banbao(SH:603398) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2026-01-26 23:35Core Viewpoint - The company has received an administrative decision from the Wuzhou Municipal Government, requiring the return of a total of RMB 510 million in financial subsidies and support funds, along with a penalty of RMB 51 million, which may significantly impact its financial status and cash flow [1][2][3]. Group 1: Case Progress and Main Content - On January 23, 2026, the Wuzhou Municipal Government issued an administrative decision requiring the company to return RMB 270 million in subsidies for the "10GWTOPCON photovoltaic cell production base" and RMB 240 million in support funds for major industrial projects, along with a penalty of RMB 51 million [1][2]. - The company and its subsidiary, Guangxi Mubang, are the parties involved in this administrative decision, which mandates the return of financial subsidies and support funds [1][2]. - The total amount to be returned, including penalties, is RMB 510 million, which poses a significant financial burden on the company [1][2][3]. Group 2: Impact on the Company - If the company complies with the decision, it is expected to have a substantial adverse effect on the company's current and future profits, cash flow, and overall financial condition [1][3]. - The ongoing situation may lead to project stagnation, adversely affecting the company's strategic layout and capacity building in the photovoltaic cell sector [4]. - The company may face legal risks if it fails to comply with the decision, potentially leading to court-enforced actions [5]. Group 3: Measures Taken by the Company - The company is actively researching the content of the decision and is in communication with the Wuzhou Municipal Government to seek a resolution while ensuring the protection of its and its shareholders' rights [6]. - The company is evaluating its financial arrangements and is working to secure funds to address the situation appropriately [6].