NSWRC(SH:600165) Xin Lang Cai Jing·2025-10-21 14:05Core Viewpoint - The company *ST Ningke's wholly-owned subsidiary, Ningxia Xinhai Hengli International Trade Co., Ltd. (Hengli Guomao), has been accepted for reorganization by the Intermediate People's Court of Shizuishan City, Ningxia Hui Autonomous Region, indicating potential financial distress and uncertainty regarding the success of the reorganization process [1] Group 1 - Hengli Guomao received the civil ruling and decision from the court on October 21, 2025, regarding its reorganization [1] - The court has appointed a temporary administrator to manage Hengli Guomao during the reorganization process [1] - There is a risk of bankruptcy if the court ultimately rules that the reorganization is unsuccessful [1] Group 2 - The company will encourage Hengli Guomao to actively manage its daily production and operations during this period [1] - The company will cooperate with the appointed administrator to facilitate the reorganization process [1]