Zheng Quan Shi Bao·2025-12-12 12:03Core Viewpoint - *ST沪科 is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, which may impact its operations and market perception [1][3]. Company Operations - The company reports that its production and business activities are currently operating normally and that it will cooperate with the regulatory investigation [3]. - *ST沪科, officially known as Shanghai Broadband Technology Co., Ltd., primarily engages in the trade of agricultural and chemical products, focusing on fresh-cut flowers and liquor grains in agriculture, and titanium dioxide in chemicals [3]. Financial Performance - The company's revenue has been declining significantly, with reported revenues of 367 million yuan in 2022, 149 million yuan in 2023, and a projected 17 million yuan in 2024, marking an 88.42% year-on-year decline for 2024 [3]. - For the first half of 2025, *ST沪科's revenue further decreased by 65% to approximately 4.4 million yuan, attributed to adjustments in business structure and declines in its chemical product lines [3][4]. - Key financial metrics for the first half of 2025 include a total profit of -442,431.75 yuan, a net profit attributable to shareholders of 34,921.86 yuan, and a net cash flow from operating activities of 26.26 million yuan, showing a significant decline compared to the previous year [4]. Stock and Market Performance - The company's stock has been under pressure, with a nearly 20% decline in share price over the past month, resulting in a market capitalization of approximately 1.3 billion yuan as of December 12 [6]. - Due to negative financial results, *ST沪科's stock has been placed under a delisting risk warning, as it failed to meet the revenue threshold of 300 million yuan [4]. Historical Issues - The company faces issues related to non-operating fund occupation, with a balance of 349 million yuan owed by its former controlling shareholder, significantly exceeding its net assets [5]. - In November 2023, *ST沪科 announced plans to transfer all debts related to historical issues with Nanjing Siweit Group, although the success of this plan remains uncertain [5]. Management Changes - There has been frequent turnover in the company's management, with the resignation of the board secretary and financial officer, who had only served for about a year due to personal health reasons [6].