600303，定增筹划一年突然终止！

Core Viewpoint - Shuguang Co., Ltd. has announced the termination of its planned private placement of shares, citing a comprehensive consideration of the current external environment and the company's actual situation and development plans as reasons for the decision [4]. Group 1: Termination of Private Placement - The company held a board meeting on November 10, 2025, where it approved the termination of the private placement plan and the withdrawal of the application documents [2]. - The initial plan, announced on November 14, 2024, aimed to raise up to 339 million yuan, with the net proceeds intended to supplement working capital [4]. - The application was accepted by the Shanghai Stock Exchange on July 17, 2025, but the company did not respond to the inquiry letter from the exchange for over three months before announcing the termination [4]. Group 2: Financial Situation - Shuguang Co., Ltd. is facing a tight cash flow situation, with a reported cash balance of only 135 million yuan, while short-term borrowings and current liabilities exceed 600 million yuan [5]. - The company has experienced continuous losses, with a net profit of -340.8 million yuan for the year ending December 31, 2024, and a cumulative loss of over 2 billion yuan in the first three quarters of 2025 [6][5]. - The company's asset-liability ratio is increasing, indicating significant short-term repayment pressure [5]. Group 3: Market Performance - Despite the financial struggles, the company's stock price has shown a significant increase, with the latest price at 3.88 yuan per share, representing a 70% gain compared to the previous issuance price of 2.28 yuan [4]. - As of November 10, 2025, the market capitalization of Shuguang Co., Ltd. is reported to be 2.652 billion yuan [7].