HXSS(SH:600477) Sou Hu Cai Jing·2026-01-14 00:24Core Viewpoint - Hangxiao Steel Structure (600477) has experienced a significant stock price increase, with a cumulative rise of 46.80% over four consecutive trading days, leading to regulatory scrutiny from the Shanghai Stock Exchange [1][6]. Group 1: Company Operations - Hangxiao Steel Structure clarified that it does not engage in "commercial aerospace" business, focusing instead on steel structure contracting and related services [3]. - The company is involved in a project with Hunan Construction Group for a liquid rocket assembly and recovery base, with a contract value of approximately 2.53 billion yuan, of which Hangxiao's portion is about 693.19 million yuan [4][6]. Group 2: Regulatory Actions - The Shanghai Stock Exchange issued a regulatory warning to Hangxiao Steel Structure and its board secretary due to misleading information regarding the company's project involvement and its potential impact on financial performance [6]. - The exchange emphasized the need for accurate and complete disclosures, especially regarding the uncertainties and risks associated with the company's operations [6]. Group 3: Financial Performance - Hangxiao Steel Structure has faced declining net profits over recent years, with figures of 412 million yuan in 2021, 268 million yuan in 2022, 294 million yuan in 2023, and 169 million yuan in 2024, reflecting year-on-year changes of -43.14%, -34.92%, 9.62%, and -42.46% respectively [7][9]. - For the first three quarters of 2025, the company reported a net profit of 148.8 million yuan, down 27.51% year-on-year, with total revenue of 5.769 billion yuan, a decrease of 3.51% [9].