Core Viewpoint - Tianji Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which the company claims will not significantly impact its normal operations [2][3]. Group 1: Regulatory Actions - On February 11, Tianji Co., Ltd. received a notice from the CSRC regarding the initiation of an investigation due to alleged information disclosure violations [3]. - Prior to this investigation, on January 16, the Guangdong Securities Regulatory Bureau had already issued corrective measures against Tianji Co. for issues related to goodwill impairment testing, inaccurate financial accounting, and non-compliance with information disclosure [2][3][4]. - The Shenzhen Stock Exchange also issued regulatory letters to the company and three executives involved in the violations [4]. Group 2: Financial Corrections - On the same day as the investigation announcement, Tianji Co. published corrections regarding previous accounting errors, adjusting financial statements for 2023, 2024, and the third quarter of 2025 [5]. - The adjustments included a reduction in the net profit attributable to the parent company for 2023 from 36.64 million yuan to 35.09 million yuan, and a change in the total comprehensive income for 2024 from -1.361 billion yuan to -1.351 billion yuan [5]. Group 3: Financial Assistance Confirmation - Tianji Co. confirmed a financial assistance amounting to 30 million yuan provided to Ningxia Yongli New Materials Co., Ltd., which was initially intended as a prepayment for an investment that could not proceed due to project delays [6]. - The company stated that the financial assistance has matured, and it plans to recover the funds through negotiation or litigation [6].

Market Overview - On February 12, 2026, the A-share market showed mixed results, with the Shanghai Composite Index closing at 4131.98 points, up 0.09%, while the Shenzhen Component Index fell 0.35% to 14160.93 points, and the ChiNext Index dropped 1.08% to 3284.74 points. Over 3200 stocks declined, and the total trading volume in the Shanghai and Shenzhen markets was 1.98 trillion yuan, a decrease of 120 billion yuan from the previous trading day [1]. - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Index increasing by 0.31% or 83.23 points to close at 27266.38 points, and a total trading volume of 217.22 billion HKD. The Hang Seng China Enterprises Index rose by 0.28% to 9268.18 points, while the Hang Seng Tech Index gained 0.9% to 5499.99 points [1]. - In the U.S. stock market, all three major indices closed lower, with the Dow Jones Industrial Average down 0.13% to 50,121.40 points, the S&P 500 slightly down by 0.34 points to 6,941.47 points, and the Nasdaq Composite Index falling 0.16% to 23,066.47 points [1]. Important News - The State-owned Assets Supervision and Administration Commission (SASAC) has urged central enterprises to enhance investment in computing power and promote the synergy between "computing power and electricity." This initiative aims to improve data governance capabilities and strengthen the foundation of the artificial intelligence industry [1]. - During a recent meeting, SASAC emphasized the need for central enterprises to focus on independent innovation, particularly in overcoming key core technologies and advancing "large model" technologies. The goal is to transform more independent innovation results from prototypes into products and establish industries [1]. - SASAC also called for the cultivation of application scenarios, ensuring precise alignment between artificial intelligence and core business needs, with a focus on high adaptability, high value, and high reliability [1]. - Additionally, SASAC highlighted the importance of open-source collaboration, urging central enterprises to accelerate the iteration and upgrade of open-source "renewal communities" and strive to become "empowering enterprises," thereby fostering the construction of an "AI+" industrial community and nurturing a mutually beneficial industrial ecosystem [1].

Economic Information - The price of silicon wafers has declined again this week due to a decrease in raw material costs and weakened battery demand. There is still a risk of further price drops, but the overall space for decline is limited. Most silicon wafer companies are halting production, while some have plans to increase output, maintaining previous levels of market orders. Total inventory of silicon wafers is currently above a reasonable level [2] - By early 2026, several companies in the photovoltaic industry are expected to announce project terminations, delays, or divestitures of photovoltaic assets. The reasons for these actions are changing, as the industry shifts from oversupply to a phase of accelerated capacity clearance, with expectations of more severe clearance in 2026 compared to 2025 [2] - NineFang Zhitu Holdings announced that its subsidiary received an administrative regulatory decision from the Shanghai Securities Regulatory Bureau, requiring it to correct issues and suspend new client acquisitions for three months due to misleading marketing content and inadequate compliance controls [2] - International oil prices have recently fluctuated upwards, leading to significant premiums in oil funds. Southern Fund has adjusted the purchase limit for its oil fund to 1 yuan, effectively closing the door to new investors. Other funds have also implemented strict purchase limits to prevent excessive speculative inflows and help the market return to rational pricing [2] Company Alerts - Tianji Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [4] - Juyi Rigging announced it has not signed a 4.58 billion yuan project in Hainan, with a total order amount of 996.51 thousand yuan in the commercial aerospace sector for 2025 [4] - Several companies, including Keri Technology and Haibo Shichuang, have announced plans for significant shareholder reductions, with reductions not exceeding 3.13% and 3% respectively [4][7] - Wenta Technology is facing legal restrictions on its control over Anshi due to a court ruling [8] - YN Energy Holdings plans to increase its investment in a subsidiary by no more than 1.4 billion yuan, without consolidating financial statements [8] - In 2025, Innotech is projected to have a net profit of 146 million yuan, a year-on-year decrease of 40.84% [8] - The company Guowang Xintong is expected to report a net profit of 678 million yuan for 2025, down 16.91% year-on-year [8] - Lan Shi Heavy Industry is under investigation for disciplinary and criminal issues, with its deputy general manager being detained [8] - Top Group anticipates a year-on-year decline in net profit of 3%-13% for 2025 due to fluctuations in raw material prices and intensified market competition [8] - ST Sunshine is expected to report a net loss of 218 million yuan for 2025 [8]

Core Viewpoint - Tianji Co., Ltd. has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, although the company claims this will not significantly impact its normal operations [2][3][4]. Group 1: Regulatory Actions - On February 11, Tianji Co., Ltd. received a notice from the CSRC regarding the investigation for information disclosure violations [3][8]. - Prior to this investigation, on January 16, the Guangdong Securities Regulatory Bureau had already issued corrective measures against the company for issues related to goodwill impairment testing, inaccurate financial accounting, and non-compliance with information disclosure [3][4]. - The Shenzhen Stock Exchange also issued regulatory letters to the company and its executives based on the identified violations [4][9]. Group 2: Financial Adjustments - On the same day as the investigation announcement, Tianji Co., Ltd. published corrections to previous accounting errors and adjustments to financial statements for 2023, 2024, and the third quarter of 2025 [4][11]. - The adjustments included a reduction in the net profit attributable to the parent company for 2023 from 36.64 million yuan to 35.10 million yuan, and a change in the total comprehensive income for 2024 from -1.361 billion yuan to -1.351 billion yuan [11][12]. - The company also confirmed a 30 million yuan financial assistance to Ningxia Yongli New Materials Co., Ltd., which has now matured [11][12]. Group 3: Future Outlook - Due to the favorable market conditions for lithium hexafluorophosphate and sodium hypophosphite, Tianji Co., Ltd. anticipates a turnaround in profitability for the year 2025 [12].

Core Viewpoint - The company, Tianji New Energy Technology Co., Ltd., has announced corrections of prior accounting errors and retrospective adjustments, which will not affect the previously disclosed profit or net asset values [5][7][14]. Group 1: Accounting Error Correction - The company received regulatory notices regarding non-compliance in goodwill impairment testing and financial reporting [5]. - A comprehensive self-inspection was conducted to address the identified accounting issues, leading to corrections in financial statements for 2023, 2024, and the third quarter of 2025 [6][14]. - The adjustments will not change the profit or net asset status of previously disclosed financial reports [7]. Group 2: Financial Impact of Corrections - The retrospective adjustments will affect specific items in the financial statements for 2023 and 2024, but detailed figures are not provided in the summary [8][9]. - The adjustments will not impact the cash flow statements for the years mentioned [9]. Group 3: Performance Commitment - The company has made performance commitments related to the acquisition of subsidiaries, with specific net profit targets set for 2023, 2024, and 2025 [10][11]. - If the actual net profits fall short of the commitments, the company will seek compensation from the sellers [11][12]. - The company emphasizes the importance of maintaining shareholder interests in the performance commitment recovery process [13]. Group 4: Regulatory Compliance - The company has received a notice from the China Securities Regulatory Commission regarding a formal investigation into potential information disclosure violations [17]. - The company is committed to cooperating with the regulatory body during the investigation and ensuring compliance with disclosure obligations [17].

Group 1 - The company held its 19th meeting of the fifth board of directors on February 11, 2026, with all 9 directors present, complying with relevant regulations [2] - The board approved a proposal to confirm financial assistance provided to Ningxia Yongli New Materials Co., Ltd., based on the actual needs of the company's main product, lithium hexafluorophosphate [3][10] - The board also approved a proposal for correcting prior accounting errors and making retrospective adjustments in accordance with accounting standards [5][28] Group 2 - The financial assistance to Ningxia Yongli amounted to 30 million yuan, intended to secure stable supply and competitive pricing for phosphorus trichloride, with a 3% annual interest rate for the funds used [10][11] - Due to market conditions, the project by Ningxia Yongli has been delayed, and the company has classified the financial assistance as such rather than an investment [11][12] - As of February 11, 2026, the company has provided a total of 506.53 million yuan in financial assistance to subsidiaries, with no overdue amounts [19] Group 3 - The audit committee supported the financial assistance proposal, stating it was a necessary business action to ensure stable supply of core materials [17] - The board emphasized the importance of internal control and management improvement, asserting that the financial assistance would not adversely affect the company's operations [18] - The company will continue to disclose updates regarding the financial assistance and any negotiations with Ningxia Yongli [16]

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Market Overview - A-shares showed mixed performance with the Shanghai Composite Index closing at 4131.99 points, up 0.09%, while the Shenzhen Component Index fell by 0.35% and the ChiNext Index dropped by 1.08% [1] - The total market turnover was approximately 2 trillion yuan, a decrease of 123.7 billion yuan compared to the previous trading day, with over 2000 stocks rising, including 60 stocks hitting the daily limit [1] Sector Performance - The small metals sector led the gains, with stocks like Dongfang Tantalum, Zhongtung High-tech, and Zhangyuan Tungsten hitting the daily limit [1] - Other sectors that saw gains included energy metals, oil and gas extraction and services, and chemical fibers [1] - Conversely, sectors such as film and television, short drama games, and cultural media experienced significant declines [1] Historical Highs - A total of 51 stocks reached historical closing highs, excluding newly listed stocks from the past year [2] - The mechanical equipment, electronics, and basic chemicals industries had a concentration of stocks reaching new highs, with 10, 9, and 7 stocks respectively [2] - The average price increase for stocks that reached historical highs was 5.43%, with notable gainers including International Composite Materials, Jujie Microfiber, and Honghe Technology [2] Institutional Activity - In the Dragon and Tiger List, 10 stocks were net bought by institutions, with 8 stocks seeing net purchases exceeding 10 million yuan [4] - The top net buy was Jiechuan Shares with 178 million yuan, followed by Green Beauty with 90.88 million yuan [4] - On the sell side, Xiexin Integration faced the highest net sell at 141 million yuan, followed by Juyi Sockets and Huanrui Century [4] Northbound Capital Flow - 11 stocks received net purchases from northbound funds, with the highest being Zhongwen Online at 187 million yuan [7] - Conversely, 10 stocks experienced net selling, with Zhongtung High-tech leading at 147 million yuan [7] Company Announcements - Tianji Shares is under investigation by the Securities Regulatory Commission for suspected information disclosure violations, despite a 7.06% increase in stock price [9] - Top Group expects a 3%-13% decline in net profit for 2025 due to raw material price fluctuations and increased market competition [9] - New Sharp Shares plans to acquire 70% of PCB tool company Huilian Electronics for no more than 700 million yuan [9]

Core Viewpoint - Tianji Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations, which the company claims will not significantly impact its normal operations [1][2]. Group 1: Regulatory Actions - On February 11, Tianji Co., Ltd. received a notice from the CSRC regarding the initiation of an investigation due to alleged information disclosure violations [2]. - Prior to this investigation, on January 16, the Guangdong Securities Regulatory Bureau had already issued corrective measures against Tianji Co., citing issues such as improper goodwill impairment testing and inaccurate financial accounting [1][2][3]. - The Shenzhen Stock Exchange also issued regulatory letters to the company and its executives in response to the identified violations [3]. Group 2: Financial Corrections - On the same day as the CSRC investigation announcement, Tianji Co., Ltd. published corrections regarding previous accounting errors, adjusting financial statements for 2023, 2024, and the third quarter of 2025 [3]. - The adjustments included a reduction in the 2023 net profit from 36.64 million yuan to 35.10 million yuan and a slight improvement in the 2024 comprehensive income from -1.361 billion yuan to -1.351 billion yuan [3]. Group 3: Financial Assistance Confirmation - The company confirmed a financial assistance amount of 30 million yuan provided to Ningxia Yongli New Materials Co., Ltd., which was initially intended as a prepayment for an investment project that has since been delayed [4]. - Due to the project's postponement and changes in market conditions, the prepayment could not be converted into an investment, leading the company to classify it as financial assistance [4]. - The company plans to recover the 30 million yuan through negotiation or litigation, as the financial assistance has matured [4]. Group 4: Future Performance Outlook - According to the 2025 annual performance forecast, Tianji Co., Ltd. expects to turn a profit due to improved market conditions for lithium hexafluorophosphate and sodium hypophosphite [5].

Core Viewpoint - Tianji Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to the company announcing corrections to its financial statements for 2023, 2024, and 2025 [1][3]. Group 1: Regulatory Actions - On February 11, the company received a notice from the CSRC regarding the investigation due to suspected violations of information disclosure laws [3]. - The company is currently conducting its normal business operations, and the investigation is not expected to significantly impact its operations [3]. - The company has also received corrective measures from the Guangdong Regulatory Bureau and warning letters from the Shenzhen Stock Exchange, citing issues such as improper goodwill impairment testing and inaccurate financial accounting [4]. Group 2: Financial Adjustments - The company announced that its board approved corrections and retrospective adjustments to its financial statements for the third quarters of 2023, 2024, and 2025 [3]. - The adjustments will not change the profit or loss nature of previously disclosed reports, nor will they result in negative net assets in the annual financial statements [3]. Group 3: Future Performance Expectations - The company forecasts a turnaround in profitability for 2025, expecting a net profit attributable to shareholders of between 70 million and 105 million yuan, compared to a loss of 1.361 billion yuan in the previous year [5]. - The anticipated improvement in performance is attributed to the rapid growth in demand for electric vehicles and energy storage, along with an increase in sales prices for its main product, lithium hexafluorophosphate, in the fourth quarter of 2025 [5]. - The company’s subsidiary, Changshu New Special Chemical Co., Ltd., is also expected to contribute positively to overall performance due to improved market conditions and increased sales prices for its main product, sodium hypophosphite [5].