Core Viewpoint - The company *ST Muban (603398.SH), once a star in the photovoltaic industry, is now facing multiple crises, including potential delisting risks and financial misconduct allegations against its actual controller, Liao Zhiyuan [1][2]. Financial Misconduct and Regulatory Actions - Liao Zhiyuan is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose non-operational fund transactions, with allegations of illegally occupying company funds [2][3]. - The company has been publicly reprimanded by the Shanghai Stock Exchange for significant accounting errors and misuse of raised funds, leading to a formal investigation by the CSRC [3]. Financial Performance and Risks - The company has been warned about potential delisting due to negative financial performance, with a reported revenue of 141 million yuan and a net loss of 213 million yuan for the first half of 2025 [4]. - If the company fails to meet revenue thresholds or receives negative audit opinions for 2025, it risks being delisted after the annual report [4]. Shareholder and Legal Issues - The controlling shareholder's shares, totaling 87.54 million shares (20.19% of total shares), have been frozen due to civil litigation, affecting the company's financial stability [5][6]. Industry Context and Company History - Originally known for its educational toys, the company transitioned into the photovoltaic sector in 2022 but has struggled to meet profit targets set during its acquisition of Haohan Energy [7][8]. - The photovoltaic industry has faced challenges such as oversupply and declining prices, leading to significant losses for the company, which reported a loss of 1.162 billion yuan in 2024 [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603398 证券简称：*ST沐邦（维权） 公告编号：2025-118 江西沐邦高科股份有限公司 关于实际控制人收到中国证券监督管理委员会立案告知书的公告 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。 江西沐邦高科股份有限公司（以下简称"公司"）实际控制人廖志远先生于2025年9月29日收到中国证券 监督管理委员会（以下简称"中国证监会"）《立案告知书》（编号：证监立案字0252025005号）。因廖 志远先生涉嫌未按规定披露非经营性资金往来，根据《中华人民共和国证券法》《中华人民共和国行政 处罚法》等法律法规，中国证监会决定对廖志远先生立案。 廖志远先生及公司将积极配合中国证监会的相关工作，并严格按照监管要求履行信息披露义务。公司指 定信息披露媒体为《上海证券报》《中国证券报》《证券时报》《证券日报》，公司发布的信息以在上 述指定信息披露媒体和上海证券交易所网站（www.sse.com.cn）刊登的公告为准，敬请广大投资者关注 公司相关公告，理性投资，注意投 ...

Core Points - The actual controller of *ST Mubang, Liao Zhiyuan, has been placed under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose non-operating fund transactions as required [1][2] - *ST Mubang's stock has experienced a strong performance in the secondary market, achieving a cumulative increase of 51.45% since early September, with a recent closing price of 9.42 yuan and a total market capitalization of 4.1 billion yuan [2] - The company has been under scrutiny due to significant financial issues, including a negative net profit for the 2024 fiscal year and an internal control audit report that raised major deficiencies [2][3] Company Performance - For the first half of 2024, *ST Mubang reported operating revenue of 141 million yuan and a net loss of 213 million yuan [2] - The company is primarily engaged in the silicon wafer and rod business, as well as toy manufacturing [2] - If the company's 2025 fiscal year revenue falls below 300 million yuan and meets certain negative profit criteria, it risks delisting after the annual report disclosure [3] Stock Market Activity - The stock has been on a trading suspension due to a four-day limit-up period from September 24 to September 29, with a total increase of 21.71% during this time [2] - As of the latest report, *ST Mubang's stock price has dropped to 8.95 yuan, with a market capitalization of approximately 3.88 billion yuan [4]

文/夏虫工作室 9月29日晚，*ST沐邦（维权）公告称，公司实际控制人廖志远于2025年9月29日收到中国证监会《立案 告知书》。因廖志远涉嫌未按规定披露非经营性资金往来，根据相关法律法规，中国证监会决定对廖志 远立案。 值得注意的是，今年7月底，上市公司*ST沐邦也遭立案调查，主要因公司涉嫌年报等定期报告财务数 据虚假披露等违法行为。 风险早有预警？媒体报道与数据异动 登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪上市公司研究院 在新元科技与*ST沐邦暴雷之前，新元科技曾与*ST沐邦签署销售合同。根据2023年10月16日新元科技 的公告显示，其拟与沐邦高科或其全资子公司签署销售合同，销售一万吨/年硅废料提纯循环利用项目 的数字化、智能化生产线，合同金额为不超4.5亿元。 在《廖志远家族A股套利局？地方国企如影相随 股价均遭爆炒但基本面却稀碎 》一文，我们提到，廖 志远家族介入的新元科技、沐邦高科均出现迁址、股价暴涨、地方国企身影等特征。更为震惊的是，在 上述公司股价暴涨前后，公司均陆续披露系列大额订单或大额投资项目公告。这究竟是巧合还是其套利 手法？值得一提的是，廖志远家族介入的上市公司后并 ...

Core Viewpoint - *ST Muban experienced a limit down on September 30, 2025, with a price of 8.52 yuan, reflecting a decline of 4.67% and a total market capitalization of 3.894 billion yuan [1] Group 1: Company Risks - The company faces potential operational risks due to the judicial freeze of 3.5844 million shares held by its shareholder, Jiangxi Muban New Energy Holdings Co., which may indicate financial issues and impact corporate governance [2] - The stock has been affected by aggressive trading from speculative funds, leading to increased volatility and downward pressure on the stock price [2] - There is uncertainty regarding the company's performance, with the third-quarter report expected on October 30, 2025, and past financial results showing significant fluctuations, causing investor concerns about future profitability [2] Group 2: Market Dynamics - The stock was included in the "yesterday's limit up" concept on September 27, but this market sentiment is likely to be short-lived without sustained interest, making the stock vulnerable to declines amid other negative factors [2] - The trading volume reached 187 million yuan, indicating active trading but also reflecting the impact of speculative trading behavior [1][2]

Core Viewpoint - Several companies are planning to reduce their shareholdings, indicating potential shifts in ownership and investor sentiment in the market [1] Shareholder Reductions - Senba Sensor's actual controller's concerted action party plans to reduce holdings by no more than 1.09% [1] - Erkang Pharmaceutical's controlling shareholder intends to reduce holdings by no more than 2.04% [1] - Andeli's shareholder BVI Donghua plans to reduce holdings by no more than 1.00% [1] - Zhiyang Innovation's controlling shareholder and its concerted action party plan to reduce a total of no more than 4.225 million shares [1] - Sichuan Gold's shareholder Beijing Jinyang intends to reduce holdings by no more than 1.8% [1] - Guoji Heavy Industry's shareholders, including Bank of China Deyang Branch and Bank of China Zhenjiang Runzhou Branch, plan to reduce a total of no more than 1% [1] - Meixin Sheng's shareholder WI Harper Fund VII plans to reduce holdings by no more than 1% [1] - Yanmian Technology's actual controller and controlling shareholder Liu Yan plan to reduce a total of 1.2897% of the company's shares [1] - Jingwei Henghai's supervisor Cui Wenge plans to reduce no more than 600,000 shares [1] - New Xiangwei's shareholder Kehongxin plans to reduce holdings by no more than 1% [1] - Wujin Stainless Steel's three executives plan to reduce a total of no more than 623,400 shares [1] - Zhongrun Optical's director Lu Gaofei plans to reduce no more than 695,300 shares [1] Regulatory Actions - *ST Mubang's actual controller Liao Zhiyuan has received a notice of investigation from the China Securities Regulatory Commission [1] - Youkeshu's shareholder has also received a notice of investigation from the China Securities Regulatory Commission [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603398 证券简称：*ST沐邦（维权） 公告编号：2025-117 江西沐邦高科股份有限公司 关于股票交易的风险提示公告 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。 江西沐邦高科股份有限公司（以下简称"公司"）近期股价涨幅较大，偏离基本面，敬请广大投资者注意 二级市场交易风险，理性决策，审慎投资。相关风险提示如下： 一、股票交易近期涨幅较大 公司股票自2025年9月24日至9月29日，连续四个交易日涨停，累计涨幅21.71%。公司生产经营未发生 重大变化，股价短期内上涨过快，脱离基本面，可能存在下跌风险。敬请广大投资者注意二级市场交易 风险，理性决策，审慎投资。 二、公司存在终止上市风险 因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，公司股票于2025年5月6日被上海证券交易所实施退市风险警示。同时，公司2024年度内部控制 被出具否定意见的审计报告，涉及收入确认、募集资金管理、关联交易等方面的重大缺陷 ...

Market Performance - The three major A-share indices collectively rose on September 29, with the ChiNext Index increasing by 2.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,781.43 billion yuan, an increase of over 12 billion yuan compared to the previous trading day [1] - More than 3,500 stocks closed higher, with 68 stocks hitting the daily limit up [1] Sector Performance - The leading sectors included metals such as zinc, nickel, and lead, while sectors like pork and military equipment restructuring saw significant declines [2] Institutional Ratings - A total of 21 buy ratings were issued by institutions today, covering 20 stocks, with three stocks receiving target price forecasts [3] - Stocks with buy ratings from institutions averaged a rise of 2.34%, outperforming the Shanghai Composite Index [4] Stock Highlights - Notable stocks that rose today included Lingyi Zhi Manufacturing and New Australia Holdings, with significant gains [5] - The top gainers included Feilihua, Luzhou Laojiao, and Huhua Electric, with increases of 5.24%, 4.3%, and 3.18% respectively [5] Institutional Buying and Selling - In the Dragon and Tiger list, 12 stocks saw net buying from institutions, with Tianqi Materials and Chuling Information receiving over 100 million yuan in net purchases [6] - The top net buying amounts included Tianqi Materials at 1 billion yuan and Lingyi Zhi Manufacturing at 987.78 million yuan [6] - Among the stocks sold by institutions, New Light Optoelectronics faced the highest net selling at 144 million yuan [7] Northbound Capital - Northbound funds saw net buying in 11 stocks, with Lingyi Zhi Manufacturing and Tianqi Materials leading the way [7] - Three stocks experienced net selling from northbound funds, with Wanxiang Qianchao facing a net sell of 105 million yuan [8] Company Announcements - Jingye Intelligent plans to acquire a 51% stake in Hefei Shengwen Information Technology for 1.08 billion yuan, aiming to enhance its military industry strategy [9] - Walton Technology is in the proposal stage for a project to enhance membrane materials and components, subject to internal approvals and market conditions [9] - ST Mingjiahui has received a court ruling for restructuring, which may lead to delisting risks if the restructuring fails [10] - Huayou Cobalt's subsidiary signed a supply agreement with LG Energy Solution for 76,000 tons of ternary precursor products from 2026 to 2030 [11] - China CRRC announced several major contracts totaling approximately 543.4 billion yuan, representing 22% of its projected 2024 revenue [11] - ST Mubang's actual controller is under investigation by the China Securities Regulatory Commission for failing to disclose non-operating fund transactions [11]

Core Viewpoint - The actual controller of *ST Muban, Liao Zhiyuan, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose non-operating fund transactions as required by law [1][3]. Group 1: Regulatory Actions - Liao Zhiyuan received a notice from the CSRC on September 29, 2025, regarding the investigation for non-disclosure of non-operating fund transactions [1]. - The company had previously received a notice from the CSRC on July 25, 2025, for suspected false disclosures in annual reports and other periodic financial reports [3]. - The company will cooperate with the CSRC and adhere to information disclosure obligations [3]. Group 2: Financial Performance and Risks - The company reported a net loss of 213 million yuan for the first half of 2025, with total revenue of 141 million yuan [4]. - The company faces delisting risks due to a negative net profit for the fiscal year 2024 and revenue below 300 million yuan [4]. - The stock was placed under risk warning on May 6, 2025, due to financial performance issues and internal control deficiencies [4]. Group 3: Stock Performance - The stock price of *ST Muban experienced a significant increase, with a cumulative rise of 21.71% over four consecutive trading days from September 24 to September 29, 2025 [3]. - The stock has seen an overall increase of over 50% since September 2025 [8]. - The company issued a risk warning regarding the rapid increase in stock price, which may not align with its fundamental performance [3].

Mergers and Acquisitions - DiAo Micro plans to acquire equity in Rongpai Semiconductor through a combination of issuing shares and cash payment, with the stock suspended for up to 10 trading days [1] - Jingye Intelligent intends to purchase 51% of Hefei Shengwen for 108 million yuan, aiming to enhance its strategic presence in the military sector [2] - Guolin Technology is planning a cash acquisition of 91.07% of Xinjiang Kailianjie, which specializes in the production of maleic anhydride, potentially creating a synergistic relationship with its existing business [3] Shareholding Changes - Erkang Pharmaceutical's controlling shareholder plans to reduce holdings by up to 42 million shares, representing 2.04% of the total share capital [4] - Senba Sensor's actual controller's associated party intends to reduce holdings by no more than 308.69 thousand shares, accounting for 1.09% of the total share capital [5] - Zhiyang Innovation's controlling shareholder and associated parties plan to reduce holdings by up to 422.5 thousand shares, which is 1.82% of the total share capital, during a specified period [6] Regulatory Issues - Youkeshu announced that three shareholders are under investigation by the China Securities Regulatory Commission for failing to disclose significant information [7] - *ST Xingnong received a notice from the China Securities Regulatory Commission regarding an investigation for suspected information disclosure violations, while its operations remain normal [8] - *ST Mubang's actual controller is also under investigation by the China Securities Regulatory Commission for failing to disclose non-operational fund transactions [10]