Zhong Guo Jing Ji Wang·2025-11-04 06:54Core Viewpoint - Airo Energy (688717.SH) received a warning letter from the Zhejiang Securities Regulatory Bureau due to violations in fundraising management and disclosure practices [1][2][3]. Group 1: Violations in Fundraising Management - Airo Energy disclosed inaccurate progress on fundraising projects, specifically stating that the "Energy Storage Battery and Inverter Expansion Project" would be operational by June 2022, while it is actually set to start in December 2023 [2]. - The company failed to timely disclose changes in the implementation location of the "Smart Energy R&D Center" project, which was moved from Fuyang District to Xihu District in Hangzhou without proper notification [2]. - Airo Energy did not disclose a pre-litigation preservation situation regarding its Agricultural Bank fundraising account, which was frozen for 3.32 million yuan in September 2024 [2][3]. Group 2: Regulatory Actions - The actions of Airo Energy violated multiple regulations, including the "Guidelines for the Supervision of Fundraising Management and Use by Listed Companies" and the "Information Disclosure Management Measures" [3]. - Key executives, including the Chairman and General Manager Li Xinf, were found negligent in ensuring compliance with fundraising regulations and disclosure obligations [3]. Group 3: Financial Performance - In Q3 2025, Airo Energy reported revenue of 1.22 billion yuan, a year-on-year increase of 48.32%, but net profit dropped by 85.12% to 8.55 million yuan [5]. - For the first three quarters of 2025, the company achieved revenue of 3.03 billion yuan, up 25.80%, while net profit decreased by 6.32% to 150 million yuan [5]. - In 2024, Airo Energy's revenue was 3.07 billion yuan, down 31.30%, with net profit falling by 80.88% to 204 million yuan [6]. - In 2023, the company reported revenue of 4.47 billion yuan, a decline of 3.01%, and net profit of 1.07 billion yuan, down 6.12% [7][8].