*ST Changyao (300391.SZ): The company's shares may be forcibly delisted in a major violation

Zhitong Finance App News, *ST Changyao (300391.SZ) issued an announcement. The company received a “Notice” from the China Securities Regulatory Commission on December 26, 2025. According to the facts determined in the “Notice”, there are false records in the company's 2021, 2022, and 2023 annual reports. The 2021 to 2023 annual reports inflated operating income of 215.323,800 yuan, 28,3736,600 yuan, and 233.36346 million yuan respectively, accounting for 9.12%, 17.57%, and 19.51% of the current publicly disclosed operating income; the total inflated profit was 56.4014 million yuan, 63.752 million yuan, and 43.705 million yuan, accounting for the absolute value of the total profit disclosed to the outside world for the current period 35.62%, 88.23%, 6.42%

At the same time, due to unreasonable confirmation of losses on the Changjiang Weichuang Chinese Medicine Market Trading Center project in 2022, the company's 2022 annual report inflated the total profit of 4.552,400 yuan, accounting for 6.34% of the total profit disclosed to the outside world. The company may encounter a major illegal forced delisting situation in section 10.5.2 (6) of the “Shenzhen Stock Exchange GEM Stock Listing Rules” where “according to the facts set out in the administrative penalty decision of the China Securities Regulatory Commission, the financial indicators disclosed by the company have been falsely recorded for three consecutive years. The aforementioned financial indicators include operating income, total profit, net profit, and asset or liability accounts in the balance sheet”, and the company's shares may be subject to major illegal forced delisting.