Core Viewpoint - Since July, eight listed companies in China, including ST Pava and Hongxiang Co., have seen their actual controllers or key executives involved in criminal activities due to violations, with nearly 20 cases since 2025. The regulatory focus is now on the "third-party accomplices" that facilitate these fraudulent activities [2] Regulatory Actions - The China Securities Regulatory Commission (CSRC) is intensifying accountability measures against third-party accomplices involved in financial fraud, aiming to establish the "Regulations on the Supervision and Administration of Listed Companies" to legally empower the CSRC to investigate and impose administrative penalties on these accomplices [2] - The CSRC is promoting inter-departmental cooperation, where identified accomplices will be referred to relevant authorities for further action, allowing each department to manage its respective cases [2] Case Examples - The case of Yuebo Power saw two accomplices fined 2.3 million yuan, marking a precedent in administrative penalties [2] - In the Saiwei Intelligent case, a third-party company involved in fraud was ordered to bear 3% of the joint liability for damages, establishing a judicial precedent [2] - In the Beijing Culture case, related accountants faced criminal accountability, indicating a breakthrough in criminal responsibility for accomplices [2]

Core Viewpoint - ST Pava is facing significant challenges due to legal issues involving its actual controller and chairman, Zhang Bao, who is under investigation for embezzlement, alongside serious financial discrepancies and declining performance in recent years [3][5][6]. Financial Issues - Zhang Bao is suspected of embezzling company funds, with a total of 191 million yuan involved, including 14 million yuan through suppliers and 49.91 million yuan in sales funds [4]. - As of July 25, 2023, ST Pava has received 30 million yuan back from Zhang Bao, but the company continues to pursue the recovery of the remaining funds and interest [4]. - The company has been warned by the Zhejiang Securities Regulatory Bureau for issues related to inflated revenue and improper financial disclosures, leading to inaccurate financial reports [5]. Performance Decline - ST Pava experienced rapid growth from 2020 to 2022, with a revenue of 1.656 billion yuan in 2022, marking a 91.21% increase year-on-year, and a net profit of 146 million yuan, up 74.52% [6]. - However, in 2023, the company reported a revenue drop to 1.284 billion yuan and a net loss of 97.37 million yuan, with further adjustments leading to a revised net loss of 248 million yuan [7]. - In 2024, the company continued to struggle, reporting a net loss of 732 million yuan, attributed to market competition and a shift in demand towards lithium iron phosphate batteries [7]. Strategic Measures - In response to its financial difficulties, ST Pava plans to shut down inefficient production lines, reduce management costs, and optimize existing assets, with a clear goal of returning to profitability in 2025 [7].

8月3日晚间，ST帕瓦（688184.SH）公告披露，其于2025年8月1日收到公安机关出具的《立案决定 书》，公司共同实际控制人之一、董事张宝因涉嫌职务侵占被公安机关立案侦查。 此前，张宝在担任ST帕瓦董事长期间曾被披露存在占用公司资金的情况。 对于上述立案事宜，ST帕瓦证券办人士向《中国经营报》记者回应称："目前掌握的信息与公告内容一 致，具体情况尚不清楚。若有最新进展，公司将通过公告及时披露。"该人士表示，"公司目前经营正 常，相关管理人员均正常履职。" 资金占用 今年4月29日，ST帕瓦公告称，因天健会计师事务所对公司2024年度财务报告内部控制出具了否定意见 的审计报告。根据相关规定，公司A股股票将被实施其他风险警示。 在董事会关于争取撤销风险警示的意见及主要措施中，ST帕瓦方面提到，经自查，公司经营管理层存 在经营管理不善问题，导致公司与供应商交易价格不公允的情形，累计向部分供应商多付工程及设备款 1.8亿元。张宝出具承诺，将对上述金额进行追讨，同时对上述1.8亿元损失承担连带赔偿责任。 业绩"变脸" ST帕瓦成立于2014年，专注于新能源电池材料的研发、生产与销售，核心产品为三元前驱体。 202 ...

证券时报·数据宝统计显示，已上市的589只科创板股中，最新收盘价较发行价平均溢价116.81%，其 中，收盘价较发行价溢价的有447只，溢价幅度最高的是上纬新材，最新收盘价较发行价溢价 4443.07%，热景生物、百利天恒、安集科技等紧随其后，分别溢价1105.04%、1102.27%、1087.29%。 最新收盘价较发行价出现折价的有141只，也即是破发。 科创板股最新收盘价较发行价平均溢价116.81%，其中，141股出现破发。 破发幅度最大的是万润新能，最新价较发行价折价78.95%，该股2022年9月29日上市，发行价为299.88 元，发行市盈率为75.25倍，行业平均市盈率为19.21倍，公司主要从事锂电池正极材料的研发、生产和 销售。 其次是ST帕瓦，该股2022年9月19日上市，最新价较发行价折价76.58%，发行价为51.88元，发行市盈率 为93.68倍，行业平均市盈率为29.25倍，公司主要从事新能源电池材料的研发、生产和销售。 成大生物最新价较发行价折价70.99%，天宜新材最新价较发行价折价65.45%，中科微至最新价较发行 价折价61.35%，康希诺最新价较发行价折价60.04%， ...

Group 1 - Weihai Guangtai reported a net profit of 83.32 million yuan for the first half of 2025, a year-on-year decrease of 22.41%, while total revenue reached 1.425 billion yuan, an increase of 10.91% [1] - Haowei Group expects a net profit increase of 39.43% to 49.67% for the first half of 2025, estimating a profit range of 1.906 billion to 2.046 billion yuan [1] - Tengda Construction won a bid for a project worth 118 million yuan, with a construction period of 500 calendar days [1] Group 2 - Shanda Power plans to use up to 520 million yuan of idle raised funds for cash management, investing in safe and liquid products with a term not exceeding 12 months [3] - Rundu Co., Ltd. received approval for the listing application of its chemical raw material drug, which is suitable for surgical treatment in adults and children over one month old [4] - Zhongyuan Qihua's subsidiary's clinical trial application for a drug aimed at treating pulmonary fibrosis has been accepted [4] Group 3 - Shanghai Xiba plans to establish a joint venture with Yuyuan Rare Earth, focusing on advanced materials for lithium-ion solid-state batteries, with a registered capital of 200 million yuan [6] - Aorite's senior management plans to reduce their holdings by up to 62,500 shares, accounting for 0.02% of the company's total equity [7] - Yipin Hong's subsidiary's clinical trial application for a new oral drug for endometriosis has been accepted [8] Group 4 - Haya Pharmaceutical plans to lease idle assets covering 22,671.39 square meters for a period of 10 years [9] - Southern Precision Engineering applied for a credit limit of 50 million yuan from a bank for operational purposes [11] - Jindawei's subsidiary established a joint venture with a registered capital of 5 million yuan, focusing on the sale of food additives and health products [12] Group 5 - Gaode Infrared signed a product order contract worth 307 million yuan, expected to account for 11.46% of the company's audited revenue for 2024 [13] - Xichang Electric will implement a low valley electricity price policy starting September 1, 2025, which is expected to reduce net profit by approximately 5.55 million yuan [14] - Huyou Pharmaceutical's first subject has been dosed in a Phase I clinical trial for a drug targeting advanced solid tumors [16] Group 6 - Chuanheng Co., Ltd. received a patent for a dust removal system in mining operations [17] - Spring Wind Power's application for issuing convertible bonds has been accepted by the Shanghai Stock Exchange [18] - Liuyao Group plans to repurchase shares worth between 100 million and 200 million yuan [19] Group 7 - Baiyun Electric has obtained a commitment letter for a stock repurchase loan of up to 18 million yuan [20] - Tonghe Pharmaceutical received a patent for a method of preparing an intermediate for a migraine treatment drug [21] - Tainkang's subsidiary's Phase II clinical trial for a drug for vitiligo has shown significant efficacy and safety [23] Group 8 - Yuhua Tian's secretary and deputy general manager resigned for personal reasons [24] - Heizhima's controlling shareholder is planning a change in control, leading to a temporary suspension of stock trading [25] - Keda Li's subsidiary completed a capital increase, raising its registered capital to 700 million yuan [26] Group 9 - Fangda Special Steel's shareholder plans to reduce holdings by up to 1% of the company's shares [28] - ST Pava's director is under investigation for alleged embezzlement, but the company's operations remain normal [29] - Jiachuan Video's controlling shareholder is planning a change in control, resulting in a temporary stock suspension [32] Group 10 - Danhua Technology will change its stock name to Jinmei Technology starting August 7, 2025, due to a relocation of its registered office [33] - Morning Wind Technology's shareholder plans to reduce holdings by up to 1% of the company's shares [34] - Leshan Electric will adjust residential gas prices starting September 1, 2025, which is expected to increase gross profit by approximately 2.7 million yuan [35] Group 11 - SAIC Motor reported a total vehicle sales of 337,500 units in July 2025, a year-on-year increase of 34.22%, with significant growth in new energy vehicle sales [36] - LIGONG Navigation's shareholders plan to reduce holdings by up to 3% of the company's shares [37] - United Imaging's employee stock ownership platform plans to reduce holdings by up to 1.62% of the company's shares [38] Group 12 - Beiqi Blue Valley's subsidiary reported a 6.38% decline in sales in July 2025 [39] - Watson Bio's clinical research application for an mRNA vaccine has been accepted [40]

Group 1 - ST Pava announced its first share buyback on August 4, 2025, repurchasing 50,000 shares, which represents 0.03% of the total share capital, with a total expenditure of approximately 500,000 RMB [1] - The highest and lowest prices during the buyback were 10.11 RMB/share and 9.91 RMB/share, respectively [1] - For the year 2024, ST Pava's revenue composition was 99.12% from new energy battery materials and 0.88% from other businesses [1] Group 2 - As of the report, ST Pava's market capitalization is 1.6 billion RMB [1]

二、 回购股份的进展情况 证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-071 浙江帕瓦新能源股份有限公司 关于第五期以集中竞价交易方式首次回购公司股份 暨回购进展的公告 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： | 回购方案首次披露日 | 2025/6/12 | | --- | --- | | 回购方案实施期限 | 股东大会审议通过后 3 个月 | | 预计回购金额 | 1,000万元~2,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 50,000股 | | 累计已回购股数占总股本比例 | 0.03% | | 累计已回购金额 | 502,987.76元 | | 实际回购价格区间 | 9.91元/股~10.11元/股 | 一、 回购股份的基本情况 浙江帕瓦新能源股份有限公司（以下简称"公司"）于 2025 年 6 月 11 日、2025 年 7 月 1 ...

格隆汇8月4日丨ST帕瓦（维权）(688184.SH)公布，2025年8月4日，公司通过上海证券交易所交易系统 以集中竞价交易方式首次回购公司股份5万股，占公司总股本的比例为0.03%，回购成交的最高价为 10.11元/股，最低价为9.91元/股，支付的资金总额为人民币502,987.76元（不含印花税、交易佣金等交 易费用）。 ...

成大生物最新价较发行价折价71.07%，天宜新材最新价较发行价折价66.00%，康希诺最新价较发行价 折价61.65%，中科微至最新价较发行价折价61.65%，金迪克最新价较发行价折价57.21%。（数据宝） 科创板股破发幅度排名 科创板股最新收盘价较发行价平均溢价114.49%，其中，143股出现破发。 证券时报·数据宝统计显示，已上市的589只科创板股中，最新收盘价较发行价平均溢价114.49%，其 中，收盘价较发行价溢价的有445只，溢价幅度最高的是上纬新材，最新收盘价较发行价溢价 3686.03%，热景生物、安集科技、百利天恒等紧随其后，分别溢价1090.17%、1085.87%、1079.76%。 最新收盘价较发行价出现折价的有143只，也即是破发。 破发幅度最大的是万润新能，最新价较发行价折价79.04%，该股2022年9月29日上市，发行价为299.88 元，发行市盈率为75.25倍，行业平均市盈率为19.21倍，公司主要从事锂电池正极材料的研发、生产和 销售。 其次是ST帕瓦，该股2022年9月19日上市，最新价较发行价折价76.75%，发行价为51.88元，发行市盈率 为93.68倍，行业平 ...

Core Viewpoint - ST Pava is facing a severe governance and financial crisis, highlighted by the investigation of its co-controller and director Zhang Bao for embezzlement, alongside significant management changes and financial misreporting [1][2][3]. Financial Issues - ST Pava's financial troubles began in its second year post-IPO, with a reported revenue of 1.17 billion yuan in 2023, a year-on-year decline of 29.26%, and a net loss of 97.37 million yuan, marking a 166.79% decrease [3]. - The company experienced further losses in 2024, with a net loss expanding to 727 million yuan, reflecting a year-on-year decline of 193.37% [3]. - The company raised 1.743 billion yuan during its IPO, but its market value has since plummeted to 1.592 billion yuan, below the net amount raised [6]. Governance and Management Changes - Zhang Bao, the co-controller and director, was formally investigated for embezzlement, having previously resigned from his roles as chairman and general manager due to "personal health reasons" [2]. - Recent management changes include the resignation of key personnel, such as the deputy general manager and core technical staff, which has raised concerns about the company's operational stability [5]. Internal Control and Compliance Issues - The company has been flagged for significant internal control deficiencies, leading to inaccurate financial reporting and a warning from the Zhejiang Securities Regulatory Bureau [4]. - Issues identified include inflated revenue figures, inadequate inventory depreciation provisions, and mismanagement of company seals, which have contributed to the company's financial misreporting [4]. Market Position and Competitive Landscape - ST Pava operates in a highly competitive market for ternary precursor materials, facing pressure from larger firms like Huayou Cobalt and Greeenme, which have strengthened their market positions through technological advancements [6]. - Despite attempts to pivot towards high-end products, the company has struggled to convert these efforts into profitability, exacerbating its survival challenges [6]. Customer and Market Confidence - The company has faced scrutiny regarding the qualifications of its major customers, which has further eroded market confidence [7]. - As of August 4, ST Pava's stock price fell to 9.95 yuan per share, reflecting a continued decline in investor sentiment [7].