Core Viewpoint - The stock price of Jiangxi Mubang High-Tech Co., Ltd. (*ST Mubang) has experienced significant volatility, with a notable increase followed by a sharp decline, reflecting speculative trading rather than solid business fundamentals [2][3]. Group 1: Stock Performance - From June 17 to July 2, 2025, *ST Mubang's stock price rose from 4.35 CNY to 5.87 CNY, achieving a cumulative increase of over 30% with seven trading days hitting the daily limit [2]. - On July 3, 2025, the stock price began to decline, falling over 4% during intraday trading, and closed at 5.35 CNY, a drop of 4.97%, resulting in a total market capitalization of 2.32 billion CNY [2]. Group 2: Financial Health and Debt - *ST Mubang is facing severe financial difficulties, with a total external guarantee amounting to 1.608 billion CNY, which is 163.40% of the company's latest audited net assets [3]. - The company reported a total debt of 2.728 billion CNY against cash reserves of only 267 million CNY, leading to a debt-to-asset ratio of 76.6% [5]. Group 3: Operational Performance - The core subsidiary, Inner Mongolia Haohan Energy Technology Co., Ltd., reported a revenue of 241.71 million CNY in 2024 but incurred a net loss of 324.55 million CNY [4]. - For the first quarter of 2025, Inner Mongolia Haohan continued to show poor performance with a revenue of 53.43 million CNY and a net loss of 46.65 million CNY [4]. Group 4: Regulatory Issues - *ST Mubang and its executives faced public reprimand from the Shanghai Stock Exchange for violations in performance disclosures, including significant discrepancies in profit forecasts [6][7]. - The company initially projected a net loss of 520 million to 420 million CNY for 2024 but later revised this to a loss of 1.2 billion to 1.1 billion CNY, leading to a risk warning for delisting [6][7]. Group 5: Company Name Change - On April 30, 2025, *ST Mubang's stock was suspended, and from May 6, 2025, the stock name was officially changed from "Mubang High-Tech" to "*ST Mubang" [8].