Core Viewpoint - The announcement of criminal coercive measures against Huang Guorong, the actual controller and chairman of Shanshui Technology, led to a significant drop in the company's stock price by 17.04% to 22.88 yuan per share [2] Company Management - In response to Huang Guorong's absence, the board of directors held an emergency meeting and appointed Wu Xinyan to act as chairman and legal representative, ensuring the stability of company operations [2][3] - Wu Xinyan is the spouse of Huang Guorong and currently serves as a director and head of the comprehensive center at Shanshui Technology [3] Company Performance - Shanshui Technology has shown a trend of "revenue recovery and profit volatility" over the past three and a half years [3] - In 2022, the company faced a downturn with total revenue of 400 million yuan, a decrease of 27.50% from 552 million yuan in 2021, and a net profit drop of 29.47% to 100 million yuan [3] - In 2023, the company experienced a revenue increase to 495 million yuan, a growth of 23.64% compared to 2022, but net profit fell by 79.03% to 21 million yuan [4] - For 2024, Shanshui Technology's revenue is projected to reach 505 million yuan, with net profit recovering to 53 million yuan [4] - In the first half of 2025, the company reported revenue of 305 million yuan, a year-on-year increase of 23.08% from 248 million yuan in the same period of 2024, while net profit decreased by 11.77% to 48 million yuan [4]

Core Viewpoint - The stock price of Shan Shui Technology (301190) dropped significantly by 17.04% to 22.88 CNY per share, with a total market value of 4.9 billion CNY, following the announcement that the actual controller and chairman Huang Guorong was subjected to criminal coercive measures [2][6]. Company Management Changes - Following the incident, the board of directors appointed Wu Xinyan to assume the responsibilities of chairman and legal representative, as well as the roles of relevant committee members and general manager [2][6]. Company Performance - In the first half of 2025, Shan Shui Technology reported a revenue of 305 million CNY, representing a year-on-year increase of 23.08%. However, the net profit attributable to shareholders decreased by 11.77% to 47.77 million CNY [6][7]. - The company indicated that the production capacity of chlorinated pyridine series products is being steadily released, leading to improved gross margins due to economies of scale and reduced unit costs [6][7]. R&D and Cost Management - Shan Shui Technology has increased its R&D expenses compared to the previous year, focusing on new product development and process improvements to enhance core competitiveness [7]. - Despite rising costs in personnel and benefits due to team expansion, the company has managed to achieve stable growth through effective cost control and efficiency enhancement measures [7].

Core Viewpoint - The chairman and general manager of Shanshui Technology, Huang Guorong, has been subjected to criminal coercive measures due to personal reasons, leading to a significant drop in the company's stock price and a temporary leadership change [1][2]. Company Information - Shanshui Technology announced on October 19 that it received notification regarding Huang Guorong's situation from his family [1]. - The company held an emergency board meeting on October 20, where board member Wu Xinyan was appointed to assume the responsibilities of chairman and legal representative in Huang's absence [2][4]. - Huang Guorong directly holds 40 million shares of Shanshui Technology, representing an 18.64% ownership stake [2]. Stock Performance - Following the announcement, Shanshui Technology's stock price fell by 17.04% to close at 22.88 yuan per share, with a further decline of 1% to 22.6 yuan per share as of the latest report, resulting in a total market capitalization of 4.855 billion yuan [2]. Management Structure - The company emphasized that it has a stable management system and mature governance structure, and it has made appropriate arrangements regarding the situation [4]. - Wu Xinyan, who is Huang Guorong's spouse, has a background in management and has been involved with the company in various capacities since 2012 [3].

Group 1 - The chemical raw materials sector increased by 0.94% compared to the previous trading day, with Zhihua Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 2 - In terms of capital flow, the chemical raw materials sector experienced a net outflow of 205 million yuan from main funds, while retail investors saw a net inflow of 232 million yuan [2] - The table provided shows the net inflow and outflow of various stocks within the sector, highlighting significant movements in individual stocks such as Ti'an Co. and Shilong Industry [2]

Core Points - The actual controller and chairman of the company, Huang Guorong, has been subjected to criminal coercive measures due to personal reasons as of October 19, 2025 [1] - The company held an emergency board meeting on October 20, 2025, where it was decided that director Wu Xinyan would act as the chairman and legal representative in Huang's absence [1] - The company maintains a stable management system and mature governance structure, ensuring normal operations and management enhancement [1] Financial Summary - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 24, 2021, with a total public offering of 53.66 million shares, accounting for 25% of the total share capital post-issuance, at a price of 27.85 yuan per share [1] - On its first trading day, the stock price peaked at 44.00 yuan but is currently in a state of decline [2] - The total amount raised from the issuance was 1.494 billion yuan, with a net amount of 1.384 billion yuan after deducting issuance costs, exceeding the original plan by 70.92 million yuan [2] - The company planned to raise 1.313 billion yuan for projects including the construction of a production facility for 61,000 tons of chlorinated pyridine and 15,000 tons of 2-chloro-5-chloromethylpyridine, as well as a research and development building [2]

Core Viewpoint - The company, Shan Shui Technology, announced that its actual controller, chairman, and general manager, Huang Guorong, has been subjected to criminal coercive measures due to personal reasons, leading to an emergency board meeting to appoint Wu Xinyan as acting chairman and legal representative [1][4]. Company Management Changes - Huang Guorong's absence from the board meeting resulted in the unanimous decision by other directors to have Wu Xinyan assume his responsibilities [1]. - Wu Xinyan is the spouse of Huang Guorong and has held various positions within the company since 2012, currently serving as a director and head of the comprehensive center [3]. Company Operations and Financial Performance - Shan Shui Technology maintains a stable management system and mature governance structure, ensuring normal operations despite the recent developments [4]. - For the first half of 2025, the company reported a revenue of 305 million yuan, representing a year-on-year increase of 23.08%, while the net profit attributable to shareholders decreased by 11.77% to 47.77 million yuan [4].

Core Points - The company held an emergency board meeting on October 20, 2025, where it was decided that director Wu Xinyan would temporarily assume the roles of chairman and legal representative due to the absence of founder Huang Guorong [1] - The company has a stable management system and mature governance structure, ensuring normal operations while management will enhance operational management [1] - In the first half of 2025, the company reported revenue of 305 million yuan, a year-on-year increase of 23.08%, while net profit attributable to shareholders decreased by 11.77% to 47.77 million yuan [1] Company Overview - The company focuses on the research, production, and sales of dye intermediates, pesticides, and pharmaceutical intermediates, with key products including various nitro compounds and chlorinated pyridine series [1] - Huang Guorong, the founder, has led the company since 2012, focusing on the development of a leading technical system in the industry, culminating in the company's listing on the Shenzhen Stock Exchange in December 2021 [1] Stock Performance - On the trading day following the board meeting, the company's stock opened lower and experienced fluctuations, closing down 0.74% [2] - The stock's trading volume was 102,000 shares, with a total transaction value of 229 million yuan, reflecting a market capitalization of 4.874 billion yuan and a floating market value of 3.619 billion yuan [3][5]

2025年上半年，公司实现营业收入3.05亿元，同比增长23.08%；实现归母净利润4777.67万元，同比下降11.77%。 21日，善水科技开盘跳水后股价震荡，截至午间休市跌0.74%。 10月20日，善水科技（301190）公告称，公司于2025年10月19日收到公司实际控制人、董事长兼总经理黄国荣家属的通知，黄国荣因个人原因被采取刑事 强制措施。 善水科技于2025年10月20日紧急召开第三届董事会第十七次会议，除公司董事长黄国荣未能出席，其他与会董事一致同意由董事吴新艳代为履行公司董事 长及法定代表人职责，以及代为履行公司董事会相关委员会成员及总经理的职责。 善水科技表示，截至目前，公司有稳定的管理体系和成熟的治理结构，公司已针对相关事项做了妥善安排，目前公司生产经营正常开展，公司管理层将进 一步加强经营管理。公司将持续关注上述事项的进展情况，并严格按照有关法律、法规的规定和要求，及时履行信息披露义务，提示广大投资者注意投资 风险。 公开资料显示，黄国荣是善水科技创始人，自2012年起担任董事长兼总经理，主持公司经营工作。他带领企业聚焦染料、农药及医药中间体的研发与生 产，构建了行业领先的技术体系， ...

Core Viewpoint - The company, Shan Shui Technology, announced that its actual controller and chairman, Huang Guorong, has been subjected to criminal coercive measures due to personal reasons, leading to an emergency board meeting to appoint Wu Xinyan as acting chairman and legal representative [1][4]. Company Management Changes - An emergency board meeting was held on October 20, where all directors, except Huang Guorong, agreed to appoint Wu Xinyan to assume his responsibilities [1]. - Wu Xinyan is the spouse of Huang Guorong and has been involved in various roles within the company since 2012 [4]. Company Operations - Despite the management changes, the company stated that its production and operations are continuing normally, and it has a stable management system and mature governance structure [4]. - The company will monitor the situation closely and comply with legal disclosure obligations [4]. Financial Performance - In the first half of 2025, Shan Shui Technology reported a revenue of 305 million yuan, representing a year-on-year increase of 23.08%, while the net profit attributable to shareholders decreased by 11.77% to 47.77 million yuan [5].

Core Viewpoint - The stock price of Shanshui Technology (301190) experienced a significant decline, dropping 17.04% to 22.88 CNY per share, with a total market capitalization of 4.9 billion CNY, contrasting with over 4,000 A-share companies that rose on the same day [1] Group 1: Company Management Changes - The actual controller, chairman, and general manager Huang Guorong has been subjected to criminal coercive measures due to personal reasons [2] - The board of directors has convened a meeting, appointing director Wu Xinyan to assume the responsibilities of chairman and legal representative, as well as the roles of relevant committee members and general manager [3] Group 2: Company Operations and Financial Performance - Shanshui Technology reported that its production and operations remain normal, with a stable management system and mature governance structure in place [8] - The company primarily engages in the research, production, and sales of dye intermediates, pesticides, and pharmaceutical intermediates, including products like chloropyridine series [8] - In the first half of 2025, the company achieved operating revenue of 305 million CNY, a year-on-year increase of 23.08%, while the net profit attributable to shareholders decreased by 11.77% to 47.77 million CNY [9] - The company is experiencing a gradual release of production capacity for chloropyridine series products, leading to improved gross margins due to lower unit costs [9]