XPH(SZ:300147) Jing Ji Guan Cha Wang·2026-02-14 03:24Recent Events - The company held its 33rd meeting of the 9th Board of Directors on February 13, 2026, to review a proposal for a loan restructuring, seeking up to 369 million yuan from Guangdong Nanhai Rural Commercial Bank for operational development, with guarantees from subsidiaries and actual controllers. This move is related to the ongoing pre-restructuring process, which has been extended twice, with the latest extension until January 11, 2026, but the transition to formal restructuring remains uncertain pending court decisions [2]. Company Status - The company is facing significant litigation pressure, with a total litigation amount of approximately 92.27 million yuan as of February 8, 2026, accounting for 8.78% of the latest audited net assets. This includes a contract dispute with Guangzhou Wanbo Jiacheng Venture Capital of 20.92 million yuan and a financial loan dispute with a bank of 44.96 million yuan, with some cases still unresolved, and the impact on profits is yet to be assessed [3]. Performance and Operations - The company expects a net loss attributable to shareholders of 635 million to 934 million yuan for the full year of 2025, primarily due to high financial expenses, asset impairments, and litigation costs. Given the continuous losses, there is a need to be cautious about the risk of delisting [4].