Market Overview - Major market indices opened lower, with the Shanghai Composite Index down 0.87% at 3896.66 points, the Shenzhen Component Index down 1.76% at 12752.72 points, and the ChiNext Index down 2.07% at 2979.37 points [1] Stock Performance - A total of 357 stocks rose at the opening, with newly listed stock N Dapeng surging 289.89% [1] - There were 4 stocks hitting the daily limit up, including *ST Mubang with 5 consecutive limit ups, Yingli Automotive with 4 limit ups in 6 days, and Meng Tian Home with 3 consecutive limit ups [1] - Conversely, 4869 stocks declined at the opening, with 23 stocks hitting the daily limit down, including Renmin Tongtai and Dazhong Mining [1] Price Continuity - Among the stocks that hit the limit up yesterday, 4 stocks continued to hit the limit up today, including Yingli Automotive and Shen Zhonghua A [1] - Stocks that opened lower included Intelligent Control, Jiumuwang, and Dawi Shares, with opening declines of 10.00%, 9.99%, and 9.99% respectively [1] - From the stocks that hit the limit down yesterday, 7 stocks continued to hit the limit down today, including Renmin Tongtai and *ST Yunwang [1]

Core Viewpoint - Jiangxi Mubang High-tech Co., Ltd. has received a court decision to initiate a pre-restructuring process and appoint a temporary administrator, indicating significant financial distress and uncertainty regarding its future restructuring efforts [2][4][35]. Group 1: Court Decision and Pre-restructuring - The Nanchang Intermediate People's Court has decided to initiate pre-restructuring for Jiangxi Mubang High-tech Co., Ltd. and appointed Beijing Jindu (Shenzhen) Law Firm as the temporary administrator [2][4]. - The court's decision to start pre-restructuring does not equate to formally accepting the restructuring application, and there is significant uncertainty about whether the company will enter formal restructuring by December 31, 2025 [2][9][36]. - The company has not yet received any legal documents from the court regarding the acceptance of the restructuring application, indicating that the outcome remains uncertain [2][9][36]. Group 2: Financial Performance and Risks - As of the first three quarters of 2025, the company reported revenues of 226.82 million yuan and a net loss attributable to shareholders of 355.72 million yuan [10][30]. - The company’s stock has been under delisting risk since May 6, 2025, due to financial performance issues, including a projected annual revenue below 300 million yuan and negative net profits [2][10][29]. - The company is currently under investigation by the China Securities Regulatory Commission for alleged financial misconduct, which adds to the uncertainty surrounding its financial stability [3][31]. Group 3: Obligations During Pre-restructuring - During the pre-restructuring period, the company is required to maintain its assets, cooperate with the temporary administrator, and halt debt repayments unless necessary for ongoing operations [5][6][8]. - The temporary administrator is tasked with investigating the company's financial situation, supervising compliance with obligations, and facilitating negotiations with creditors and potential investors [7][18]. Group 4: Impact of Shareholder's Pre-restructuring - The pre-restructuring of the controlling shareholder, Jiangxi Mubang New Energy Holdings, may affect the company's equity structure, although the company maintains operational independence [13][19]. - The controlling shareholder holds 16.08% of the company's total shares, with a significant portion pledged and frozen, indicating potential implications for control and governance [13][20].

江西沐邦高科股份有限公司 控股股东及其他关联方非经营性资金占 用及清偿情况的专项审核报告 （截止 2025 年 11 月 4 日） 目 录 页 次 大华核字[2025]0011008835 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) DaHua Certified PublicAccountants（Special General Partnership） 江西沐邦高科股份有限公司 控股股东及其他关联方非经营性资金占用及清偿情况 的专项审核报告 一、 江西沐邦高科股份有限公司控股股东及其他 关联方非经营性资金占用及清偿情况的专项 审核报告 1-3 二、 控股股东及其他关联方非经营性资金占用情 况汇总表 1 三、 控股股东及其他关联方非经营性资金占用清 偿情况表 1 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 江 西 沐 邦 高 科 股 份 有 限 公 司 控 股 股 东 及 其 他 关 联 方 非 经 营 ...

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-144 江西沐邦高科股份有限公司 关于法院决定对公司启动预重整 并指定临时管理人的公告 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： 公司近日收到南昌中院作出的（2025）赣 01 破申 19 号《决定书》、（2025） 赣 01 破申 19 号之一《决定书》，决定对公司启动预重整，并指定北京市金杜（深 圳）律师事务所担任公司预重整临时管理人。 公司能否进入重整程序尚存在重大不确定性，且预计无法在 2025 年 12 月 31 日前进入重整程序。南昌中院对公司启动预重整程序，不代表正式受理申 请人对公司的重整申请。截至本公告披露日，公司尚未收到南昌中院关于受理重 整申请的相关法律文书，即申请人的重整申请能否被法院受理、公司能否进入重 整程序均存在重大不确定性。公司预计无法在 2025 年 12 月 31 日前进入重整程 序，公司提醒广大投资者注意相关投资风险。 公司股票仍存在终止上市风险。公司股票已于 2025 年 5 月 6 日被上海证 券 ...

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-146 江西沐邦高科股份有限公司 公司股票仍存在终止上市风险。公司股票已于 2025 年 5 月 6 日被上海证 券交易所实施退市风险警示。根据《上海证券交易所股票上市规则》第 9.3.7 条 等相关规定，如公司 2025 年度营业收入低于 3 亿元且利润总额、扣非前后净利 润三者孰低者为负值，或公司 2025 年度财务报表或内部控制被出具非无保留意 见的审计报告，公司股票将在 2025 年年报披露后终止上市。敬请广大投资者理 性投资，注意投资风险。 公司及实际控制人目前均处于被立案调查阶段。2025 年 7 月 25 日，因 涉嫌年报等定期报告财务数据虚假披露等违法行为，公司被立案调查。2025 年 9 月 29 日，因涉嫌未按规定披露非经营性资金往来，公司实际控制人廖志远被立 案调查。截至本公告披露日，公司未收到中国证监会就上述立案事项的结论性意 见或决定。 临时管理人就公司预重整债权申报事项发出债权申报通知，现将债权申报通 知的相关内容公告如下： 一、债权申报时间及方式 请江西沐邦高科股份有限公司（以下简称"沐邦高科"或"公司"）债权人 ...

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-145 江西沐邦高科股份有限公司 关于法院决定对控股股东启动预重整 并指定临时管理人的公告 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： 截至本公告披露之日，公司控股股东沐邦新能源控股持有公司股份 69,723,616 股，占公司总股本的 16.08%，其中 65,483,006 股已被质押，全部股份被 多轮轮候冻结。 沐邦新能源控股重整事项可能会对公司股权结构产生影响，公司控制权是 否发生变化存在较大的不确定性。公司具有独立完整的业务及自主经营能力，且在 人员、资产、财务等方面均与沐邦新能源控股保持独立，南昌中院对沐邦新能源控 股启动预重整不会对公司日常生产经营产生重大影响。 南昌中院对控股股东沐邦新能源控股启动预重整，不代表正式受理申请人 对沐邦新能源控股的重整申请。截至本公告披露日，沐邦新能源控股尚未收到法院 关于受理重整申请的相关法律文书，即申请人的重整申请能否被法院受理、沐邦新 能源控股能否进入重整程序均存在不确定性。 公司实际控制 ...

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-143 江西沐邦高科股份有限公司 关于控股股东及其他关联方非经营性资金占用清偿完毕 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： 截至 2025 年 6 月末，公司控股股东沐邦新能源控股非经营性资金占用余 额 4,605.63 万元，其他关联方江西豪安能源科技有限公司及其关联方非经营性资 金占用余额 3,526.25 万元。 一、控股股东及其他关联方占用上市公司非经营性资金的情况 江西沐邦高科股份有限公司（以下简称"公司"）于 2025 年 7 月 26 日披露 了中国证券监督管理委员会江西监管局《关于对江西沐邦高科股份有限公司、江 西沐邦新能源控股有限公司、江西豪安能源科技有限公司、廖志远和张忠安采取 责令改正措施并对汤晓春和刘毅采取出具警示函措施的决定》（［2025］19 号） （详见公告：2025-081），公司以预付设备款和工程款等方式，通过第三方向控 股股东和其他关联方提供资金，其中： （1）2024 年向控股股东提供资金 ...

*ST沐邦晚间公告，近日收到南昌中院作出的（2025）赣01破申19号《决定书》、（2025）赣01破申19 号之一《决定书》，决定对公司启动预重整，并指定北京市金杜（深圳）律师事务所担任公司预重整临 时管理人。 ...

Group 1: New Stock Offerings - Tianpu Co., Ltd. (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Hangzhou Steam Turbine Co., Ltd. (Stock Code: 200771) has a cash option declaration period from November 19, 2025, to November 25, 2025[1] - Central Plaza (Stock Code: 600280) announced on November 20, 2025[1] Group 2: Stock Performance Alerts - Moen Electric (Stock Code: 002451) reported severe abnormal fluctuations on November 14, 2025[1] - ST Yuancheng (Stock Code: 603388) reported severe abnormal fluctuations on November 11, 2025[1] - ST Keli Da (Stock Code: 603828) reported severe abnormal fluctuations on November 12, 2025[1] Group 3: Recent Announcements - Jiumuwang (Stock Code: 601566) announced on November 20, 2025[1] - Taiping Bird (Stock Code: 603877) announced on November 20, 2025[1] - Huaci Co., Ltd. (Stock Code: 001216) announced on November 20, 2025[1]

Core Viewpoint - The company, Jiangxi Mubang High-tech Co., Ltd., has experienced a significant stock price increase of 35.57% since October 30, 2025, with seven trading days hitting the daily limit, which raises concerns about the sustainability of this rise given the underlying fundamentals [1][2]. Group 1: Stock Performance and Risks - The company's stock price has surged significantly, with a cumulative increase of 35.57% since October 30, 2025, including seven trading days of hitting the daily limit [1]. - The company has warned investors about the risks associated with the rapid stock price increase, indicating a potential disconnect from its fundamental performance [1][2]. Group 2: Restructuring Uncertainty - There is a major uncertainty regarding the company's ability to enter the restructuring process by December 31, 2025, as it is currently addressing issues related to fund occupation by its controlling shareholders [2][3]. - The company is actively working to resolve the fund occupation issues but has not confirmed whether it will successfully enter pre-restructuring or restructuring procedures [2][3]. Group 3: Listing Risks - The company faces the risk of delisting due to a negative net profit for the fiscal year 2024 and insufficient operating revenue, which is projected to be below 300 million yuan [2]. - The company reported a revenue of 226.82 million yuan and a net loss of 355.72 million yuan for the first nine months of 2025, which could lead to delisting if certain financial thresholds are not met [2]. Group 4: Investigation Status - The company and its actual controller are currently under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations related to financial data misrepresentation [3]. - The actual controller, Mr. Liao Zhiyuan, is also under investigation for failing to disclose non-operational fund transactions as required [3]. Group 5: Fund Occupation Issues - The company has outstanding fund occupation issues, with significant amounts provided to controlling shareholders and related parties, which have not been repaid [4][5]. - As of the end of June 2025, the controlling shareholder had a non-operational fund occupation balance of 46.06 million yuan, and other related parties had a balance of 35.26 million yuan [5].