光伏企业突遭立案调查，股价曾暴涨数倍

Core Viewpoint - The company, Baoxin Technology, is facing significant scrutiny due to allegations of information disclosure violations and financial mismanagement, leading to a sharp decline in stock price and investor confidence [1][2][3] Group 1: Financial Performance and Issues - Baoxin Technology announced a substantial narrowing of losses in its annual performance forecast, but simultaneously disclosed an investigation into potential information disclosure violations [1] - The company reported a dramatic decline in revenue from its new energy business, plummeting from 242 million yuan in 2023 to 83 million yuan in 2024, and further down to just 7.32 million yuan in the first half of 2025 [3] - The company has entered a continuous loss cycle, with profits of 30.39 million yuan in 2022 turning into losses of 193 million yuan in 2023, 767 million yuan in 2024, and 54.46 million yuan in the first three quarters of 2025 [3] Group 2: Corporate Governance and Compliance Issues - The controlling shareholder and related parties have been involved in non-operating fund occupation, with a total of 88 million yuan occupied from September 2022 to October 2023, raising concerns about internal control mechanisms [2] - The company has a history of regulatory scrutiny, having received warnings from the Shenzhen Stock Exchange for delayed and inaccurate performance forecasts as early as 2017 [1][2] - An ongoing investigation by the China Securities Regulatory Commission could lead to administrative penalties for the company and responsible personnel if violations are confirmed [3] Group 3: Investment and Market Response - Baoxin Technology made significant investments in the photovoltaic manufacturing sector, announcing plans totaling nearly 9 billion yuan, despite having only about 365 million yuan in cash at one point [2] - The company's stock price surged dramatically after entering the photovoltaic sector, but has since faced a severe downturn, with a trading halt following the recent announcements [1][3] - The company is currently facing claims from local governments for over 470 million yuan in equity investment and penalties due to unfulfilled investment agreements [3]