Group 1 - Two A-share companies, Jushi Chemical and Haosai, have been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1][5] - Jushi Chemical received a notice from the CSRC on November 21, 2025, regarding the investigation, and the company will cooperate with the regulatory body during this period [1][3] - Haosai also announced its investigation by the CSRC and stated that its business operations remain normal and orderly [5][7] Group 2 - Jushi Chemical reported a revenue of 987 million yuan for Q3 2025, a year-on-year decrease of 0.81%, with a net profit attributable to shareholders of 2.89 million yuan [3][4] - Haosai achieved a revenue of 1.07 billion yuan for Q3 2025, reflecting a year-on-year increase of 31.34%, and a net profit attributable to shareholders of 740.11 thousand yuan, a significant increase of 599.72% [7][8] - Jushi Chemical's main products include modified plastic particles, automotive profiles, optical materials, and flame retardants, while Haosai focuses on smart technology services in various sectors [3][7]

Core Viewpoint - Haosai Technology Group Co., Ltd. is facing legal challenges due to a criminal appeal filed by the People's Procuratorate of Xinzhou District, Wuhan, regarding a bribery case involving the company and its former chairman Dai Baolin [1][4]. Legal Proceedings - The company was fined 7 million RMB for unit bribery, while Dai Baolin received a three-year prison sentence with a four-year probation and a fine of 3 million RMB [1][4]. - The court's final ruling remains uncertain due to the ongoing appeal process initiated by the procuratorate, which argues that the initial sentence was too lenient [1]. Financial Impact - The fines and the amount to be returned to the state total approximately 28.52 million RMB, which represents 15.90% of the company's most recent audited net profit attributable to shareholders [5]. - The company reported a net profit of -26.31 million RMB for the first three quarters of 2025, a decline of 523.96% year-on-year [10][11]. Stock Performance - Haosai's stock has shown significant volatility, with a recent price of 19.17 RMB, reflecting a 44% increase over the past month and a 67% increase year-to-date [7]. - The company went public on October 28, 2019, with an initial offering price of 23.66 RMB per share, but has since experienced a decline in stock value [7]. Management Changes - Following legal issues, Dai Baolin resigned from his positions as chairman and general manager, with his son Dai Congqi taking over as the new chairman [6].

Core Points - The company, Haosai, has been fined over 28 million yuan due to a bribery case involving its founder, Dai Baolin, who received a three-year prison sentence with a four-year suspension [2][4] - Haosai has acknowledged the situation and committed to enhancing internal controls and improving information disclosure quality [4] - The company has faced significant financial challenges, with a continuous decline in revenue and net profit since its IPO in 2019 [5][6] Legal Issues - Haosai was found guilty of corporate bribery, resulting in a fine of 7 million yuan for the company and 3 million yuan for Dai Baolin [2] - The case was initiated by the Wuhan New District Supervisory Committee, which began an investigation into Dai Baolin in December 2024 [4] Management Changes - Dai Baolin resigned from his positions as chairman and CEO due to reaching retirement age, and his son, Dai Congqi, has taken over as the new chairman [5] - Dai Baolin's annual salary for 2024 was reported to be 1.2052 million yuan [5] Financial Performance - Haosai's revenue for the first three quarters of 2025 was approximately 265 million yuan, representing a nearly 30% decline year-on-year [6] - The company has reported net losses for four consecutive years from 2021 to 2024, with losses of 9.511 million yuan, 169 million yuan, 46.2 million yuan, and 109 million yuan respectively [5][6] - Despite poor financial performance, Haosai's stock price has increased significantly, with a rise of over 24% in October and over 47% year-to-date [7]