Core Viewpoint - Two listed companies, 聚石化学 and 豪尔赛, have been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1][3]. Group 1: Company Announcements - 聚石化学 announced on November 21, 2025, that it received a notice of investigation from the CSRC due to suspected information disclosure violations [1]. - 豪尔赛 also received a notice from the CSRC for similar reasons and stated that it would cooperate with the investigation while continuing normal business operations [3]. Group 2: Financial Performance - 豪尔赛 reported a revenue of 265 million yuan for the first three quarters of the year, a decrease of 29.79% year-on-year [3]. - The company incurred a net loss of 26.31 million yuan, representing a year-on-year decrease of 523.96% [3]. - The decline in revenue was attributed to fluctuations in demand within the lighting engineering industry due to adjustments in investment rhythms in infrastructure and real estate [3]. Group 3: Corporate Governance Issues - 豪尔赛's actual controller, 戴宝林, signed a voting rights entrustment agreement with 戴聪棋, transferring all voting rights of 35.1284 million shares (23.36% of total shares) to 戴聪棋 [5]. - The company faced legal issues when 戴宝林 was prosecuted for unit bribery, leading to a fine of 7 million yuan for the company and a three-year prison sentence (with a four-year suspension) for 戴宝林 [6][7]. - The company received a warning letter from the Shenzhen Stock Exchange for failing to timely disclose information regarding these legal matters [7]. Group 4: Ongoing Legal Proceedings - On November 17, 2025, 豪尔赛 received a criminal appeal notice from the Wuhan New District People's Procuratorate, indicating that the judgment in the bribery case is subject to uncertainty due to the appeal [8].

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 - The company, Haosai, is navigating challenges in infrastructure and real estate investment while focusing on its "Smart+" strategy, emphasizing smart lighting and green energy for sustainable growth by mid-2025 [1][2]. Group 1: Business Strategy - Haosai has established a dual-driven strategy with "Three Smart One Network" and "Haonenghui New Energy," focusing on smart lighting, smart cultural tourism, and smart urban areas, leveraging digital technology to create a digital twin integration network platform [2][4]. - The company aims to enhance urban cultural connotations through innovative technology, continuously developing benchmark projects in the landscape lighting sector [2][6]. Group 2: Financial Performance - In the first half of 2025, Haosai reported revenue of 158 million yuan, with a significant decline in net profit compared to the same period last year [2]. - The company has invested 14.9765 million yuan in R&D during the reporting period, marking a 3.66% increase year-on-year [5]. Group 3: Project Highlights - Haosai successfully illuminated the "Most Beautiful Night Expo Garden" and showcased the "Most Beautiful Hometown" light show at the Beijing International Tourism Resort [3]. - The company has secured key lighting engineering projects, including the Jiangling River Road Engineering and the Tianjin Station Square landscape lighting project [3]. Group 4: New Energy Initiatives - Haonenghui New Energy, a wholly-owned subsidiary, is capitalizing on the "dual carbon" strategy by focusing on differentiated competition in the heavy-duty truck charging and swapping sector [4][5]. - The subsidiary has established strategic cooperation for new energy heavy truck charging and hydrogen stations, aiming to develop a low-carbon transportation system [4]. Group 5: Innovation and R&D - Haosai has a total of 180 patents and 72 copyrights, actively participating in the formulation of national standards, including four international standards [5]. - The company emphasizes collaborative research with universities and research institutions to enhance its R&D capabilities, which is seen as a core competitive advantage [5][6]. Group 6: Market Position and Future Outlook - As a leading player in the domestic landscape lighting sector, Haosai's strong technological innovation capabilities support its project undertakings [6]. - With the advancement of the "dual carbon" goals and the recovery of cultural tourism consumption, Haosai is expected to leverage its technological foundation and industry collaborations for value release in the next industrial cycle [6].