SBT(SH:600608) Shang Hai Zheng Quan Bao·2026-01-27 20:09Core Viewpoint - The company, Shanghai Broadband Technology Co., Ltd., is facing significant risks including an investigation by the China Securities Regulatory Commission (CSRC) and potential delisting due to negative financial performance and other receivables impairment risks [2][4][5]. Group 1: Investigation and Regulatory Risks - The company received a notice of investigation from the CSRC on December 12, 2025, for suspected violations of information disclosure laws [2][4]. - The company is actively cooperating with the CSRC and believes that the investigation will not significantly impact its operations [4]. Group 2: Financial Performance and Delisting Risks - For the year 2024, the company reported an operating income of 17.23 million yuan, with a total profit of -7.24 million yuan and a net profit attributable to shareholders of -5.68 million yuan [5][6]. - In the first three quarters of 2025, the company had an operating income of 5.44 million yuan, a total profit of 0.20 million yuan, and a net profit of 0.11 million yuan, but a negative net profit of -0.24 million yuan when excluding non-recurring gains and losses [6]. - If the company's annual profit or net profit falls below zero and operating income is below 300 million yuan, it may face delisting under the Shanghai Stock Exchange rules [2][6]. Group 3: Impairment Risks - The company has recognized an impairment provision of 89.9% for receivables related to Hong Kong Petrochemical, with only 5.5% of the debt being repaid so far [3][6]. - Further impairment of these receivables could lead to negative financial results, potentially triggering delisting [3][6]. Group 4: Other Risk Warnings - Historical financial issues related to the former controlling shareholder, Nanjing Sweet Group, have not been resolved, posing additional risks [3][8]. - The company emphasizes the importance of investor caution and rational decision-making in light of these risks [4][8].