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 ...

Group 1 - The company announced that some bank accounts and fundraising special accounts of its subsidiaries, Inner Mongolia Mubang New Materials Co., Ltd. and Jiangxi Bangbao Education Technology Co., Ltd., have been frozen [1][2] - The total amount frozen in the company's bank accounts is 124.44 million yuan, with 124.29 million yuan specifically from the fundraising special account [2] - The company has not received any legal documents regarding the freezing and the specific case details remain unclear [1][2] Group 2 - The company will continue to monitor the litigation matter and fulfill its information disclosure obligations as required by relevant laws and regulations [2]

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-071 江西沐邦高科股份有限公司 关于子公司银行账户及 募集资金专户被冻结的公告 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。 一、银行账户及募集资金专户资金被冻结情况概述 江西沐邦高科股份有限公司（以下简称"公司"）于近日获悉，公司子公司 内蒙古沐邦新材料有限公司（以下简称"沐邦新材料"）、江西邦宝教育科技有限 公司（以下简称"邦宝教育"）部分银行账户及募集资金专户资金被冻结。具体 情况如下： 二、银行账户及募集资金专户被冻结的原因 公司本次银行账户被冻结系自查得知。截至本公告日，公司尚未收到任何相 关法律文书，具体案件情况尚不明确。 三、银行账户及募集资金专户被冻结对公司的影响 截至本公告披露日，公司银行账户累计被冻结 12,443.72 万元，其中募集资 金专户被冻结 12,429.20 万元（存在多轮冻结）。 1 公司将持续关注该诉讼事项的后续进展，并及时按照相关法律法规的要求履 行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 江西沐 ...

经公司自查，并书面征询公司控股股东、实际控制人，除已披露信息外， 截至本公告披露日，不存在应披露而未披露的重大信息。 公司于 2025 年 4 月 30 日披露了《江西沐邦高科股份有限公司 2024 年年 度报告》。因公司 2024 年度净利润为负，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，根据《上海证券交易所股票上市 规则》规定，公司《2024 年年度报告》披露后，公司股票被上海证券交易所实 施退市风险警示。 证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-070 江西沐邦高科股份有限公司 股票交易异常波动公告 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： 江西沐邦高科股份有限公司（以下简称"公司"）A 股股票连续三个交易 日收盘价格涨幅偏离值累计已超过 12%，根据《上海证券交易所交易规则》的有 关规定，属于股票交易异常波动的情形。 大华会计师事务所（特殊普通合伙）对公司出具了否定意见的《2024 年 度内部控制审计报告》，根据《上海证券交 ...

Core Viewpoint - The smart toy industry in China is experiencing significant growth, driven by advancements in technology and increasing consumer spending, with the market expected to reach approximately 30 billion yuan by 2025 [1][4][21]. Group 1: Industry Definition and Classification - Smart toys integrate advanced technologies such as AI, IoT, and sensors, distinguishing them from traditional toys by offering interactivity and learning capabilities [2][4]. - They can be categorized by technical functions (e.g., voice interaction, robotics, AR/VR), interaction methods (active, passive, mixed), and application scenarios (educational, entertainment, companionship) [2]. Group 2: Industry Development Status - The smart toy market in China is projected to grow from about 26.8 billion yuan in 2024 to around 30 billion yuan in 2025, reflecting a robust demand driven by rising household incomes and supportive government policies [4][21]. - The number of smart toy patents in China totaled 823 from 2016 to 2024, indicating a surge in innovation within the industry [6]. Group 3: Industry Chain - The smart toy industry chain consists of upstream suppliers (raw materials and components), midstream manufacturers (R&D and production), and downstream sales channels (e-commerce, retail, and educational institutions) [8][10]. Group 4: Development Environment and Policies - Recent government policies aim to enhance product quality and encourage innovation in the toy industry, providing a solid foundation for the long-term healthy development of smart toys [12][13]. Group 5: Competitive Landscape - Major global players in the smart toy market include Mattel and Hasbro from the U.S., Bandai from Japan, and LEGO from Denmark, which dominate the high-end market due to their strong R&D and sales capabilities [14]. - In China, key competitors include companies like Aofei Entertainment, Weiyida, and Bangbao Yizhi, which focus on R&D and brand building, while a second category consists of smaller OEM manufacturers with limited capabilities [14][15][17]. Group 6: Future Trends - The smart toy industry is expected to evolve towards a three-dimensional transformation involving technology, products, and business models, shifting from mere entertainment to integrating education, social interaction, and family ecosystems [21][22].

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-068 江西沐邦高科股份有限公司 关于子公司银行账户被冻结的公告 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。 一、银行账户及募集资金专户资金被冻结情况概述 江西沐邦高科股份有限公司（以下简称"公司"）于近日获悉，公司子公司 广西沐邦高科新能源有限公司（以下简称"广西沐邦"）部分银行账户资金被冻 结。具体情况如下： | 账户 | 开户行 | 银行账号 | 冻结金额（元） | 账户余额 | 账户 | 执行法院 | | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | （元） | 性质 | | | 广 西 | 中国农业银行股 份有限公司梧州 分行 桂林银行梧州灏 | 20**************52 66**************13 | 245,417.15 | 245,417.15 | | | | 沐邦 | 景支行 | | 159.38 | 159.38 | 一般 户 | 上海市闵行区 ...

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-069 江西沐邦高科股份有限公司 关于为孙公司提供担保的公告 被担保人名称：江西捷锐机电设备有限公司（以下简称"捷锐机电"） 本次担保金额：本次为捷锐机电提供人民币 30,000 万元的担保；本次担 保前实际为捷锐机电提供的担保余额为 41,574.41 万元。 对外担保逾期的累计数量：无 特别风险提示：截至本公告披露日，公司及控股子公司对外担保总额为 15.98 亿元（含本次担保），占公司最近一期经审计净资产的比例为 162.38%，请 投资者充分关注担保风险。 一、担保情况概述 （一）本次担保事项基本情况 因全资孙公司捷锐机电的经营发展需要，江西沐邦高科股份有限公司（以下 简称"公司"）于 2025 年 6 月 18 日与南昌市国资供应链金融管理有限公司（以 下简称"国资供应链"）签订了《保证合同》，为捷锐机电向国资供应链采购合 同提供连带责任保证担保，担保的主债权本金金额为人民币 30,000 万元。 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。 ...