Core Viewpoint - Shenzhen Zhongzhuang Construction Group Co., Ltd. has announced the cash settlement plan for the "Zhongzhuang Convertible Bond 2" (中装转2), detailing the repayment process and conditions for bondholders [4][6]. Group 1: Cash Settlement Plan - The cash settlement for "Zhongzhuang Convertible Bond 2" will occur on February 12, 2026, with the bond being applied for cancellation on February 10, 2026 [2][3][6]. - Bondholders with claims of 50,315 yuan or less will receive a one-time cash settlement during the restructuring plan execution period [4][5]. - Claims exceeding 50,315 yuan will be settled through a combination of stock and trust beneficiary rights [4][5]. Group 2: Bondholder Rights and Conditions - The conversion period for "Zhongzhuang Convertible Bond 2" will remain until the 30th natural day after the restructuring acceptance date, which is September 18, 2025 [4]. - After the conversion period, the remaining balance of 192,590,200 yuan will be treated as ordinary claims, with 17,547 bondholders having filed claims [4]. - Bondholders are advised to avoid actions that may lead to payment failures, such as collateral transfers or non-trading transfers [8]. Group 3: Payment Process and Requirements - The cash settlement will be processed by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited, with funds deposited into the relevant bondholders' accounts [4][6]. - Bondholders with frozen or pledged bonds will need to coordinate separately with the company for settlement [9]. - Bondholders must provide necessary documentation to the company by April 18, 2026, to ensure proper processing of their claims [8].

| 证券代码：002822 | 证券简称：ST | 中装 | 公告编号：2026-015 | | --- | --- | --- | --- | | 债券代码：127033 | 债券简称：中装转 | 2 | | 深圳市中装建设集团股份有限公司 关于中装转2现金清偿的公告 3、"中装转 2"现金清偿资金发放日为 2026 年 2 月 12 日（周四）。 深圳市中装建设集团股份有限公司（以下简称"中装建设"、"公司"）近 期"中装转 2"偿付情况如下： 一、"中装转2"清偿方案 经"中装转 2"2025 年第一次债券持有人会议审议，保留"中装转 2"的转 股期限至重整受理之日起第 30 个自然日（即 2025 年 9 月 18 日），自第 30 个自 然日的次一交易日（即 2025 年 9 月 19 日）起，债券持有人不再享有转股的权利。 具体内容详见公司于 2025 年 4 月 26 日在《证券日报》《证券时报》《中国证券 报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上披露的《"中装转 2" 2025 年第一次债券持有人会议决议公告》（公告编号：2025-058）。 本公司及董事会全体成 ...

Core Viewpoint - The legal proceedings against Zhongzhuang Construction (002822) have progressed, with investors winning a first-instance judgment in a lawsuit related to false statements made by the company [1][2]. Group 1: Legal Developments - Zhongzhuang Construction has faced a lawsuit for false statements, leading to a recent ruling by the Shenzhen Intermediate People's Court in favor of investors [1]. - The law firm representing the investors continues to accept claims from other investors affected by the company's actions [1]. Group 2: Financial Misconduct - Zhongzhuang Construction and its subsidiary were found to have misrepresented financial data by underreporting costs and inflating profits from 2017 to 2021, with inflated profit amounts of 18.33 million, 12.92 million, 43.99 million, 13.02 million, and 16.10 million respectively, which constituted 9.06%, 5.26%, 14.74%, 3.91%, and 8.88% of the reported profits for those years [2]. - The company issued several financial documents during this period that included the inflated figures, which contributed to the legal issues it now faces [2]. Group 3: Investor Claims - Investors who purchased Zhongzhuang Construction stock between April 16, 2018, and December 16, 2023, and sold or held the stock after December 16, 2023, are eligible to file claims [3]. - The law firm has a history of successfully representing investors in similar cases, with many achieving settlements or victories [3].

中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对深 圳市中装建设集团股份有限公司（以下简称"中装建设"或"公司"， 股票代码：002822.SZ）及其发行的下述债券开展评级。除评级委托 关系外，中证鹏元及评级从业人员与公司不存在任何足以影响评级行 为独立、客观、公正的关联关系。 | | 债券简称 | 上一次评级时间 | | | | | 上一次评级结果 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 主体等级 债项等级 | 评级展望 | | | | 中装转 | 2 | 2026 日 | 年 | 1 | 月 | 16 | CC | | CC | 稳定 | 中证鹏元资信评估股份有限公司 中证鹏元公告【2026】70 号 中证鹏元关于关注深圳市中装建设集团股份有限公司 2025 年度业绩预亏等事项的公告 特此公告。 2 中证鹏元资信评估股份有限公司 根据公司《2025 年度业绩预告》，预计公司 2025 年全年净利润 继续亏损，且亏损金额进一步增加，2025 年度归属于上市公司 ...

Group 1 - The core point of the article is that ST Zhongzhuang has reached its daily limit up, with a price of 3.53 yuan, a rise of 5.06%, and a total market value of 6.887 billion yuan, driven by the completion of its restructuring and the introduction of new investors [1] - The company has completed its restructuring plan with 1.337 billion yuan of restructuring funds in place, eliminating bankruptcy risk and optimizing its asset-liability structure [1] - New investors, Shanghai Hengcen and Kangheng Environment, have brought in 546 million yuan of funds and business synergy opportunities, injecting new momentum into the company's development [1] Group 2 - The company has applied to revoke its *ST designation, which, if approved, will improve its market image and financing environment [1] - The debt repayment plan is clear, with a theoretical repayment rate of 100% for ordinary creditors, and the new controlling shareholder, Shanghai Hengcen, has committed not to transfer shares for 36 months, benefiting the company's long-term stability [1] - The construction decoration industry has recently gained market attention, with some stocks in the sector showing active performance, creating a certain degree of sector linkage effect [1] Group 3 - There are signs of net inflow of large orders into the stock, indicating that major funds are paying attention [1] - The technical indicators show a bullish signal, with short-term moving averages diverging upwards and the MACD indicator forming a golden cross above the zero axis [1]

Group 1 - The company, Zhongzhuang Construction, is expected to report a net loss of between 2.98 billion and 3.38 billion yuan for the year 2025, with a non-recurring net loss estimated between 1.21 billion and 1.61 billion yuan [1][2] - The company is currently in a restructuring phase, facing credit issues that prevent it from undertaking engineering projects, leading to a decline in operating revenue [3][4] - The company entered the execution phase of its restructuring plan in December 2025, while facing ongoing regulatory scrutiny [4] Group 2 - Investors have initiated compensation claims against the company due to financial data misrepresentation in annual reports from 2017 to 2021, which included understated costs and inflated profits [2][4] - The inflated profits during the period ranged from 18.33 million to 43.99 million yuan, affecting not only annual reports but also documents related to convertible bond offerings and share issuances [2][4] - The company's ability to move past its issues and operate in compliance under a new ownership structure and management remains to be seen [2][4]

Core Viewpoint - Shenzhen Zhongzhuang Construction Group Co., Ltd. (referred to as "ST Zhongzhuang") anticipates a significant net loss for the year 2025, projecting losses between 2.98 billion to 3.38 billion yuan, alongside a non-recurring net loss forecasted between 1.21 billion to 1.61 billion yuan [1] Financial Performance - The company is undergoing a restructuring phase, which has severely impacted its creditworthiness and ability to undertake engineering projects, leading to a decline in operating revenue [1] - The necessity to maintain fixed operating expenses and ongoing financial burdens has resulted in operational losses for the company [1]

Core Insights - The article discusses the performance of ST stocks in the Chinese capital market, highlighting a significant number of companies facing delisting risks due to poor financial results [2][3]. Group 1: Performance of ST Stocks - As of February 2, 178 ST stocks were under risk warnings, with 176 having released earnings forecasts, indicating a trend of companies struggling to meet performance expectations [2][3]. - Only 24% of ST stocks reported improved performance, with 118 continuing to incur losses, while 93 stocks under delisting risk showed that 58 were expected to continue losing money [3][4]. Group 2: Major Losses and Financial Indicators - ST晨鸣 (000488.SZ) is projected to incur the largest loss, estimated between 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [3][4]. - ST柯利达 (603828.SH) anticipates a net loss of 160 million to 200 million yuan, a drastic decline of 1964.13% to 2430.16% compared to the previous year [4]. Group 3: Delisting Risks - Companies like *ST岩石 and *ST精伦 are at risk of delisting due to failing to meet financial criteria, with *ST岩石 expected to have an operating income below 300 million yuan [5][6]. - Several ST stocks are likely to receive non-standard audit opinions, which could further jeopardize their listing status, such as *ST观典 and *ST太和 [5][6]. Group 4: Recovery Efforts - Some ST stocks are attempting to turn around their fortunes through restructuring and asset sales, with *ST金科 (000656.SZ) projecting a net profit of 30 billion to 35 billion yuan for 2025 after a significant debt restructuring [7][8]. - *ST松发 is also expected to achieve a net profit of 2.4 billion to 2.7 billion yuan, following a major asset restructuring that shifted its business focus [8][9].

2026.02. 03 本文字数：2303，阅读时长大约4分钟 作者 | 第一财经 安卓 每当年报过后，就会有一批因业绩再度不达标的风险警示股黯然挥手资本市场，而业绩预告，往往成为市场观察这些公司命运走向的重要风向标。 Wind数据显示，截至2月2日，178只风险警示股中，已有176只发布了业绩预告，其中。93只退市风险警示股已全部发布业绩预告。 这是一场保壳的极速狂奔，仅24%的ST股业绩向好，多只ST股拉响了退市警报，如*ST岩石（600696.SH）、*ST精伦（600355.SH）、*ST观典 （688287.SH）等均称，公司股票可能被终止上市。这些公司大多存在被出具非标年报、利润亏损、扣除后营业收入为负值、期末净资产为负值等情 况，部分公司遭立案调查或被处罚。 退市制度是市场新陈代谢的重要一环，自退市新规发布实施以来，资本市场正加速形成"应退尽退、及时出清"的常态化退市格局。 仅24%ST股业绩向好 Wind数据显示，在178只ST股中，118只续亏、33只扭亏、12只首亏、7只预增、3只预减、1只续盈、1只略增、1只略减，业绩向好的仅占比24%左右。 在其中的93只退市风险警示股中，58只预告续 ...

Core Insights - The article highlights the significant number of companies facing delisting risks due to poor financial performance, with only 24% of ST stocks showing positive results [1][2] - A total of 178 ST stocks were analyzed, with 118 continuing to incur losses, indicating a concerning trend in the market [2][3] Group 1: Financial Performance of ST Stocks - Among the 178 ST stocks, 118 reported continued losses, while only 33 managed to turn a profit, and 12 reported first-time losses [2] - The largest projected loss comes from ST Chenming, with an estimated loss of 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [2][3] - ST Keli Da expects a net loss of 160 million to 200 million yuan for 2025, a drastic decline of 1964.13% to 2430.16% compared to the previous year [3] Group 2: Delisting Risks - Several companies, including ST Yanshi and ST Jinglun, have triggered financial delisting indicators, with ST Yanshi expected to have an operating income below 300 million yuan for 2025 [4] - ST Jinglun anticipates a negative net profit for 2025, with its stock facing potential delisting risks due to financial performance [4][5] - Audit firms have indicated that some ST stocks may receive non-standard audit opinions, further increasing delisting risks [4] Group 3: Recovery Efforts - Some ST stocks are attempting to recover through restructuring and asset sales, with ST Jinke projecting a turnaround with a net profit of 30 billion to 35 billion yuan for 2025 after completing a restructuring plan [6] - ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, following a significant asset restructuring that shifted its business focus [6][7] - ST Weir has also seen positive impacts on its performance through strategic asset acquisitions and divestitures, projecting a net profit of 19 million to 22 million yuan [7]