Revenue from related businesses surged by 210% year-on-year in the first half, increasing its share of total revenue from 15% to 42%. Meanwhile, the new tobacco segment launched heated non-combustion (HNB) smoking devices, compatible with mainstream domestic brand cartridges, with offline channels covering over 3,000 terminals, and sales in the second quarter increased by 85% quarter-on-quarter. Combined with policy dividends, market expectations for its "compliance + commercialization" quickly heated up, along with rumors of acquiring a certain atomization technology company in the third quarter, accelerating capital inflow and driving valuation reassessment. Top Ten Bear Stocks: A Hub for Financial Fraud In stark contrast to bull stocks, most of the stocks with significant declines in 2025 are directly related to delisting risks and deteriorating operations. 1. Zitian Technology: Years of Fraud and Refusal to Accept Regulatory Inspections Zitian Technology was listed on December 29, 2011, and was forcibly delisted in 2025 due to serious violations and anti-regulatory behavior, becoming the stock with the deepest decline of the year. Its sharp drop and delisting are primarily due to the dual malignant attributes of "serious violations + anti-regulatory." Especially severe are the fraudulent activities on the financial front, with cumulative inflated revenue of 2.499 billion yuan and inflated profits of 231 million yuan over two consecutive years from 2022 to 2023. In 2023, 1.721 billion yuan of revenue was inflated through the "gross method replacing the net method," accounting for 78.63% of the disclosed revenue that year, indicating a very high fraud ratio. More seriously, the company engaged in anti-regulatory behavior by refusing to disclose the 2024 annual report on time, obstructing regulatory agencies from conducting on-site inspections, and deliberately concealing evidence of fraud, becoming a negative example targeted by regulators. The complete collapse of fundamentals further exacerbated the downward trend, with the company's revenue in 2024 plummeting by 62.3% year-on-year, a net loss attributable to the parent company of 870 million yuan, and net assets turning to -320 million yuan, falling into insolvency and completely losing its ability to continue operations After being investigated by the China Securities Regulatory Commission in April 2025, the stock price began a continuous decline; in June, the exchange issued a delisting warning letter, and after resuming trading, it faced 12 consecutive daily limit downs; in July, it entered the delisting arrangement period, with the stock price dropping from 9.5 yuan to 0.33 yuan within 15 trading days, a decline of over 96%. 2. Delisting of Suwu: Four consecutive years of inflated profits The delisting of Suwu (formerly Jiangsu Wuzhong) triggered delisting conditions due to long-term multiple violations of information disclosure and continuous deterioration of fundamentals. From 2018 to 2023, there were six years of false disclosures regarding the actual controller, misleading market perception; from 2020 to 2023, for four consecutive years, revenue and profits were inflated through trades with no commercial substance, with inflated profits exceeding 50% in 2021, while non-operational fund occupation by related parties reached 1.693 billion yuan, accounting for 96.09% of net assets and not disclosed. In addition, the 2024 financial report was issued with a disclaimer of opinion, and the net profit for the first three quarters of 2025 showed a loss of nearly 87.47 million yuan, a significant year-on-year decline of 294%. The shares of the controlling shareholder were fully pledged and frozen, and the issue of fund occupation remained unresolved, leading to complete instability of fundamentals. After entering the delisting arrangement period in March, liquidity sharply shrank—the average daily trading volume fell from several tens of millions at its peak to less than 100,000 yuan, and the stock price, lacking trading support, nearly fell in "free fall," ultimately closing at 0.29 yuan per share, down over 96% from the beginning of the year. On the 31st, the Shanghai Stock Exchange delisted the company's stock, and the company officially terminated its listing. 3. Renle's Delisting: Operational Collapse, Insolvency Renle's delisting (formerly Renrenle) was listed on January 13, 2010, and triggered a financial delisting due to operational collapse and insolvency, with an annual decline of 94.57%. The core reasons for the sharp decline focus on "operational collapse + insolvency": The company's core business is chain supermarket retail, and as one of the earliest listed private supermarket enterprises in China, it focuses on retail sales of goods, department store sales, and supply chain services, targeting the regional retail market; affected by the impact of e-commerce, rapid expansion, and chaotic management, stores continued to close, with the number of stores reducing from a peak of 150 to 23 by 2024, and revenue plummeting by 82.5% year-on-year. The issues of insolvency and cash flow depletion were severe, with net assets at -404 million yuan by the end of 2024, a debt-to-asset ratio of 121.08%, and 12 bank accounts frozen, involving 380 million yuan. The supply chain breakdown led to an inability to procure and stock normally; the performance reversal triggered a trust crisis, with the 2024 performance forecast revised from "expected profit of 400 million yuan" to "loss of 17 million yuan," a huge discrepancy that directly triggered panic selling by investors. In January 2025, a massive loss forecast was disclosed, and the stock price began to plummet; in March, it triggered the "negative net assets" financial delisting indicator; in April, it entered the delisting risk warning board, with the stock price continuing to decline; In June, it entered the delisting arrangement period, with the stock price dropping from 5.1 yuan to 0.28 yuan; it was officially delisted in July. 4. Guangdao Delisting: Business Fraud As the first officially delisted stock on the Beijing Stock Exchange, Guangdao Delisting (formerly Guangdao Digital) triggered delisting conditions due to consecutive net losses for 2023-2024 and revenue below 100 million yuan, along with an audit opinion of inability to express an opinion on the 2024 annual report. Upon investigation, it was found that the company also engaged in financial fraud by fabricating business through false purchase and sales contracts and forging bank receipts, cumulatively inflating revenue by over 120 million yuan. After entering the delisting arrangement period in October 2025, the stock price entered a "free fall" mode, with liquidity sharply depleting, and the average daily trading volume falling below 30,000 yuan, ultimately closing at 0.48 yuan per share, a decrease of 95.68% from the beginning of the year. On December 31, the company's stock was officially delisted, terminating its listing, and the actual controller has been banned from the securities market for life, with related intermediary institutions also under investigation. 5. Dongtong Delisting: Infighting and Fraud Once a leader in the middleware industry, Dongtong Delisting (formerly Dongtong Optoelectronics) triggered mandatory delisting due to major violations and deteriorating operations, plummeting by 90% throughout the year. The core crisis presented a situation of "internal troubles and external threats": In December 2025, the resignation of Chairman Huang Yongjun and core executive Xu Shaopu (former CFO and Secretary of the Board) caused turmoil at the top, with the newly appointed core management lacking experience in key positions of listed companies, exacerbating governance risks. Investigations revealed that the company had false records in its annual reports for four consecutive years from 2019 to 2022, with the 2022 private placement documents citing fabricated data, cumulatively inflating net profits by over 350 million yuan from 2022 to 2024, and the internal control system completely failing, leading to a negative audit opinion. The financial side suffered massive losses for three consecutive years, with a loss of 84 million yuan in the first three quarters of 2025, showing no improvement in fundamentals. In May 2025, the company was subjected to delisting risk warnings, and institutional funds accelerated their withdrawal, with the number of shareholders dropping from 21,000 to 6,000. According to the announcement, the stock entered the delisting arrangement period on December 30 (15 trading days, with January 21, 2026, expected to be the last trading day), during which no major asset restructuring was planned, and investors in the Shenzhen Stock Connect who did not sell in time may be unable to transfer their shares later, leading to delisting according to procedures. 6. Delisting Pengbo: 11 Years of Continuous Financial Fraud Sets A-Share Record Delisting Pengbo (formerly Pengbo Telecom) was listed on January 3, 1994, and triggered dual delisting due to long-term fraud and audit failure, plummeting by 90% throughout the year. The core reasons for the sharp decline focus on "long-term fraud + audit failure": The company's core business includes data center operations, communication services, and internet access services, previously focusing on the IDC field, attempting to create a dual main business pattern of "communication + data"; the fraud cycle set a record in A-shares, with continuous financial fraud for 11 years from 2013 to 2023, cumulatively inflating revenue by over 5 billion yuan and profits by 1.23 billion yuan, making it one of the companies with the longest fraud cycles in A-share history. In 2022-2023, it received "unable to express an opinion" audit reports for two consecutive years, with the internal control audit conclusion being "negative opinion," and related party fund occupation amounting to 870 million yuan without following review procedures; the hollowing out of the main business combined with debt defaults led to revenue of only 80 million yuan in 2024, a year-on-year decrease of 95.3%, with cumulative debt default amounting to 1.52 billion yuan, and the actual controller going missing resulted in a complete failure of corporate governance 7. Hengli Tui: 21 Consecutive Years of Losses, A-share "King of Losses" Hengli Tui (formerly Hengli Industry) was listed on November 7, 1996. Due to continuous losses and regulatory violations triggering both financial and compliance delisting, the annual decline reached 92.79%. The core reason for the sharp decline highlights "continuous losses + regulatory violations": In terms of its main business, the core business involves the research and production of automotive air conditioning components, including automotive air conditioning compressors and condensers, focusing on the automotive parts supply market, which is highly competitive; the loss period is excessively long, with continuous losses from 1999 to 2024, accumulating losses of 4.26 billion yuan, making it one of the "kings of losses" in A-shares, completely losing its ability to continue operations; Severe violations of information disclosure, failing to disclose the 2024 annual report on time, and repeatedly delaying responses to inquiries from the stock exchange, deliberately concealing debt situations, constituting conditions for regulatory delisting; obstructing supervision and chaotic governance, with the actual controller changing three times in five years, the new management obstructing regulatory inspections and failing to cooperate in providing financial information, leading to a state of governance out of control. Key delisting milestones are clear: In April 2025, failing to disclose the annual report on time, the stock price plummeted by 25%; in May, triggering the "failure to disclose the annual report on time" regulatory delisting indicator; in June, entering the delisting adjustment period, with the stock price dropping from 4.8 yuan to 0.34 yuan; officially delisted in July. 8. Gongzhi Tui: Core Business Orders Drop to Zero Gongzhi Tui (formerly Harbin Intelligent) plummeted and ultimately faced forced delisting due to financial reporting issues hitting the delisting red line combined with a continuous deterioration of fundamentals, leading to a complete collapse of market confidence. The company primarily focuses on intelligent manufacturing for industrial robots. Although it has laid out high-end intelligent equipment manufacturing and robot production and sales, it failed to save itself from the dual predicament of operations and finances. In Q1 2025, revenue was only 32 million yuan, a year-on-year drop of 75.21%, with core business orders exhausted and key customers lost; the debt-to-asset ratio climbed to 91%. After receiving the delisting decision from the Shenzhen Stock Exchange in June, the stock price began to plummet, subsequently entering the delisting adjustment period, and officially delisted in July. 9. Zhongcheng Tui: Blindly Crossing into New Energy Leads to Insolvency, Years of Fraud Zhongcheng Tui (formerly Qingdao Zhongcheng) was listed on April 26, 2011. Due to fraud and insolvency triggering both financial and major legal delisting, the annual decline reached 90.51%. The core reason for the sharp decline highlights "fraud + insolvency": From 2018 to 2023, the company engaged in financial fraud for six consecutive years, inflating revenue by 2.83 billion yuan and profits by 410 million yuan through fictitious wind power projects and falsely recognized income; it was insolvent with high debts, with a net asset of -570 million yuan at the end of 2024, a debt-to-asset ratio of 138.2%, and a cumulative debt default amount of 930 million yuan, with core assets auctioned off; failed transformation exacerbated the crisis, blindly crossing into the wind power and photovoltaic sectors, with investment projects ending in losses, failing to form effective profit support and instead dragging down the original main business. In March 2025, the China Securities Regulatory Commission launched an investigation into financial fraud; in April, it triggered the "negative net assets" financial delisting indicator; in May, the delisting notice was issued, with the stock price hitting ten consecutive daily limits; in June, it entered the delisting adjustment period, with the stock price dropping from 7.2 yuan to 0.68 yuan; officially delisted in July *10. ST Changyao: Impact of Price Cuts from Centralized Procurement As a generic drug company, *ST Changyao (formerly Kangyue Technology) saw its core product's bidding price drop by over 70% after being included in the seventh batch of centralized procurement. Revenue in the first half of 2025 is expected to decline by 55% year-on-year, with a net loss of 380 million yuan. Coupled with audit opinions raising doubts about its ability to continue as a going concern, the company has been designated as ST, and market expectations for delisting have increased, causing the stock price to fall from 8.5 yuan to 1.9 yuan. On December 30, the closing price of the stock fell below the par value of 1 yuan at 0.95 yuan, triggering a delisting warning. Behind the crisis are numerous issues: three consecutive years of financial fraud leading to an investigation for major violations and potential delisting, failed restructuring, and bankruptcy of subsidiaries. By the end of 2024, the net assets are expected to be negative, with continuous losses over the past three years, and the company also faces risks from lawsuits and overdue debts. Company insiders candidly stated, "Unless there are unexpected developments, we will be delisted, and there are currently no countermeasures." The Shenzhen Stock Exchange has already initiated delisting procedures, making delisting essentially a foregone conclusion