证券代码：603268 证券简称：*ST 松发 公告编号：2026-023 广东松发陶瓷股份有限公司 关于公司股票可能被终止上市的第二次风险提示公告 广东松发陶瓷股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日披露 了《关于实施退市风险警示暨停牌的公告》（公告编号：2025 临-040），公司因 2024 年度经审计的利润总额、净利润、扣除非经常性损益后的净利润孰低者为负 值，且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入低 于 3 亿元，触及《股票上市规则》第 9.3.2 条第一款第（一）项规定，上海证券 交易所于 2025 年 4 月 29 日起对公司股票实施"退市风险警示"。 根据《股票上市规则》第 9.3.7 条的规定，公司股票因第 9.3.2 条规定情形 被实施退市风险警示后，最近一个会计年度未出现下列情形的，可以在年度报告 披露后 5 个交易日内，向上海证券交易所申请撤销对其股票实施的退市风险警示 并披露： （一）经审计的财务会计报告存在《股票上市规则》第 9.3.2 条第一款第（一） 项、第（二）项规定的任一情形； （二）经审计的财务会计报告被出具保留意见、无 ...

证券代码：603268 证券简称：*ST 松发 公告编号：2026-022 广东松发陶瓷股份有限公司 关于 2025 年年度报告编制及最新审计进展情况的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 广东松发陶瓷股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日披露了《关于实施退市风险警示暨停牌的公告》，公司因 2024 年度 经审计的利润总额、净利润、扣除非经常性损益后的净利润孰低者为 负值，且扣除与主营业务无关的业务收入和不具备商业实质的收入后 的营业收入低于 3 亿元，触及《上海证券交易所股票上市规则》第 9.3.2 条第一款第（一）项规定，上海证券交易所于 2025 年 4 月 29 日起对 公司股票实施"退市风险警示"。 根据《上海证券交易所上市公司自律监管指南第 2 号—业务办理（2025 年 8 月修订）》之"第十三号—退市风险公司信息披露"的相关规定， 财务类退市风险公司在股票被实施退市风险警示后，应当分别在年度 报告预约披露日前 20 个交易日和 10 个交易日，披露年 ...

*ST松发涨0.97%，报96.25元/股，股价再创新高，总市值突破934.37亿元，成交额达463.92万元。（AI 生成） ...

Core Viewpoint - ST Songfa (603268) experiences stock price fluctuations due to a combination of factors, despite favorable order conditions [1] Recent Events - The company has frequently announced significant shipbuilding orders since November 2025, including an $1.1 billion to $1.6 billion contract with Singapore's EPS in November 2025, two VLCC contracts signed on January 15, 2026, and additional bulk carrier orders from European shipowners on February 3, 2026. As of November 2025, the order backlog extends to 2029, with a total contract value exceeding 20 billion yuan [2] Performance and Operating Conditions - The company expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, marking a turnaround from losses, with revenue projected between 20 billion to 22 billion yuan. For the first three quarters of 2025, revenue reached 11.759 billion yuan, and net profit was 1.271 billion yuan, indicating initial success in converting orders into performance [3] Financial and Technical Aspects - Recent capital flows have shown divergence, with a net inflow of 7.2601 million yuan on February 12, 2026, followed by a net outflow of 53.08 million yuan on February 13, 2026. The stock price increased by 19.14% from February 2 to February 13, 2026, reaching a high of 99.88 yuan on February 13, 2026. Short-term technical indicators are in the overbought zone, leading some investors to sell due to technical correction pressures [4] Financial Condition - On February 24, 2026, 10.9 million shares from a non-public offering will be listed, raising concerns about potential selling pressure from shareholders post-lockup. The third-quarter report for 2025 shows a debt ratio of 81.42%, which may raise investor concerns regarding the company's long-term debt repayment capacity [5] Industry Sector Situation - On February 13, 2026, the ST concept sector rose by only 0.43%, while ST Songfa increased by 4.27%, indicating stronger individual stock performance but heightened internal capital competition. There are differing market views on the progress of delisting and subsequent liquidity improvements, leading to short-term volatility [6] Future Development - The delivery period for orders is concentrated between 2027 and 2028, requiring time to verify performance realization. Some investors may be concerned about fluctuations in global shipping demand or rising raw material costs squeezing profits. The market is also focused on the potential for profit enhancement following scaling [7]

格隆汇2月13日丨*ST松发(603268.SH)涨0.97%，报96.250元，股价创历史新高，总市值934.37亿元。 ...

Group 1: Major Announcements - Huapei Power plans to acquire 100% equity of Meichuang Zhiguan (Wuxi) Technology Co., Ltd. through convertible bonds and cash, with trading suspension starting from February 13 [2][3] - Zhongnan Culture is planning a major asset restructuring by acquiring controlling interest in Jiangyin Sulong Thermal Power Co., Ltd. through share issuance and cash payment, with trading suspension starting from February 13 [3] - Xiechuang Data intends to purchase servers from multiple suppliers, with a total contract amount expected to not exceed 11 billion [4] Group 2: Investment Projects - Hudian Co. plans to invest 3.3 billion in a new high-end printed circuit board production project, aiming to meet the growing demand for high-end PCBs in high-performance computing and next-generation networking [5] - Penghui Energy plans to invest a total of 3.3 billion in battery and cell production projects [11] - Jingrui Electric Materials intends to invest 600 million in a comprehensive base for key materials in the integrated circuit manufacturing industry chain in the western region [11] Group 3: Performance Reports - Jinyuanzi reported a total revenue of 253.4 million for 2025, a year-on-year increase of 19.46%, with a net profit of 37.3 million, up 22.20% [7] - Youyan Powder Materials reported a total revenue of 3.9 billion for 2025, a year-on-year increase of 20.85%, with a net profit of 7.1 million, up 19.41% [7] Group 4: Fundraising and Restructuring - Wenzhou Hongfeng plans to raise no more than 450 million through a private placement for lithium battery copper foil and semiconductor etching projects [9] - Yingkerui plans to raise no more than 379 million for various projects including smart high-frequency power supply systems [9] - China Shenhua received approval for issuing shares to acquire assets and raise matching funds [9] Group 5: Important Contracts and Orders - ST Songfa signed contracts for the construction of 17 vessels, with a total contract value between 1.6 billion and 1.8 billion [11] - Zhiguang Electric's subsidiary received a 210 million order for energy storage equipment [16] - Terui De is expected to win a bid for a renewable energy project worth approximately 137 million [16]

Group 1 - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a reduced urgency for a short-term reserve requirement ratio cut [1] - Analysts suggest that the large liquidity injection allows for observation of effects before implementing broader monetary tools like a reserve requirement ratio cut, which remains an important option in the central bank's toolkit [1] Group 2 - Shenzhen's Industrial and Information Technology Bureau released an action plan for "Artificial Intelligence + Advanced Manufacturing" aimed at enhancing the semiconductor industry through AI applications [2] - The plan focuses on optimizing chip design and software code efficiency, and developing high-performance AI chips to meet the demands of various AI terminals [2] Group 3 - The Ministry of Industry and Information Technology is soliciting public opinions on mandatory national standards for the safety requirements of autonomous driving systems in intelligent connected vehicles [6] Group 4 - The Shanghai Stock Exchange plans to reduce market operating costs, expecting to return approximately 1.113 billion yuan to the market in 2026 through various initiatives [8] - The initiatives include optimizing information disclosure channels and enhancing regulatory service quality [8] Group 5 - The Ministry of Commerce proposed to impose countervailing duties on imported dairy products from the European Union, effective February 13, 2026 [9] Group 6 - The National Development and Reform Commission aims to establish a mandatory insurance system for unmanned aerial vehicles by 2027, enhancing the safety framework for low-altitude economic activities [10] Group 7 - The film industry is being targeted for consumption growth through a "Film +" initiative, with expectations for significant box office performance during the upcoming Spring Festival holiday [12] - Analysts highlight potential investment opportunities in film content producers, leading cinema companies, and firms with strong film production and marketing capabilities [12] Group 8 - A list of undervalued media stocks with projected earnings growth of over 100% has been compiled, indicating potential investment opportunities in the film and media sector [13]

Core Viewpoint - *ST Songfa has signed contracts for the construction of 17 vessels, indicating a significant expansion in its shipbuilding operations with a total contract value between $1.6 billion and $1.8 billion [1] Group 1: Contract Details - The contracts include 1 LR2 type crude oil and product tanker, 8 Very Large Crude Carriers (VLCC) of 306,000 tons, 4 Capesize bulk carriers, and 4 6000 TEU container ships [1] - The total contract amount is estimated to be between $1.6 billion and $1.8 billion [1]

Core Viewpoint - *ST Songfa (603268.SH) has signed effective contracts for the construction of 17 vessels, indicating a significant expansion in its shipbuilding operations with a total contract value between $1.6 billion and $1.8 billion [1] Group 1: Contract Details - The signed contracts include 1 LR2 type crude oil and product oil tanker, 8 Very Large Crude Carriers (VLCC) of 306,000 tons, 4 Capesize bulk carriers, and 4 6000 TEU container ships [1] - The total contract amount ranges from $1.6 billion to $1.8 billion, reflecting a substantial investment in the shipbuilding sector [1]

Core Viewpoint - The company *ST Songfa (603268.SH)* has signed contracts for the construction of 17 vessels with a well-known European shipowner, which is expected to positively impact future performance [1] Group 1: Contract Details - The contracts include 1 LR2 type oil and product tanker, 8 VLCCs (Very Large Crude Carriers) of 306,000 tons, 4 Capesize bulk carriers, and 4 6000 TEU container ships [1] - The total contract value is estimated to be between 1.6 billion to 1.8 billion USD [1] Group 2: Business Implications - The contracts are classified as routine operational contracts, and there are no related party transactions involved [1] - The normal execution of these contracts is anticipated to have a positive effect on the company's future performance [1]