Core Viewpoint - Yongtai Energy's actual controller is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure related to Haide Co., which has already rectified historical non-operating fund occupation issues in the first half of the year [1] Group 1 - Yongtai Energy disclosed on November 28 that the CSRC decided to initiate an investigation due to suspected violations by Haide Co. and its actual controller [1] - The investigation is linked to historical non-operating fund occupation issues disclosed in Haide Co.'s annual report, which were reportedly rectified by April 24, 2025, with all occupied funds and interest returned [1] - The annual audit accountant has issued a special report confirming the repayment of the occupied funds, and Haide Co. has implemented corrective measures, including improving internal control systems and enhancing internal audit efforts [1] Group 2 - The initiation of the investigation is seen as a procedural action, indicating that the fund occupation issue for Haide Co. is nearing resolution [1] - Analysts believe that the announcement by Yongtai Energy is a routine disclosure required by the listing company and is unrelated to the company's operational performance [1]

Core Viewpoint - Yongtai Energy (600157) disclosed on November 28 that the China Securities Regulatory Commission (CSRC) decided to initiate an investigation against Haide Co., Ltd. (000567) and its actual controller for suspected violations of information disclosure regulations [1] Group 1: Investigation Details - The investigation is related to Haide Co., Ltd.'s previous disclosure in its annual report regarding the rectification of historical non-operating fund occupation issues, which was claimed to be completed in the first half of this year [1] - On April 28, 2025, Haide Co., Ltd. disclosed that it received a warning letter from the CSRC's Hainan Regulatory Bureau regarding this matter, and all occupied funds and interest were fully returned by April 24, 2025 [1] - The initiation of the investigation marks a conclusion to the fund occupation issue for Haide Co., Ltd., and it is considered a procedural action [1] Group 2: Impact on Yongtai Energy - Analysts believe that Yongtai Energy's announcement is a routine disclosure in accordance with the information disclosure requirements for listed companies and is unrelated to the company's operations [1] - The investigation is not expected to have any impact on Yongtai Energy's production and operations [1]

Core Insights - The company reported a significant increase in cash flow, with net cash flow from operating activities reaching 1.267 billion yuan, a year-on-year growth of 782.20% [1][2] - The company focuses on distressed asset management, particularly in the area of listed company rescue, establishing a differentiated competitive advantage [1][2] Financial Performance - For the first three quarters, the company achieved operating revenue of 457 million yuan and a net profit attributable to shareholders of 171 million yuan, maintaining profitability [1] - The company has a balance of 686 million yuan in distressed asset projects as of June 2025, providing a flexible support for future performance growth [1][2] Business Strategy - The company employs a full-chain operational capability through various methods such as restructuring and value enhancement, creating a closed loop of "risk resolution - value restoration - quality improvement" [1] - An example of successful intervention is the case of Hailun Zhe, where the company became the largest shareholder in 2022, helping to mitigate delisting risks and optimize its main business layout, resulting in over 28% year-on-year growth in revenue and net profit for the first three quarters of 2025 [1] Industry Context - The distressed asset market in China is currently expanding, with an expected industry disposal scale of 3.8 trillion yuan in 2024 [2] - The company benefits from the upcoming closure of the Hainan Free Trade Port and the gradual release of policy dividends related to cross-border distressed asset disposal and financial opening [2] - Industry experts suggest that the company's leading rescue capabilities, ample project reserves, and geographical advantages position it well for sustained operational performance improvement and further consolidation of its leading position in the industry [2]

11月28日晚间，永泰能源、海伦哲、海德股份均发布公告称，由于海德股份、王广西涉嫌信息披露违法违规，中 国证监会决定分别对其立案。 【导读】三家A股公司一同公告，中国证监会对海德股份、王广西立案 天眼查显示，王广西是永泰能源、海德股份的实际控制人，并且是海伦哲第一大股东海德资产管理有限公司的实 际控制人。 来源：天眼查 同时，王广西在永泰能源担任法人代表、董事长等职务，在海德股份担任法人代表、董事长等职务。 永泰能源、海伦哲均在公告中提到，此次中国证监会的立案主体是海德股份、王广西，涉及事项与永泰能源、海 伦哲无关。 海德股份公告称，经自查，公司存在历史非经营性资金占用问题。 2025年4月28日，海德股份收到海南证监局出具的《关于对海南海德资本管理股份有限公司、王广西采取出具警 示函措施的决定》。 海南证监局称，海德股份在债权投资及困境资产收购业务中，存在被控股股东或其关联方占用资金的情况，并且 未按规定予以披露。 根据海南证监局要求，海德股份进行自查发现，截至2024年12月31日被控股股东或其关联方占用的资金余额为 8.84亿元，2025年4月24日已经收回前述占款。 根据《上市公司信息披露管理办法》（ ...

公告称，经自查，公司存在历史非经营性资金占用，并于 2025 年4月28日收到海南证监局出具警示函措 施的决定，该资金占用已于 2025年4月24日全部归还。 海德股份表示，目前，公司各项生产经营活动正常有序开展，上述事项不会对公司生产、经营和管理造 成重大影响。公司将积极配合中国证监会的各项工作，并严格按照相关法律法规的规定和监管要求及时 履行信息披露义务。 中经记者 孙汝祥 夏欣 北京报道 海德股份（000567.SZ)11 月 28 日公告，于当日收到中国证监会下发的《立案告知书》，因涉嫌信息披 露违法违规，中国证监会决定对公司及实际控制人王广西进行立案调查。 （编辑：罗辑 审核：夏欣 校对：燕郁霞） ...

Core Viewpoint - The investigation into Wang Guangxi, the controlling shareholder of Yongtai Energy and Hailun Zhe, is linked to his role in Haide Co., which has raised concerns regarding information disclosure violations [1][2]. Group 1: Company Announcements - Yongtai Energy and Hailun Zhe both announced that the investigation concerning Wang Guangxi is unrelated to their operations and will not impact their business activities [3]. - Yongtai Energy emphasized that its production and operations are stable and that it has a positive development outlook [3]. - Hailun Zhe stated that it currently has no controlling shareholder and that its operations remain normal [3]. Group 2: Background on Wang Guangxi - Wang Guangxi, born in October 1969, has a background in finance and investment, having previously worked in various institutions before founding Yongtai Group, which became a major private coal enterprise in Shanxi [3]. - He transformed Haide Co. from textiles and real estate into a platform focused on asset management, enhancing its industry influence [3][4]. Group 3: Financial Performance - As of November 28, Haide Co. has a total market value of 150.89 billion yuan, with a significant decline in revenue and net profit reported for the first three quarters of 2025 [5]. - Haide Co.'s revenue decreased by 46.54% to 457 million yuan, and net profit fell by 66.96% to 171 million yuan compared to the previous year [5]. Group 4: Regulatory Actions - The Hainan Securities Regulatory Bureau issued a warning to Haide Co. and Wang Guangxi in April for failing to disclose related party transactions involving fund occupation [7][8]. - The investigation revealed that as of December 31, 2024, 884 million yuan was occupied by the controlling shareholder or its affiliates, which was later recovered [8].

Core Viewpoint - Both Yongtai Energy and Hailun Zhe announced that their significant shareholder, Wang Guangxi, is under investigation, which is related to his role as the actual controller of Haide Co., Ltd. The companies assert that the investigation does not impact their operations or decision-making processes [1][2]. Group 1: Company Announcements - Yongtai Energy stated that the investigation pertains to its actual controller and is unrelated to the company's operations, emphasizing that its production and business activities remain normal and stable [2]. - Hailun Zhe also clarified that the matters concerning Wang Guangxi do not affect its daily operations, asserting that the company is currently functioning normally [2]. Group 2: Background on Wang Guangxi - Wang Guangxi, born in October 1969 and a graduate of Zhongnan University of Economics and Law, has a history in investment and energy sectors, founding Yongtai Group and transforming Haide Co. into a significant player in asset management [2]. - Wang was once listed on the Hurun Rich List with a peak net worth of 37 billion yuan, but he has since fallen off the list due to Yongtai Energy's debt crisis [3][4]. Group 3: Financial Performance - As of November 28, Haide Co. has a total market value of 15.089 billion yuan. The company reported a 46.54% year-on-year decline in revenue to 457 million yuan and a 66.96% drop in net profit to 171 million yuan for the first three quarters of 2025 [4]. - Wang Guangxi received a total pre-tax remuneration of 3.05 million yuan from Yongtai Energy and 2 million yuan from Hailun Zhe as per their 2024 annual reports [5]. Group 4: Regulatory Actions - The Hainan Securities Regulatory Bureau issued a warning letter to Haide Co. and Wang Guangxi in April 2024 for failing to disclose the occupation of funds by the controlling shareholder or its affiliates, which amounted to 884 million yuan [6][7]. - Haide Co. has stated that it will cooperate with the China Securities Regulatory Commission and comply with disclosure obligations as required by law [7].

Core Points - Multiple listed companies received regulatory notices regarding suspected violations of information disclosure laws and regulations on November 28 [1][4][8][11][17] Group 1: Haide Co., Ltd. - Haide Co., Ltd. received a notice from the CSRC for suspected information disclosure violations, leading to an investigation of the company and its actual controller Wang Guangxi [1] - The company acknowledged historical non-operating fund occupation, which was fully returned by April 24, and has since implemented training and corrective measures to improve compliance and disclosure quality [1] Group 2: Tianfeng Securities - Tianfeng Securities also received a notice from the CSRC for suspected information disclosure violations and illegal financing [4] - The company stated that its operations are normal and it will cooperate with the investigation while adhering to disclosure obligations [4] Group 3: Yuanda Intelligent - Yuanda Intelligent received a preliminary penalty notice from the Liaoning Securities Regulatory Bureau for falsely recognizing elevator sales revenue using forged acceptance certificates, affecting multiple annual reports [8] - The bureau plans to issue a warning and impose a fine of 6 million yuan on the company [8] Group 4: Puli Pharmaceutical - Puli Pharmaceutical, which has been delisted, received a preliminary penalty notice for failing to disclose its 2024 annual report on time [11] - The company is facing a warning and a fine of 500,000 yuan from the Hainan Securities Regulatory Bureau [11] Group 5: ST Shenhua - ST Shenhua received an administrative penalty decision from the Liaoning Securities Regulatory Bureau for manipulating financial data from 2018 to 2021, resulting in false records in annual reports [17][18] - The company was fined 7 million yuan and received a warning, with penalties also proposed for other involved parties [17][18]

Group 1 - Multiple listed companies received notices from regulatory authorities regarding suspected violations of information disclosure laws [1][4][7] - Haide Co. is under investigation by the CSRC for suspected information disclosure violations, with its actual controller Wang Guangxi being investigated [1] - Tianfeng Securities also received a notice from the CSRC for suspected information disclosure violations and illegal financing [4] Group 2 - Yuanda Intelligent received a pre-penalty notice from the Liaoning Securities Regulatory Bureau for falsely reporting sales revenue in multiple annual reports [7] - Puli Pharmaceutical, which has been delisted, received a pre-penalty notice for failing to disclose its 2024 annual report on time [10] - ST Shenhua was fined 7 million yuan for false records in its annual reports from 2018 to 2021, with the company correcting its financial data [13][14]

Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with announcements made by the Shanghai and Shenzhen Stock Exchanges regarding changes to sample stocks in various indices [2][4]. Group 1: Index Adjustments - On November 28, the Shanghai Stock Exchange announced adjustments to the sample stocks of the Shanghai 50, Shanghai 180, Shanghai 380, and Sci-Tech 50 indices, effective after the market closes on December 12, 2025 [4][14]. - The Shanghai 50 index will replace four stocks, including the addition of SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while Poly Development, China Mobile, China Aluminum, and CRRC will be removed [5][17]. - The Sci-Tech 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while Huaxi Biotechnology and Hangcai Co. will be removed [5][6]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange announced that it will implement regular sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50 on December 15, 2025 [6][14]. - The Shenzhen Component Index will add 17 stocks, including Tuowei Information, Sifang Jingchuang, and Wolong Nuclear Materials, while Guoyao Yizhi, Haide Shares, and Tibet Mining will be removed [6][7]. Group 3: Additional Index Changes - The ChiNext Index will add eight stocks, including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [9][11]. - The CSI 300, CSI 500, and other indices will also undergo adjustments, with the CSI 300 replacing 11 stocks, including Huadian New Energy and Shenghong Technology, while removing FAW Liberation and Oppein Home [16][17]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, and the CSI A50 and A100 indices will replace 4 and 6 stocks respectively [17].