Group 1: Business Performance and Challenges - The company's revenue for 2024 has significantly declined, with a net loss attributed to several factors, including high investment in the new energy sector and PPP projects, leading to low liquidity and weak debt repayment capacity [2] - The decline in revenue is also due to delayed payments from PPP project clients, resulting in increased credit and asset impairment losses [2] - Some subsidiaries, such as Sichuan and Jiangsu, have ceased operations, with only the Shanghai nuclear energy segment remaining operational [2][3] Group 2: Future Business Strategy - The company plans to continue focusing on the research, manufacturing, sales, and service of domestic water supply and drainage pipes, while enhancing R&D efforts and optimizing product structure to improve competitiveness and sustainable growth [1][4] - In the new energy sector, the company aims to deepen its involvement in the supply of components for new energy vehicles and related machinery, while pushing for the industrialization of R&D achievements [4] - The company intends to innovate in pipe manufacturing, focusing on smart, optimized structures and large-diameter pipes to enhance core competitiveness and ensure sustainable development [4] Group 3: Financial Management and Restructuring - The company is currently undergoing a pre-restructuring process initiated by the court, with a temporary management team overseeing debt declaration and recruitment of restructuring investors [3] - Due to liquidity issues, the company has faced challenges in timely repayment of bank loans and operational debts, leading to increased penalties and interest [2] - The company is considering the liquidation of non-operational subsidiaries and will optimize personnel structure to reduce management costs [2][3]

证券代码：300198 证券简称：ST 纳川 福建纳川管材科技股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 □ □ | | | 路演活动 □ 新闻发布会 □ | | | □ 现场参观 | | | □ 其他（2025 年福建辖区上市公司投资者网上集体接待日） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 5 月 14 日 (周三) 下午 14:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长、董秘（代）、财务总监（代）陈志江 | | 员姓名 | 2、副总经理林先焱 | | | 3、总经理助理、财务经理连海阳 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司的重整进度如何？什么时候公布最终投资人 | | ...

福建纳川管材科技股份有限公司 关于参加 2025 年福建辖区上市公司投资者 网上集体接待日活动的公告 关于参加 2025 年福建辖区上市公司投资者网上集体接待日活动的公告 证券代码：300198 证券简称：ST 纳川 公告编号：2025-071 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，福建纳川管材科技股份有限公司(以 下简称"公司")将参加由福建证监局指导,福建省上市公司协会主办与深圳 市全景网络有限公司联合举办的"2025年福建辖区上市公司投资者网上集体 接待日活动"，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号:全景财经，或下载全景路演APP， 参与本次互动交流，活动时间为2025年5月14日(周三)15:30-17:00。届时公 司高管将在线就公司2024年度业绩、公司治理、发展战略、经营状况和可持 续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊 跃参与！ 特此公告。 福建纳川管材科技股份有限公司 ...

关于前期会计差错更正及追溯调整的补充公告 证券代码：300198 证券简称：ST 纳川 公告编号：2025-072 福建纳川管材科技股份有限公司 关于对前期会计差错更正及追溯调整的补充公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 公司于 2025 年 4 月 29 日披露了公告编号：2025-068《关于前期会计差 错更正及追溯调整的公告》，由于经办人员缺乏经验，参照了同行业上市公 司的有关做法不足，少披露了非流动资产合计、资产总计、非流动负债合计、 负债合计、归属于母公司所有者权益（或股东权益合计）、所有者权益（或 股东权益合计、负债和所有者权益（或股东权益）总计、营业利润、利润总 额、持续经营净利润、综合收益总额、归属于母公司所有者的综合收益总额、 基本每股收益、稀释每股收益对 2022 年、2023 年及 2024 年 1-9 月合并资产 负债表、合并利润表、母公司资产负债表及母公司利润表的影响项目，现对 公告编号 2025-068："二、会计差错更正的具体情况及影响"的相关影响项 目予以增补披露，本次补充披露主要是为了确保披露数 ...

Core Insights - ST Nanchuan (300198.SZ) reported a significant decline in revenue and net profit for Q1 2025, with total revenue of 16.58 million yuan, down 65.21% year-on-year, and a net loss of 43.03 million yuan, a decrease of 125.63 million yuan compared to the same period last year [1][3] Financial Performance - The company's operating cash flow showed a net inflow of 344,200 yuan, which is a decrease of 99.26% year-on-year, ranking 10th among peers [1] - The asset-liability ratio increased to 96.14%, up 2.02 percentage points from the previous quarter and 22.35 percentage points from the same period last year, ranking 37th among peers [3] - The gross profit margin improved to 24.92%, an increase of 4.63 percentage points from the previous quarter and 11.56 percentage points year-on-year, ranking 13th among peers [3] - Return on equity (ROE) was reported at -51.26%, a decrease of 47.06 percentage points year-on-year, ranking 37th among peers [3] - The diluted earnings per share were -0.04 yuan, a decrease of 0.01 yuan compared to the same period last year, ranking 32nd among peers [3] - Total asset turnover ratio was 0.01 times, down 56.35% year-on-year, ranking 37th among peers [3] - Inventory turnover ratio was 0.38 times, a decrease of 62.53% year-on-year, ranking 32nd among peers [3] Shareholder Structure - The number of shareholders is 51,900, with the top ten shareholders holding 303 million shares, accounting for 29.37% of the total share capital [3] - The largest shareholder is Changjiang Ecological Environmental Protection Group Co., Ltd., holding 15.28% of the shares [3]

Core Viewpoint - Nanchuan Co., Ltd. is facing significant financial difficulties, including a net loss of approximately 300 million yuan in 2024, leading to a cumulative loss exceeding 1 billion yuan over four years, and a high debt ratio of 94.12% [1][2][3] Financial Performance - Nanchuan Co., Ltd. reported a net loss of about 300 million yuan for 2024, marking the fourth consecutive year of losses [1] - The company's total cumulative losses have surpassed 1 billion yuan [1] - In the first quarter of this year, the net profit attributable to the parent company was approximately -43 million yuan [3] Debt and Legal Issues - The asset-liability ratio increased to 94.12% by the end of 2024, with current liabilities exceeding current assets by about 400 million yuan [1] - The company is facing multiple lawsuits and arbitration cases due to overdue debts [1] Restructuring Efforts - The Quanzhou Intermediate People's Court has initiated a pre-restructuring process for Nanchuan Co., Ltd., appointing a liquidation team as the temporary manager [1] - The initiation of pre-restructuring does not guarantee that the court will formally accept the company's restructuring plan, and there remains significant uncertainty regarding the approval of the restructuring process [2]

Summary of Key Points Core Viewpoints - The report highlights the ongoing trend of stock suspensions due to delisting risk warnings across multiple companies, indicating a potential downturn in market confidence and stability [2][3][4]. Company Listings - Several companies are scheduled for initial public offerings (IPOs) on April 29, 2025, including Tai Li Technology (301595) and Ze Run New Energy (301636), which may attract investor interest [1]. - The report notes the specific dates for various IPO-related activities, such as inquiry periods and fund unfreezing dates, which are crucial for market participants [1]. Stock Suspension Announcements - Numerous companies, including Guohua Network Security (000004) and Nanhua Biology (000504), have announced stock suspensions due to delisting risk warnings, reflecting a significant concern regarding their financial health [2][3]. - The report lists a total of 30 companies facing stock suspensions on April 29, 2025, due to various risk warnings, which may impact investor sentiment and trading volumes [2][3][4]. Special Suspensions - Companies like *ST Xu Lan (000040) and *ST Gong Zhi (000584) are highlighted for potential termination of listings, indicating severe financial distress and regulatory scrutiny [4][5]. - The report emphasizes the importance of monitoring these companies as their situations evolve, which could present both risks and opportunities for investors [4][5].

Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

关于公司股票交易将被实施其他风险警示暨股票停复牌的提示性公告 证券代码：300198 证券简称：纳川股份 公告编号：2025-067 福建纳川管材科技股份有限公司 关于公司股票交易将被实施其他风险警示 暨股票停复牌的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1.公司 2024 年度被出具了保留意见的审计报告及否定意见的内部控制 审计报告，根据《深圳证券交易所创业板股票上市规则》第 9.4 条第四项"最 近一个会计年度财务报告内部控制被出具无法表示意见或者否定意见的审计 报告，或者未按照规定披露财务报告内部控制审计报告"及第 9.4 条第六项 "公司最近三个会计年度扣除非经常性损益前后净利润孰低者均为负值，且 最近一年审计报告显示公司持续经营能力存在不确定性"的规定，福建纳川 管材科技股份有限公司（以下简称"公司"）股票将被实施其他风险警示。 2.公司股票自 2025 年 4 月 29 日开市起停牌 1 天，将于 2025 年 4 月 30 日开市起复牌。 3.公司股票将自 2025 年 4 月 30 日开市起被实施其他风险警示，股 ...

关于前期会计差错更正及追溯调整的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1. 本次采用追溯重述法进行前期会计差错更正，涉及公司 2022、2023 年度及 2024 年 1-9 月合并资产负债表、合并利润表、母公司资产负债表及母 公司利润表。 2. 本次对前期会计差错更正及追溯调整，未导致相关年度的盈亏性质发 生改变；未对公司当期及后期财务状况和生产经营产生重大影响；未导致公 司触及财务类强制退市指标。 福建纳川管材科技股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开第五届董事会第二十六次会议和第五届监事会第十九次会议，审议 通过了《关于前期会计差错更正及追溯调整的议案》。同意公司根据《公开 发行证券的公司信息披露编报规则第 19 号——财务信息的更正及相关披露》 《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》等相关规 定，对相关财务报表和相关附注进行会计差错更正及追溯调整，具体情况如 下： 一、会计差错更正概述 关于前期会计差错更正及追溯调整的公告 证券代码：300198 证券简称：纳川股 ...