Group 1 - The A-share photovoltaic sector is experiencing a continuous adjustment, with significant declines in stock prices [1] - Yamaton has dropped over 9%, indicating a notable downturn in its market performance [1] - Other companies such as Yijing Optoelectronics, Guosheng Technology, Haiyou New Materials, Hongyuan Green Energy, and *ST Mubang have also seen declines [1]

Core Viewpoint - The announcement details the judicial disposal of shares held by the controlling shareholder of Jiangxi Mubang High-Tech Co., Ltd. and the implications of this event on the company's operations and governance structure [1][10]. Group 1: Share Transfer Agreement - On January 5, 2024, the controlling shareholder Mubang New Energy Holdings signed a share transfer agreement with Tongling High-tech Qihang Equity Investment Partnership to transfer 5.2% of the company's shares, with a total value of less than 364 million yuan [2][4]. - The share transfer was intended to promote long-term cooperation between the parties involved, particularly in policy and resource alignment [2][3]. - The share transfer price is based on the average stock price over the twenty trading days prior to the agreement or the last trading day's closing price, whichever is higher [4]. Group 2: Payment and Pledge Arrangements - The payment schedule for the share transfer includes an initial payment of 50 million yuan within five working days of signing the contract, followed by additional payments contingent on project milestones [5][6]. - A total of 58 million shares were pledged as collateral for the share transfer, with specific conditions for the release of these shares [6][7]. Group 3: Judicial Execution and Impact - On May 27, 2025, Tongling High-tech Qihang applied for judicial enforcement to compel Mubang New Energy Holdings to fulfill its share transfer obligations [10]. - The enforcement process is a civil matter between the shareholders and does not directly affect the company's assets or operations, which remain stable [11]. - Following the completion of the share transfer, Mubang New Energy Holdings' shareholding will decrease to 16.08%, while Tongling High-tech Qihang will hold 4.11% of the shares, maintaining Mubang as the controlling shareholder [11][14]. Group 4: Governance and Control - The share transfer is not expected to change the company's control structure, as Mubang New Energy Holdings will remain the largest shareholder and maintain a consistent voting relationship with Tongling High-tech Qihang [15]. - The company’s governance structure and decision-making processes are expected to remain intact despite the changes in shareholding [12][18]. - The share transfer agreement did not involve any restrictions on share reduction at the time of signing, and the pledge arrangements were standard commercial practices for securing obligations [18][19].

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-076 江西沐邦高科股份有限公司 ? 本次权益变动不触及要约收购。 ? 本次协议转让事项为控股股东前期签署，此后由于未履行转让义务，受 让方向铜陵仲裁委员会提起仲裁，目前处于司法强制执行阶段。敬请投资者注意 投资风险。 一、 本次权益变动的基本情况 关于控股股东前期签署协议转让暨当前司法划转的补充 提示性公告 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: ? 本次权益变动为司法划转，不涉及二级市场减持。 ? 江西沐邦高科股份有限公司（以下简称"公司"）控股股东江西沐邦新能 源控股有限公司（以下简称"沐邦新能源控股"）2024 年 1 月 5 日与铜陵高新企 航股权投资合伙企业(有限合伙)(以下简称"高新企航"或"受让方")签署了《股 权 转 让 合同》，约 定 沐邦新 能 源控股 向高 新企航 转让其 持 有 上市公司合计 沐邦新能源控股未能履行合同约定，受让方申请法院仲裁执行，将上述 ? 《股权转让合同》约定，高新企航自签署本协议并生 ...

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-076 江西沐邦高科股份有限公司 关于控股股东前期签署协议转让暨当前司法划转的补充 提示性公告 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: 本次权益变动为司法划转，不涉及二级市场减持。 江西沐邦高科股份有限公司（以下简称"公司"）控股股东江西沐邦新能 源控股有限公司（以下简称"沐邦新能源控股"）2024 年 1 月 5 日与铜陵高新企 航股权投资合伙企业(有限合伙)(以下简称"高新企航"或"受让方")签署了《股 权转让合同》，约定沐邦新能源控股向高新企航转让其持有上市公司合计 17,816,994 股（占当时上市公司总股本的 5.20%）。《股权转让合同》签署之后， 沐邦新能源控股未能履行合同约定，受让方申请法院仲裁执行，将上述 17,816,994 股（占目前上市公司总股本的 4.11%）司法划转。 《股权转让合同》约定，高新企航自签署本协议并生效之日起三年内（取 得上市公司股票成为股东后），在行使股东表决权时，承诺与沐邦新能源控股 ...

江西沐邦高科股份有限公司（以下简称"公司"）于 2025 年 6 月 5 日收到上 海证券交易所下发的《关于对江西沐邦高科股份有限公司控股股东股份司法处置 事项的监管工作函》（上证公函【2025】0768 号，以下简称"《监管工作函》"）。 公司积极组织相关人员对《监管工作函》所涉及的问题进行讨论、核查，现对《监 管工作函》所涉问题进行逐项核实与回复。 问题一、公告显示，2024 年 1 月 5 日，控股股东沐邦新能源控股与铜陵高 新企航股权投资合伙企业(有限合伙)(以下简称"高新企航")签署《股权转让合同》， 约定沐邦新能源控股向高新企航转让其持有的上市公司 5.2%股权，合计 17,816,994 股，转让价款不超过 3.64 亿元，股权转让方承诺如股份转让交割日的 基准价格对应的股票市值低于 3.64 亿元，则转让方需退还差额部分。沐邦新能 源控股承诺最晚于 2024 年第一季度前，向高新企航转让上述股权。请公司及相 关股东全面核实前述股份转让事项的发生时间、转让背景、交易作价、交易安 排等事项，并依规补充履行信息披露义务。 公司回复： （一）发生时间 证券代码：603398 证券简称：*ST 沐邦 公 ...

Core Viewpoint - *ST Muban (Muban High-Tech) reported a significant decline in revenue and a substantial net loss for 2024, raising concerns about its financial health and operational integrity [1][2]. Revenue Recognition and Accounting Issues - The company experienced a drastic revenue drop of 83.24% year-on-year, with total revenue reported at 277 million yuan and a net loss of 1.162 billion yuan [1]. - Two accounting errors led to adjustments in revenue recognition, particularly in the toy raw material sales, where revenue was changed from gross to net method, resulting in a revenue decrease of approximately 46.99 million yuan [2]. - The adjustment was due to a reassessment of the business model, where the company acted as an agent rather than a principal, affecting the revenue structure and client relationships [2]. Related Party Transactions and Fairness Concerns - The fairness of related party transactions was questioned, particularly regarding the sale of silicon rods by a subsidiary at prices significantly higher than those of non-related parties, leading to a revenue adjustment of 11.84 million yuan [3]. - A familial relationship between the actual controllers of the involved companies was not initially disclosed, raising further concerns about transparency [3]. Financial Health and Cash Flow Challenges - As of the end of 2024, the company had cash and cash equivalents of 261 million yuan, with 70.29 million yuan frozen, against total liabilities of 2.599 billion yuan, resulting in a high debt-to-asset ratio of 73.58% [4]. - The company faced significant short-term debt pressure, with current liabilities of 2.065 billion yuan compared to current assets of only 740 million yuan [4]. - Operating cash flow turned negative at -217 million yuan, while cash payments for goods and services increased to 448 million yuan, indicating cash flow strain [4]. Frequent Financing Activities and Investment Risks - The company engaged in frequent financing activities, receiving 2.505 billion yuan and paying out 2.612 billion yuan related to financing, primarily from non-financial institutions, to manage debt and operational needs [5]. - Investment impairment risks were highlighted, with the company recognizing impairments of approximately 39.94 million yuan and 95.66 million yuan for two major projects due to industry overcapacity and underperformance [5]. - The company is attempting to alleviate financial pressures through improved collection efforts and procurement strategies, but ongoing industry challenges remain a concern for its operational turnaround [5].

证券代码：603398 证券简称：*ST 沐邦 公告编号：2025-075 江西沐邦高科股份有限公司 2025 年半年度业绩预亏公告 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： 1、业绩预告的具体适用情形：2025 年半年度净利润为负值。 2、江西沐邦高科股份有限公司（以下简称"公司"）预计 2025 年半年度实 现归属于母公司所有者的净利润-18,000.00 万元到-15,000.00 万元，实现归属于 母公司所有者的扣除非经常性损益的净利润-18,000.00 万元到-14,800.00 万元。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润-18,000.00 万元到-15,000.00 万元，与上年同期相比出现亏损情形。 预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利润 -18,000.00 万元到-14,800 ...

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]