Announcement Highlights | Beingmate's Actual Controller Plans to Change to Jinhua State-owned Assets Commission, ST Yigou Transfers Equity of 4 Subsidiaries at 8 Yuan

Performance Report

Haibo Heavy Industry (300517.SZ): Announced a revised forecast for 2025 performance. The original estimate of net profit attributable to shareholders was 9 million to 13.3 million yuan; the revised figure is 1.37 million to 2.05 million yuan, a year-on-year decrease of 91.09% to 94.04%. The original estimate of net profit excluding non-recurring gains and losses was 2.85 million to 4.2 million yuan; the revised figure is -5.2 million to -3.8 million yuan. The revision is due to the company’s overdue commercial acceptance bills endorsed by certain clients, leading to a cautious recognition of credit impairment losses. This revision is based on preliminary calculations by the finance department and has not been audited. The specific data will be subject to the 2025 annual report.

Change of Actual Controller

Beingmate (002570.SZ): The company’s controlling shareholder, Zhejiang Little Bean Demei Holding Co., Ltd., signed a “Restructuring Investment Agreement” with Jinhua Zhenhe Enterprise Management Partnership (Limited Partnership) on March 17, 2026, with an investment of 856 million yuan. If the restructuring succeeds, the company’s actual controller will change to the State-owned Assets Supervision and Administration Commission of Jinhua Municipal People’s Government.

Waston Bio (300142.SZ): Planning to issue shares to Tengyun New沃 at a price of 9.63 yuan per share, raising up to 2.003 billion yuan. After deducting issuance costs, all funds will be used to supplement working capital. Post-issuance, Tengyun New沃 will hold 11.51% of shares, and its concerted parties will hold a total of 14.46%. The company’s controlling shareholder will change to Tengyun New沃, with Huang Tao as the actual controller. The stock will resume trading from March 19.

Asset Disposal

ST Yigou (002024.SZ): The company’s subsidiary Jiangsu Suning Commercial Investment Co., Ltd. and others signed an equity transfer agreement with Guangdong Ruifeng Rong Enterprise Management Co., Ltd., selling 100% stakes in Xiangyang Lemai Sales Co., Ltd., Zhuzhou Lemai Sales Co., Ltd., Yantai Lemai Sheng Trading Co., Ltd., and Liaoning Lemai Trading Co., Ltd. for a total price of 8 yuan. After the transaction, these companies will no longer be included in the company’s consolidated financial statements. The transaction is expected to positively impact the company’s financial position and operating results. Based on preliminary estimates as of December 31, 2025, it is expected to increase the net profit attributable to the parent by approximately 1.17 billion yuan.

Gaoao Technology (300551.SZ): The company’s controlling subsidiary, Shanghai Haoyuan Ancient Information Management Partnership (Limited Partnership), plans to sell its 23.16% stake in Xin Cun Technology (Wuhan) Co., Ltd. to Shanghai Yiyuan Hui Technology Partnership (Limited Partnership). The parties signed an intent agreement on March 18, 2026, with a valuation not less than 4 billion yuan, and the final price will be negotiated based on an appraisal report issued by a qualified valuation agency. The transaction still requires approval from the company’s shareholders’ meeting and its implementation is uncertain. The company states that this transaction aims to optimize asset structure, focus on core business, and improve operational quality.

Risk Warning

SanFangXiang (600370.SH): From March 12 to March 18, the company’s stock price closed at the daily limit for five consecutive trading days. The cumulative increase from March 11 to March 18 was 61.33%. On March 18, the turnover rate was 10.65%, further expanding. The company’s main business, profitability, and gross profit margin have not changed significantly. Due to geopolitical tensions and international energy prices, prices of major chemical products have fluctuated greatly recently. The company’s on-hand orders have been affected by rising raw material costs and the rapid increase in product prices, leading to reduced downstream customer purchasing willingness. The company’s controlling shareholder, SanFangXiang Group Co., Ltd., and its concerted party, Jiangsu SanFangXiang International Trade Co., Ltd., have all pledged and judicially frozen their shares. If these shares are subject to judicial disposal, it may lead to a change in the company’s actual control.

Shunhao Co., Ltd. (002565.SZ): The stock price increased by more than 20% in two consecutive trading days on March 17 and 18, triggering abnormal fluctuation standards. The company is planning to sell a 60% stake in its controlling subsidiary, Shanghai Lüxin Electronic Technology Co., Ltd. The transaction may have a slight impact on net profit and could trigger disclosure requirements. Currently, the company only holds shares as an investor in Track Dawn, with no synergy between its existing business and Track Dawn’s operations. The company’s main business is unlikely to change significantly in the short term. Track Dawn’s business is affected by macroeconomic, industry policies, and market conditions, with long cycles for industrialization and commercialization, and risks of underperformance. Its “Days Calculation” business may only have clear commercial value in the next five years, and the “Ground Data Calculation” business of the space data center may only gradually become competitive with ground data centers over 5-10 years. During this period, Track Dawn may face intense industry competition.

Warning and Penalties

*ST Changyao (300391.SZ): Received an administrative penalty decision from the China Securities Regulatory Commission for false disclosures in annual reports from 2021 to 2023. The investigation found that subsidiaries Changjiangyuan and XinFeng Pharmaceutical fabricated documents to inflate revenue, artificially increasing revenue by 215 million, 284 million, and 234 million yuan in 2021-2023, accounting for 9.12%, 17.57%, and 19.51% of the respective year’s revenue. The total inflated profit was 56.4 million, 67.93 million, and 43.71 million yuan, representing 35.62%, 88.23%, and 6.42% of the respective year’s profit. In 2022, the company also artificially inflated profit by 4.55 million yuan due to unrecognized losses. The CSRC determined that the company violated relevant securities law provisions and penalized the then General Manager Luo Ming, Chairman Guo Xiaowei, Li Jinfeng, Han Qingkai, and other responsible personnel.

*ST Huifeng (002496.SZ): On March 18, received a warning letter from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission. The investigation found that the company’s 2018-2020 annual reports inaccurately described the transfer price of a 49% stake in Shijiazhuang Ruikai Chemical Co., Ltd., which was agreed at 270 million yuan. The misstatement violated relevant disclosure regulations.

Production and Operations

Zhongtai Auto (000980.SZ): The company’s wholly owned subsidiary, Zhejiang Shenkang Auto Body Mould Co., Ltd., resumed work and production on March 18. This will help improve the company’s parts supply system and lay a foundation for new platform development and new vehicle production. However, the resumption is still in the early stage, and capacity ramp-up and supply chain coordination require time. The company’s operational stability remains to be verified. Additionally, the company faces significant financial pressure and debt burdens, and the full recovery of vehicle production remains uncertain.