banbao(SH:603398) Shang Hai Zheng Quan Bao·2026-02-13 17:27Core Viewpoint - Jiangxi Mubang High-Tech Co., Ltd. is facing the risk of being delisted due to financial performance issues, including negative net profit and insufficient revenue, which may lead to termination of its stock listing on the Shanghai Stock Exchange [2][5][7]. Group 1: Financial Performance and Risks - The company was placed under delisting risk warning on May 6, 2025, due to audited financial indicators showing a negative profit and revenue below 300 million yuan [2][5]. - The 2025 annual report is expected to show a net profit loss between 520 million yuan and 730 million yuan, with revenue projected between 320 million yuan and 380 million yuan [12]. - The company’s internal control audit for 2024 received a negative opinion, indicating significant deficiencies in areas such as revenue recognition and fundraising management [3][5]. Group 2: Regulatory and Compliance Issues - The company is under investigation by the China Securities Regulatory Commission for suspected false disclosures in financial reports [3][7]. - Key management positions, including the secretary of the board and financial director, have been vacant for an extended period, raising concerns about corporate governance [3][7]. Group 3: Delisting Procedures and Announcements - The company is required to issue risk warning announcements every ten trading days until the annual report is disclosed, following the Shanghai Stock Exchange regulations [4][10]. - The second risk warning announcement was issued on February 14, 2026, highlighting the ongoing risks of potential delisting [11][12]. Group 4: Shareholder and Governance Changes - The company’s controlling shareholder, Mubang New Energy Holdings, had a portion of its shares auctioned, resulting in a change in shareholding structure but not affecting control [17][19]. - A new independent director, Mr. Cao Yushan, has been nominated and will be subject to approval at the upcoming shareholder meeting [20][21].