Core Viewpoint - *ST Muban is facing a severe financial crisis, with significant judicial deductions from its fundraising accounts and a substantial decline in revenue and profitability, raising concerns about its operational viability and governance issues [1][4][5]. Financial Situation - The company announced a judicial deduction of 13.08 million yuan from its fundraising account due to a dispute with Jiangxi Chantuo Commercial Factoring Co., Ltd., bringing the total deductions to 254 million yuan [1][4]. - As of the announcement date, the total balance in all fundraising accounts is only 28,500 yuan, with 26,000 yuan still frozen [2][3]. - For Q3 2025, the company reported total revenue of 227 million yuan, a year-on-year decrease of 9.48%, and a net loss of 356 million yuan, down 15.31% year-on-year [4]. Operational Performance - Despite a significant quarterly revenue increase of 128.93% to 85.88 million yuan, the company still reported a net loss of 143 million yuan for Q3, a decline of 57.67% year-on-year [4]. - The gross margin for Q3 2025 was -58.77%, a decrease of 21.83 percentage points from the previous year, indicating severe issues with product or service value [4]. Business Transition - Originally established as Guangdong Bangbao Educational Toy Co., Ltd., the company transitioned into the photovoltaic industry after acquiring Inner Mongolia Haoan Energy Technology Co., Ltd. for 980 million yuan in 2022 [5]. - Currently, the company’s main business includes the production and sale of monocrystalline silicon rods and wafers, which account for approximately 80% of total revenue [5]. Governance and Regulatory Issues - The actual controller of the company, Liao Zhiyuan, is under investigation by the China Securities Regulatory Commission for failing to disclose non-operating fund transactions [5]. - The company has faced scrutiny for significant accounting errors and improper use of raised funds, with the Jiangxi Securities Regulatory Bureau revealing violations related to non-operating fund occupation by controlling shareholders [6][8]. Shareholder and Control Issues - The controlling shareholder, Jiangxi Muban New Energy Holdings Co., Ltd., is also in distress, with all of its shares frozen due to rental payment defaults by its subsidiary [8]. - The total frozen shares amount to 69.72 million, representing 100% of the controlling shareholder's holdings, raising concerns about potential instability in control [8].

Core Viewpoint - The company is facing significant operational challenges due to a lack of funding, which has halted its vehicle production and affected its financial stability [2][3][4]. Group 1: Operational Status - The company's vehicle production has not resumed due to insufficient operational funds, with no vehicle manufacturing occurring this year [2]. - Despite the production halt, the company has made progress in sales, confirming the shipment and sale of 14 vehicles from an initial order of 30 units for Algeria, with an additional order of 1,200 units secured [2]. - The company is actively exploring international markets, including Nigeria and Tunisia, to prepare for the export of the T300 fuel version by 2025 [2]. Group 2: Financial Challenges - The company is currently facing a critical issue of funding shortages, compounded by the judicial freezing of its accounts by Zheshang Bank due to overdue debts [3]. - As of June 13, the company’s net assets have significantly declined to 234 million yuan, a drop of 80.98% year-on-year, primarily due to a net loss of 1 billion yuan attributed to asset impairment provisions [4]. - The company is at risk of delisting due to negative net assets, which could lead to severe financial repercussions [4]. Group 3: Recommendations and Future Steps - Independent directors have emphasized the need for collaborative efforts to resolve the funding crisis and to address the account freezing issue with Zheshang Bank [5]. - The board has urged the management to expedite the unfreezing of stocks and to implement the restructuring plan to secure operational funds [5].