经典传奇

ST香雪“保壳”命悬一线_我的网站

一 |     If there is anything apart from Shah Rukh Khan's films that have raised the bar for romance for Indian fans, it's definitely Korean dramas. Over the years, K-dramas have redefined what on-screen love can look like. More than just visually stunning, these dramas resonate because they are rooted in sincerity, good storytelling, layered characters, and meaningful writing. K-dramas don't just show dreamy love stories, many of them spotlight social issues, evolving relationships and personal growth.     So, scroll through our list of some of the most romantic K-dramas for every mood and moment.     In This Article      Crash Landing on YouAll of Us Are DeadGoblin (Guardian: The Lonely and Great God)Twenty-Five Twenty-OneCoffee PrinceOur Beloved SummerCrash Landing on You                                                  Director: Lee Jung-hyo     Cast: Hyun Bin, Son Ye-jin, Seo Ji-hye, Kim Jung-hyunCrash Landing On You is the drama everyone will ask you to watch if you are new into Korean shows. It follows Yoob Se-ri (Son Ye-jin), a successful South Korean businesswoman who accidentally lands in North Korea after a paragliding mishap. There, she meets the Captain in the Korean People's Army Ri Jeong-hyeok (Hyun Bin), who gives her shelter and helps her return back home. Se-ri navigates the harsh realities of North Korean life and bonds with her new neighbours as well as Captain Ri's subordinates. The two of them slowly develop a deep bond.     On the other hand, Seo Dan, a wealthy North Korean woman who is engaged to Captain Ri is not happy with Se-ri's arrival. However, destiny brings her closer to Gu Seung-jun (Alberto Gu), a charming yet morally grey South Korean conman.     All of Us Are Dead                                                  Directors: Lee Jae-kyoo and Kim Nam-su     Cast: Park Ji-hu, Yoon Chan-young, Cho Yi-hyun, Lomon, Yoo In-soo, Lee Yoo-mi     All of Us Are Dead isn't a conventional love story. It unfolds in the middle of a terrifying zombie apocalypse. The story follows a group of students trapped inside their school after a deadly virus outbreak turns their classmates and teachers into zombies. Confined within those four walls, they fight for survival and are faced with tough choices that make them question their believes and morals.     Amid this chaos, the show explores the tender moments of young love. Childhood best friends Lee Cheong-san (Yoon Chan-young) and Nam On-jo (Park Ji-hu) begin to realise their feels for each other as the danger around them grows. Their bond becomes the emotional core of the series. Another romantic thread involves Su-hyeok (Lomon) and Choi Nam-ra (Cho Yi-hyun), whose budding romance blossoms slowly, even as the world around them falls apart. The drama also explores questions of survival, friendship, and the erosion of social norms during a horrible incident.     Goblin (Guardian: The Lonely and Great God)                                                  Directors: Lee Eung-bok and Kwon Hyuk-chan (Ep. 5–16)     Cast: Gong Yoo, Kim Go-eun, Lee Dong-wook, Yoo In-na and Yook Sung-jae     One of the most popular K-dramas, Goblin tells the story of Kim Shin aka Goblin (Gong Yoo), a general from the Goryeo era who is cursed with immortality after his death. Bound to live forever as a punishment for all the people he had killed in war, he carries a sword invisibly logged in his chest. The only way to free him is if the Goblin's Bride appears and removes the sword. Enter Ji Eun-tak (Kim Go-eun), a cheerful yet lonely high school girl who can see ghosts. When she accidentally summons the goblin, their lives intertwine in unexpected ways. She realises that she might be the destined bride who can end his eternal life.     Adding a dash of comedy is the hilarious dynamic between the Goblin and the Grim Reaper (Lee Dong-wook), whose constant bickering bring in some of the show's most iconic moments. Goblin became a cultural phenomenon in South Korea after its release.     Twenty-Five Twenty-One                                                  Director: Jung Ji-hyun     Cast: Kim Tae-ri, Nam Joo-hyuk, Bona, Choi Hyun-wook, Lee Ju-myoung     Twenty-Five Twenty-One is a coming-of-age romantic drama set between the late 1990s and early 2000s. It follows Na Hee-do (Kim Tae-ri), a passionate high school fencer whose life turns upside down during South Korea’s IMF financial crisis. Her fencing team is disbanded, forcing her to shift to another school. She crosses paths with Baek Yi-jin (Nam Joo-hyuk), once the son of a wealthy family but now struggling after his father’s business collapses. Forced to juggle multiple part-time jobs, Yi-jin slowly rebuilds his life and Hee-do’s fiery spirit brings warmth into his bleak world. Hee-do also crossed paths with fencing prodigy Ko Yu-rim (Bona), her idol turned rival and later close friend, class clown Ji Seung-wan (Lee Ju-myoung), and loyal friend Moon Ji-woong (Choi Hyun-wook), each pursuing their own dreams while navigating the changes of youth. The show ends on a bittersweet note with Na Hee-do and Baek Yi-jin growing older and moving in different directions, not becase they stopped loving each other, but because they couldn't find a way to grow together in the same direction.     Coffee Prince                                              Director: Lee Yoon-jung     Cast: Gong Yoo, Yoon Eun-hye, Lee Sun-kyun, Chae Jung-an     Coffee Prince tells the story of unlikely romance between a tomboyish woman and a young food empire moghul. Go Eun-chan (Yoon Eun-hye), a tomboyish woman who disguises herself as a man to get a job at Choi Han-kyul’s (Gong Yoo) cafe, Coffee Prince. Han-kyul hires her believing she’s a boy, and the two grow close, leading him into emotional turmoil as he begins to fall for her. When Eun-chan finally reveals she’s a woman, the confusion gives way to a genuine romance. Their relationship is later tested when Eun-chan moves to Italy to train as a barista, but Han-kyul supports her dreams.     Our Beloved Summer                                              Director: Lee Yoon-jung     Cast: Gong Yoo, Yoon Eun-hye, Lee Sun-kyun and Chae Jung-an     Our Beloved Summer follows to ex-lovers, Choi Ung (Choi Woo-shik) and Kook Yeon-soo (Kim Da-mi), who breakup and promise bever to meet again. However, the documentary they filmed in high school goes viral, forcing them to face each other once again.     As they work together again, old wounds resurface, but so do old feelings. Ung, now a rising illustrator, still carries unresolved hurt, while Yeon-soo, a successful PR professional, confronts the emotional walls she built to survive her difficult upbringing.     Also Read: 12 Winter-set K-dramas To Watch On Cosy Nights In: Goblin, Romance Is A Bonus Book and More。

二 |     界面新闻记者 | 李科文界面新闻编辑 | 谢欣　　8月25日晚间，ST香雪发布2026年半年报。

三 | 2026年上半年，ST香雪实现营收7.03亿元，同比下降14.09%；实现归母净利润-2.69亿元，同比下降14.94%。　　从主营业务来看，ST香雪的亏损正在收窄。2026年上半年，ST香雪扣非净利润亏损从2.07亿元收窄至1.61亿元。　　但讼罚息及债务压力仍在持续吞噬ST香雪利润，其净资产也因此继续恶化。截至2026年6月底，ST香雪净资产已经从2025年底的-3.60亿元进一步恶化至-6.29亿元。　　对于已经被实施退市风险警示的ST香雪来说，2026年末能否将净资产转正，将是其保住上市资格的底线。　　8月26日，界面新闻以投资者身份联系ST香雪。ST香雪董秘办相关工作人员向界面新闻表示，重整是目前解决公司债务问题最合适的途径，公司正在全力推进相关工作。对于供应商等经营性债务，公司可以通过协商分期付款、减免部分利息等方式缓解偿债压力。但银行借款等金融债务的本金难以减免，公司更多只能与债权人协商还款期限和付款节奏。　　重整能否“保壳”？　　据《深圳证券交易所创业板股票上市规则（2025年修订）》第10.3.11条，上市公司因触及第10.3.1条第一款情形被实施退市风险警示后，实际触及退市风险警示情形相应年度的次一年度，若出现“经审计的期末净资产为负值”等情形，深交所将决定终止其股票上市交易。

四 | 　　ST香雪正是由于2025年度经审计期末净资产为负，触发第10.3.1条第一款第二项，自2026年4月30日起被实施退市风险警示。因此，如果ST香雪2026年度经审计的期末净资产仍为负值，将触及第10.3.11条第二项规定的财务类终止上市情形。　　目前来看，ST香雪只能靠重整“保壳”。

五 | 这也是其现阶段最现实的一条路径。借助重整，ST香雪有机会采取债务削减、债转股、引入投资人等方式集中处理大规模债务，并修复净资产。　　截至2026年6月底，ST香雪流动资产仅约16.02亿元，而流动负债达到约67.92亿元，流动负债较流动资产高出约51.90亿元。　　特别是，ST香雪仍有多笔银行贷款处于逾期、诉讼或强制执行状态。　　不过，预重整启动一年多后，ST香雪仍未进入正式重整程序。目前ST香雪还卡在两个关键环节。

六 | 重整投资协议尚未签署，法院也尚未正式受理重整申请。　　2025年4月11日，广州中院以公司未能清偿到期债务且明显缺乏清偿能力，但具有重整价值及重整可行性为由，决定对ST香雪进行预重整，并指定预重整临时管理人。

七 | 　　2026年7月2日，ST香雪收到临时管理人发出的《重整投资人遴选结果告知书》。

八 | 根据6月30日举行的重整投资人遴选评审会结果，广州广药资本有限公司成为中选投资人。　　截至2026年半年报出具日，ST香雪尚未与广药资本签订重整投资协议。

九 | ST香雪披露，双方“就重整投资协议未达成一致意见”，协议具体条款也尚未确定，能否签订仍存在不确定性。

十 | 　　此外，广州中院此前将ST香雪预重整期限延长至2026年7月11日，目前这一期限已经届满。截至半年报披露时，ST香雪尚未收到广州中院进一步的批示文件，重整申请能否被法院受理、其能否进入正式重整程序仍不确定。　　若重整这条路走不通，ST香雪准备的备选方案是与债权人和解，同时卖资产筹钱还债。　　ST香雪在2026年半年报中表示，如果不能顺利进入正式重整程序，或重整未能成功，公司将主动与债权人进行和解，并通过处置自有资产回收资金偿还债务。　　目前ST香雪已经点名多项可处置资产，包括云埔厂区地块、科学城总部基地地块和广州国际生物岛一号地块。若资金仍不足，ST香雪还计划处置部分子公司股权。　　对此，ST香雪前述工作人员向界面新闻表示，目前公司仍处于预重整阶段，重大资产处置需要经过临时管理人和法院等相关程序，公司无法自行决定。即便推进资产处置，也需要经过审计评估，并视交易金额履行相应审议程序。因此，能否通过出售资产覆盖债务，公司也无法确定。　　巨额罚息持续侵蚀利润　　相比2025年，2026年上半年ST香雪主营业务的盈利能力已经出现一定修复迹象。　　最明显的是毛利率改善。

十一 | 2026年上半年，ST香雪营业成本4.75亿元，同比下降18.72%，降幅快于营业收入；同期销售费用同比下降28.79%，管理费用下降12.3%。　　根据半年报披露的营业收入和营业成本计算，ST香雪整体毛利率由2025年上半年的约28.5%提高至2026年上半年的约32.4%，提升约3.9%。　　分业务看，2025年上半年，ST香雪医药制造业务收入1.26亿元，毛利率仅0.5%。其中，抗病毒口服液收入6399万元，毛利率为-0.18%；橘红系列毛利率为20.34%。　　到了2026年上半年，医药制造业务收入1.31亿元，同比增长4.6%，毛利率升至36.58%。其中，抗病毒口服液收入6262.42万元，同比下降2.14%，但毛利率升至42.28%；橘红系列收入4406.49万元，同比增长19.6%，毛利率达到61.97%。

十二 | 　　尤其是抗病毒口服液。2025年上半年，该产品收入6399万元，营业成本却达到6411万元，基本没有产生毛利；2026年上半年，其收入规模基本没有变化，但营业成本已经降至3614万元，毛利率由-0.18%升至42.28%。

十三 | 　　但相比于债务持续产生的利息和罚息，这些经营改善仍显得杯水车薪。　　2026年上半年，ST香雪实现营业毛利约2.28亿元。

十四 | 　　但同期，ST香雪财务费用达到1.33亿元，其中利息费用约1.31亿元，与上年同期的1.34亿元基本持平。　　此外，ST香雪同期营业外支出达到1.15亿元，其中逾期债务利息及罚息达到1.05亿元，较上年同期的2820万元大幅增加，同时产生滞纳金837万元。　　仅利息费用、逾期债务利息及罚息、滞纳金三项，上半年合计就超过2.44亿元，甚至超过ST香雪同期约2.28亿元的营业毛利，相当于同期营业毛利的约108%。　　更直观的是，2026年上半年ST香雪营业亏损较上年同期收窄约6100万元，但逾期债务利息及罚息却同比增加约7700万元。主营经营释放出的改善空间，被不断增加的债务成本抵消。

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