Core Viewpoint - Mogao Co., Ltd. (600543) is facing potential delisting risk due to expected losses and revenue shortfalls, leading to a significant decline in stock price [1][2] Recent Events - The company announced on January 30, 2026, that it expects a net profit for 2025 to be between -100 million to -120 million yuan, with operating revenue excluding specific income below 300 million yuan [2] - The potential delisting risk warning (ST) is based on the Shanghai Stock Exchange's listing rules and will depend on the audited results of the 2025 annual report [2] Performance and Operations - The company plans to disclose the 2025 annual report by the end of April 2026, which will confirm the extent of losses and revenue details [3] - The decline in performance is primarily attributed to a deep adjustment in the wine industry, decreased demand for cough medicine, and pressure on the biodegradable materials business [3] Stock Performance - On February 2, 2026, the company's stock hit the daily limit down due to concerns over expected losses and delisting risks, with a drop of 5.67% [4] - Market confidence has been affected by performance expectations, as evidenced by a 2.01% decline in stock price on February 12, 2026 [4] Company Situation - The controlling shareholder, Gansu Agricultural Reclamation Group, has previously increased its stake and established a capital operation team to promote mergers and restructuring to improve operations [5] - The restructuring attempt in 2024 was terminated, and the feasibility of a new plan in 2025 remains to be seen [5] Industry Policy and Environment - The wine, pharmaceutical, and biodegradable materials sectors are facing intensified competition and regulatory pressures, which may continue to impact the company's performance in 2026 [6]

Group 1 - The core viewpoint of the article highlights the ongoing projects of Chizhou Jushi Chemical Co., Ltd., which is planning to produce 250 tons of polyimide monomer and 9000 tons of photoresist through a phased construction approach [1] - The first phase involves the construction of a 250-ton polyimide monomer project, while the second and third phases will focus on 4500 tons of photoresist each [1] - Chizhou Jushi Chemical is a wholly-owned subsidiary of Guangdong Jushi Chemical Co., Ltd., which specializes in the R&D, production, and sales of chemical raw materials and new chemical materials [1] Group 2 - Guangdong Jushi Chemical is also developing the Anqing Juxin high-end new materials project, which covers an area of 300 acres with a total investment of approximately 3 billion yuan, including a 5300 square meter R&D center [1] - The first phase of the project involves a 2 billion yuan investment in a polystyrene project, while the second phase will invest 1.05 billion yuan in electronic chemicals, focusing on LCD display photoresist and polyimide monomer production [1] - The third phase aims to produce 300,000 tons of biodegradable plastics [1] Group 3 - Anqing Juxin New Materials has a subsidiary, Anhui Lavaxi Technology Co., Ltd., established in July 2023, which plans to produce LCD display chemicals and polyimide monomers [2]

证券代码：600543 证券简称：莫高股份 公告编号：临 2025-15 甘肃莫高实业发展股份有限公司 关于收到上海证券交易所对公司 2024 年业绩预告事项工作函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 甘肃莫高实业发展股份有限公司（以下简称"公司"）近期收到上海证券交 易所下发的《关于对甘肃莫高实业发展股份有限公司 2024 年业绩预告事项的工 作函》（上证公函[2025]0106 号，以下简称"《工作函》"），现将《工作函》 内容公告如下： 甘肃莫高实业发展股份有限公司： 提升等，公司对山东道恩、甘肃宏远、甘肃农垦集团及其关联方是否存在重大依 赖。 3.请公司逐条对照《上海证券交易所上市公司自律监管指南第 2 号——业务 办理》附件第七号《财务类退市指标：营业收入扣除》有关规定，说明公司相关 业务是否为新增贸易业务、交易价格是否公允、是否存在与主营业务无关或不具 备商业实质等情形。 4.请年审会计师对前述问题发表明确意见。年审会计师应当严格遵守审计准 则等有关规则要求，保持合理的职业怀疑，制定必要、可行、有 ...