突发公告：张宝已被批捕！系中南大学博导

Core Viewpoint - ST Pava is facing significant legal and financial challenges due to the arrest of its actual controller and director, Zhang Bao, for embezzlement, which has raised concerns about the company's governance and financial health [2][6][8]. Group 1: Legal Issues - On September 7, ST Pava announced that the Zhujiajian People's Procuratorate had arrested Zhang Bao for embezzlement [2]. - The company received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into information disclosure violations [2]. - Zhang Bao was previously under investigation for embezzling 190 million yuan from the company [5][7]. Group 2: Financial Performance - In the first half of 2025, ST Pava reported a revenue of 239 million yuan, a year-on-year decrease of 58.99%, and a net loss of 158 million yuan, an increase of 52.61% compared to the previous year [9]. - The company has experienced consecutive losses over the past two years, with net losses of 248 million yuan in 2023 and 727 million yuan in 2024 [9]. - The company has been under risk warnings since May 6, 2025, due to negative audit opinions on its internal controls [9][8]. Group 3: Management and Governance - Zhang Bao, who has a background in metallurgy and previously held various academic positions, became the chairman of ST Pava in October 2022 [6]. - Following health issues, Zhang Bao resigned from his positions as chairman and general manager on May 21, 2025, but remains a board member [7]. - The company has acknowledged management issues, including overpayments to suppliers totaling 180 million yuan, and has committed to recovering these funds [7][8]. Group 4: Market Performance - As of September 5, 2025, ST Pava's stock price increased by 4.64% to 10.83 yuan per share, with a market capitalization of 1.722 billion yuan [10].