Core Viewpoint - Fujian Xinsen Carbon Industry Co., Ltd. has received the first round of inquiry from the Beijing Stock Exchange regarding issues such as clarity of equity and stability of control, technical level and competitiveness, market space and growth potential, reasonableness of related transactions, and authenticity of performance fluctuations [2] Company Overview - Xinsen Carbon Industry was established in December 2004, primarily engaged in the research, development, production, and sales of high-performance porous carbon materials, with main products including functional specialty activated carbon, carbon catalysts and carriers, and carbon-based energy storage materials [5] Regulatory Issues - During the listing guidance period, Xinsen Carbon faced issues such as paying service fees or reimbursements as a form of salary bonuses and third-party collections [6] - On March 28, 2025, Xinsen Carbon announced that it had not disclosed the freezing of shares held by its controlling shareholder, Lin Peng, and other regulatory violations, leading to administrative measures [6] - As of July 17, 2023, the Ningde Intermediate People's Court ruled to freeze 15.5290% of Xinsen Carbon's shares held by Lin Peng, which was not disclosed until April 2024 [6] Shareholding Structure - Xinsen Carbon has seven private equity fund shareholders, with Xiamen Saifu holding 10.22% of shares, which has been liquidated as of November 12, 2025, due to the expiration of its operating period [6] Financial Performance - From 2022 to the first half of 2025, Xinsen Carbon's operating revenues were 280 million, 269 million, 302 million, and 161 million respectively, while net profits were 47.97 million, 31.21 million, 48.22 million, and 28.47 million [7] - The gross profit margins for the same period were 30.37%, 29.19%, 32.07%, and 33.22%, indicating significant volatility and instability in overall performance [7] - As of the end of the third quarter of 2025, Xinsen Carbon faced a historical high in short-term interest-bearing loans at 184 million, indicating a significant funding gap and pressure for short-term debt repayment [7]