Jiangxi Mubang High-Tech Co., Ltd. 2025 Semi-Annual Pre-Loss Announcement [Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts a net loss for H1 2025, narrowing from the prior year, with attributable net profit between -RMB 180 million and -RMB 150 million, based on unaudited preliminary estimates Estimated Performance for H1 2025 | Metric | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -180.00 million to -150.00 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -180.00 million to -148.00 million | - This performance forecast is based on the company's preliminary financial department estimates and has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Period Performance Review](index=1&type=section&id=Item%202.%20Prior%20Period%20Performance%20Review) In H1 2024, the company reported a net loss, with attributable net profit of -RMB 213 million, non-recurring adjusted attributable net profit of -RMB 217 million, and basic EPS of -RMB 0.53 H1 2024 Performance | Metric | H1 2024 Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -213.11 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -216.83 million | | Earnings Per Share | -0.53 | [Analysis of Performance Changes](index=1&type=section&id=Item%203.%20Analysis%20of%20Performance%20Changes) Current period losses stem from external market conditions, internal costs, and inventory issues, including intensified competition in the photovoltaic industry, declining product prices, rising manufacturing costs, and significant inventory impairment provisions for silicon wafer/rod business - Gross profit from main operations significantly declined due to continuous price drops in the photovoltaic industry chain and intense competition, with average prices for polysilicon and silicon wafers falling sharply, and silicon wafer price declines exceeding polysilicon[5](index=5&type=chunk) - Manufacturing costs increased, primarily due to year-over-year rises in electricity and crucible prices[5](index=5&type=chunk) - During the reporting period, inventory impairment provisions for the company's silicon wafer (silicon rod) business significantly increased[5](index=5&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=Item%204.%20Risk%20Warning) Management emphasizes that this unaudited preliminary performance forecast may differ from final audited financial data, which will be fully disclosed in the 2025 semi-annual report, urging investors to exercise caution - This performance forecast is a preliminary estimate by the company's financial department, unaudited by a certified public accountant, and its accuracy is uncertain[6](index=6&type=chunk) - Specific financial data will be detailed in the company's 2025 semi-annual report, advising investors to be aware of investment risks[7](index=7&type=chunk)

Core Viewpoint - Jiangxi Mubang High-tech Co., Ltd. has faced significant financial challenges in 2024, reporting a revenue of 277 million yuan, a decrease of 83.24% year-on-year, and a net loss of 1.162 billion yuan, indicating severe operational issues and internal control deficiencies [2][3]. Financial Performance - The company reported a total revenue of 277.14 million yuan for 2024, with a notable decline in both photovoltaic and toy businesses, where photovoltaic revenue was 241.60 million yuan (87.17% of total) and toy revenue was 35.54 million yuan (12.83% of total) [4]. - The discrepancy between the reported revenue and the forecasted revenue was 70.88 million yuan, primarily due to adjustments in revenue recognition methods [4][14]. Revenue Recognition Issues - The company has made multiple corrections to its revenue recognition practices, particularly in the toy raw materials segment, shifting from a gross method to a net method, which resulted in a revenue adjustment of 46.99 million yuan [6][19]. - Significant internal control deficiencies were identified, particularly in customer management and revenue recognition, leading to the need for substantial corrections in financial reporting [2][3]. Related Party Transactions - The company disclosed that sales to related party Qiongcheng Qifeng Company were conducted at prices significantly above market rates, leading to a revenue adjustment of 11.84 million yuan due to the recognition of unearned revenue [15][16]. - The relationship between the actual controllers of the company and its related parties raised concerns about the fairness of transaction pricing, prompting further scrutiny and adjustments [15][16]. Internal Control and Audit Findings - The annual audit revealed that the company had not adequately considered the implications of related party transactions on its financial statements, necessitating corrections to previously reported figures [17][24]. - The audit process included a thorough review of contracts, sales invoices, and customer confirmations to ensure the accuracy of reported revenues and the legitimacy of transactions [24][25]. Customer Management and Credit Policies - The company has implemented flexible credit policies to maintain relationships with customers amid a challenging market environment, which has led to discrepancies between agreed settlement periods and actual payment timelines [13][14]. - The company reported a significant reduction in accounts receivable, amounting to 32.04 million yuan, indicating improved collection efforts [13]. Business Model Adjustments - The toy raw materials trading business has been characterized by a high degree of market competition, leading to adjustments in revenue recognition practices to align with industry standards [19][21]. - The company operates through subsidiaries that manage procurement and sales, with varying degrees of control over inventory and pricing, impacting how revenue is recognized [19][20].

关于江西沐邦高科股份有限公司 2024 年年度报告的信息披露监管问询函的部分回复 大华核字[2025]0011006471 号 2024 年年度报告的信息披露监管问询函的部分回复 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) DaHuaCertifiedPublicAccountants（SpecialGeneralPartnership） 关于江西沐邦高科股份有限公司 目录 页次 一、 关于江西沐邦高科股份有限公司 2024 年年度 报告的信息披露监管问询函的部分回复 1-58 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)58350011 传真：86(10)58350006 www.dahua-cpa.com 关于江西沐邦高科股份有限公司 2024 年年度报告的信息披露监管问询函的部分回复 大华核字[2025]0011006471 号有关财务事项说明 关联关系或其他潜在利益安排并补充说明前期回函中与客户约定结算周期和实 际账期差异较大的原因，是否存在虚构业务循环、不当确认收入的情形； （2）具体列示与共青城奇峰开 ...

Group 1 - The company estimates the Levered Beta for Inner Mongolia Haoan Energy Technology Co., Ltd. to be 1.4592 based on its capital structure ratio [1] - The expected equity return rate calculated using the CAPM formula is 12.09%, with a risk-free rate of 1.68%, a market risk premium of 5.76%, and a specific risk of 2% [2][30] - The weighted average cost of capital (WACC) for Inner Mongolia Haoan Energy Technology Co., Ltd. is determined to be 9.49% [3] Group 2 - The recoverable amount of the long-term asset group for Inner Mongolia Haoan Energy Technology Co., Ltd. is assessed to be 51,712.67 million yuan as of December 31, 2024 [6] - The impairment test indicates that the carrying amount of the long-term asset group is 66,106.15 million yuan, with the recoverable amount being higher than the present value of future cash flows [6][33] Group 3 - The company is currently constructing a 5,000-ton intelligent silicon purification recycling project, which has faced challenges due to substandard trial production results and a downturn in the photovoltaic industry [7][10] - The project aims to reduce the absolute consumption of polysilicon raw materials and achieve a green circular economy by recycling silicon waste [11] Group 4 - The company plans to continue the construction of a 10,000-ton intelligent silicon purification recycling project, which aligns with its strategic goal of cost reduction across the industry chain [34] - The second-generation purification furnace has been developed, showing significant improvements in energy consumption and production efficiency compared to the first generation [35] Group 5 - The company has signed agreements for multiple projects, including a 5GW N-type high-efficiency battery chip production base and a 16GW N-type high-efficiency single crystal silicon rod project, with significant investments planned [37][39] - The company is currently facing challenges in project execution due to market conditions and is in discussions with local governments regarding project adjustments [40] Group 6 - The company has made substantial prepayments for raw materials and services, which are essential for its operational needs, and these prepayments are aligned with industry practices [44][50] - The company is under audit scrutiny regarding its prepayment practices and the potential for funds to flow to related parties, with ongoing evaluations to ensure compliance with accounting standards [56][57] Group 7 - The investment in Jiangxi Donglin Investment Co., Ltd. is aimed at securing a stable supply chain for silicon materials, which is critical for the company's production of silicon rods and wafers [61][63] - The collaboration with Jiangxi Donglin is expected to enhance operational efficiency and provide strategic support for the company's long-term development in the photovoltaic industry [64]

Core Viewpoint - Jiangxi Mubang High-tech Co., Ltd. is under scrutiny from the Shanghai Stock Exchange regarding its 2024 annual report, particularly concerning the misuse of raised funds and significant internal control deficiencies, leading to substantial financial discrepancies and losses. Fund Misuse and Internal Control Issues - The company reported a significant misuse of raised funds amounting to 219.20 million yuan, which was used improperly for repaying bank loans and supplier debts through related party transactions [1][2][3] - Internal control audit revealed major deficiencies, with the internal control evaluation report indicating a non-financial report internal control defect involving 288.58 million yuan [1][2] - The company has faced multiple instances of fund freezing and judicial seizure, raising concerns about its financial management practices [1] Revenue Recognition and Financial Discrepancies - The company reported a revenue of 277.7 million yuan for the period, a drastic decrease of 83.24% year-on-year, resulting in a net loss of 1.162 billion yuan [4][5] - There were multiple corrections to accounting errors related to revenue recognition, particularly in the sales of toy raw materials and silicon wafers, leading to significant adjustments in reported figures [4][5][6] - The company acknowledged that the sales to related party Qiongcheng Qifeng Company were at inflated prices, necessitating a revenue adjustment of 118.41 million yuan due to the unreasonableness of the transaction [5][6][7] Supplier Relationships and Transaction Validity - The company is required to disclose detailed information about its top ten suppliers, including their relationships, contract details, and payment terms, to ensure transparency in its procurement processes [3][4] - The company has been instructed to clarify the commercial substance of transactions with related parties and ensure that all financial disclosures align with actual business practices [3][4][5] Adjustments in Accounting Practices - The company has shifted its accounting method for certain transactions from gross to net recognition, particularly in the ABS plastic trade, which has led to significant changes in reported revenue figures [8][9][10] - The adjustments in accounting practices were made to comply with accounting standards, ensuring that revenue recognition reflects the true nature of the transactions [8][9][10] Financial Position and Future Actions - As of the latest report, the company has a cash balance of approximately 687.57 million yuan, with significant receivables and inventory levels indicating ongoing liquidity challenges [18] - The company is expected to implement corrective measures to address the identified internal control deficiencies and ensure compliance with regulatory requirements moving forward [1][2][3]

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-074 江西沐邦高科股份有限公司 二、以表格形式分项列示截至目前各募集资金账户的资金流情况，包括分 别用于原募投项目用途、临时补充流动资金、被挪用于其他用途的募集资金金 额及实际去向，累计发生的各次冻结、司法划扣事项及后续解冻情况，账户当 前资金余额及受限情况等，并全面自查公司所有资金账户是否存在其他应披露 未披露的资金使用受限情形，是否存在公司募集资金或自有资金或被利益相关 方期间/期末占用、挪用的情形，临时补流资金能否按期归还，如否，公司拟采 取的应对措施。 三、列示本期募投项目前十名供应商的基本情况，包括但不限于供应商名 称、关联关系、合同签署时间、采购类型及金额、定价及支付结算方式、资产 入库时间、期末履约进度、是否存在付款退回或流向其他关联方情形，说明采 购内容是否具备商业实质，和所属募投项目建设进度、产能等的匹配性，相关 采购相应资金是否存在通过募投项目变相流入控股股东及其关联方或利益相关 方的情形。 关于上海证券交易所《关于江西沐邦高科股份有限公司 2024 年年度报告的信息披露监管问询函》的部分回复公告 本公司董事会及全体董事 ...

Core Viewpoint - The stock price of Jiangxi Mubang High-Tech Co., Ltd. (*ST Mubang) has experienced significant volatility, with a notable increase followed by a sharp decline, reflecting speculative trading rather than solid business fundamentals [2][3]. Group 1: Stock Performance - From June 17 to July 2, 2025, *ST Mubang's stock price rose from 4.35 CNY to 5.87 CNY, achieving a cumulative increase of over 30% with seven trading days hitting the daily limit [2]. - On July 3, 2025, the stock price began to decline, falling over 4% during intraday trading, and closed at 5.35 CNY, a drop of 4.97%, resulting in a total market capitalization of 2.32 billion CNY [2]. Group 2: Financial Health and Debt - *ST Mubang is facing severe financial difficulties, with a total external guarantee amounting to 1.608 billion CNY, which is 163.40% of the company's latest audited net assets [3]. - The company reported a total debt of 2.728 billion CNY against cash reserves of only 267 million CNY, leading to a debt-to-asset ratio of 76.6% [5]. Group 3: Operational Performance - The core subsidiary, Inner Mongolia Haohan Energy Technology Co., Ltd., reported a revenue of 241.71 million CNY in 2024 but incurred a net loss of 324.55 million CNY [4]. - For the first quarter of 2025, Inner Mongolia Haohan continued to show poor performance with a revenue of 53.43 million CNY and a net loss of 46.65 million CNY [4]. Group 4: Regulatory Issues - *ST Mubang and its executives faced public reprimand from the Shanghai Stock Exchange for violations in performance disclosures, including significant discrepancies in profit forecasts [6][7]. - The company initially projected a net loss of 520 million to 420 million CNY for 2024 but later revised this to a loss of 1.2 billion to 1.1 billion CNY, leading to a risk warning for delisting [6][7]. Group 5: Company Name Change - On April 30, 2025, *ST Mubang's stock was suspended, and from May 6, 2025, the stock name was officially changed from "Mubang High-Tech" to "*ST Mubang" [8].

Group 1 - The company has provided a guarantee of RMB 10 million for its wholly-owned subsidiary, Inner Mongolia Haoan Energy Technology Co., Ltd. [2][4] - The total amount of guarantees provided by the company and its subsidiaries is RMB 1.608 billion, which accounts for 163.40% of the company's most recent audited net assets [3][11] - The guarantee is part of the company's annual guarantee plan and is deemed necessary for the subsidiary's operational development [9] Group 2 - The guarantee contract specifies that the guarantee period lasts for three years after the main debt's maturity [7] - The guarantee covers the principal debt, interest, penalties, and other related costs incurred in enforcing the guarantee [7][8] - The decision to provide the guarantee was approved in the company's board meetings held on April 29, 2025, and May 20, 2025 [5][10] Group 3 - Inner Mongolia Haoan Energy Technology Co., Ltd. was established on January 17, 2019, with a registered capital of RMB 50 million [6] - The main business activities of the subsidiary include manufacturing and sales of electronic materials and photovoltaic equipment [6] - The subsidiary is fully owned by the company, which helps mitigate the risk associated with the guarantee [9]

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-073 江西沐邦高科股份有限公司 关于为子公司提供担保的公告 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个别及连带责任。 重要内容提示： 被担保人名称：内蒙古豪安能源科技有限公司（以下简称"内蒙豪安"） 本次担保金额：本次为内蒙豪安提供人民币 1,000.00 万元的担保；本次 担保前实际为内蒙豪安提供的担保余额为 1,227.30 万元。 （一）本次担保事项基本情况 因全资子公司内蒙豪安的经营发展需要，江西沐邦高科股份有限公司（以下 简称"公司"）近日与南昌产投投资基金管理有限公司（以下简称"南昌产投"） 签订了《保证合同》，为内蒙豪安向南昌产投借款提供连带责任保证担保，担保 的债权本金金额为人民币 1,000 万元。 （二）本次担保事项的内部决策程序 公司已分别于 2025 年 4 月 29 日、2025 年 5 月 20 日召开了第五届董事 会 第一次会议及 2024 年年度股东大会，审议通过了《关于公司 2025 年度为子公司 提供担保预计的议案》，担保授权 ...

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-072 1 | | 赣州银行新建支行 | 28***************15 | 290.49 | 290.49 | 一般户 | | --- | --- | --- | --- | --- | --- | | | 交通银行南昌南莲支 行 | 36***************48 | 453.66 | 453.66 | 一般户 | | | 兴业银行南昌青山南 路支行 | 50***************07 | 835.24 | 835.24 | 一般户 | | | 中国银行新建支行 | 20***************94 | 947.25 | 947.25 | 一般户 | | | 民生银行九龙湖支行 | 64***************50 | 1,946.58 | 1,946.58 | 一般户 | | | 中国农业银行股份有 限公司南昌红谷滩支 行 | 14***************30 | 26,833,158.30 | 26,833,158.30 | 募集资金 账户 | | | 中国光大银行股份有 限公司南昌分行营业 ...