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

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(Source: Caixin)

Zotye Auto body mold company resumes production and work; *ST Hifeng and *ST Changyao (rights protection) under regulatory scrutiny; Haibo Heavy Science revises 2025 performance forecast.

Performance Report

Haibo Heavy Science (300517.SZ): Announces revision of 2025 performance forecast. The original estimate for net profit attributable to shareholders was 9 million to 13.3 million yuan; revised to 1.37 million to 2.05 million yuan, a decrease of 91.09% to 94.04%. The original estimate for net profit after deducting non-recurring gains and losses was 2.85 million to 4.2 million yuan; revised to -5.2 million to -3.8 million yuan. The revision is due to overdue commercial acceptance bills endorsed by certain clients held by the company, with credit impairment losses provisioned based on prudence. This revision is an initial estimate by the finance department, unaudited, with specific data subject to the 2025 annual report.

Change of Actual Controller

Bei Bei Mei (rights protection) (002570.SZ): The company’s controlling shareholder, Zhejiang Little Bei Da Mei 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 successful, the company’s actual controller will change to the Jinhua Municipal People’s Government State-owned Assets Supervision and Administration Commission.

Waston Bio (300142.SZ): Planning to issue shares to Tengyun New Wo at 9.63 yuan/share, raising up to 2.003 billion yuan, all for working capital after deducting issuance costs. After issuance, Tengyun New Wo will hold 11.51%, and together with its concerted actors, 14.46%. The company’s controlling shareholder will change to Tengyun New Wo, with Huang Tao as the actual controller. The stock will resume trading from March 19.

Asset Disposal

ST Yigou (002024.SZ): 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 of 8 yuan. After the transaction, these companies will no longer be consolidated. The transaction is expected to positively impact the company’s financial position and operating results. Based on preliminary calculations as of December 31, 2025, the transaction is expected to increase net profit attributable to the parent by about 1.17 billion yuan.

Gaoao Technology (rights protection) (300551.SZ): The company’s controlling subsidiary, Shanghai Haoyuan Gu 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, final price to be negotiated based on valuation reports complying with the Securities Law. The transaction still requires approval from the shareholders’ meeting and its implementation is uncertain. The company states that this aims to optimize asset structure, focus on core business, and improve operational quality.

Risk Alerts

Sanfangxiang (600370.SH): From March 12 to 18, the stock closed at the daily limit for five consecutive trading days, with a total increase of 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, major chemical prices have fluctuated greatly recently. Orders on hand are affected by rising raw material costs, and the rapid increase in product prices has weakened downstream customer purchasing willingness. The company’s controlling shareholder, Sanfangxiang Group Co., Ltd., and its concerted actor Jiangsu Sanfangxiang International Trade Co., Ltd., have all pledged and judicially frozen their shares. Future judicial disposal could lead to a change in control.

Shunhao Co., Ltd. (002565.SZ): The stock price deviation exceeded 20% on March 17-18, triggering abnormal fluctuation standards. The company is planning to sell a 60% stake in its controlling subsidiary, Shanghai Lvxin Electronic Technology Co., Ltd. The transaction may slightly impact net profit and could trigger disclosure requirements. Currently, the company only holds shares as an investor in Guodao Chen Guang; its current business has no synergy with Guodao Chen Guang. The business of Guodao Chen Guang is affected by macroeconomic, industry policies, and market changes, with long development cycles and risk of underperformance. The “Tian Shu Tian Suan” business may have clear commercial value only in the next five years, and the “Di Shu Tian Suan” space data center business may take 5-10 years to compete with ground data centers, facing industry competition.

Warnings and Penalties

*ST Changyao (300391.SZ): Received an administrative penalty decision from the China Securities Regulatory Commission for false disclosures in 2021-2023 annual reports. The investigation found that subsidiaries Changjiangyuan and Xin Feng Pharmaceutical fabricated documents to inflate revenue, with 2021-2023 revenues respectively increased by 215 million, 284 million, and 234 million yuan, accounting for 9.12%, 17.57%, and 19.51% of the respective year’s revenue; total inflated profits of 56.4 million, 67.93 million, and 43.71 million yuan, accounting for 35.62%, 88.23%, and 6.42%. In 2022, an additional 4.55 million yuan of profits were falsely recognized due to unrecognized losses. The CSRC found violations of the Securities Law and penalized the then General Manager Luo Ming, Chairman Guo Xiaowei, Li Jinfeng, Han Qingkai, and other responsible persons.

*ST Hifeng (002496.SZ): On March 18, received a warning letter from Jiangsu Regulatory Bureau of the China Securities Regulatory Commission, due to abnormal stock price fluctuations exceeding 20% deviation on March 17-18. The company is planning to sell a 60% stake in its controlling subsidiary, Shanghai Lvxin Electronic Technology Co., Ltd. The transaction may have a slight impact on net profit and trigger disclosure obligations. The company’s current business is limited to equity investment in Guodao Chen Guang, with no synergy expected. The business of Guodao Chen Guang is influenced by macroeconomic and industry factors, with long development cycles and potential underperformance risks. The “Tian Shu Tian Suan” business may only have clear commercial value in five years, and the “Di Shu Tian Suan” space data center business may take 5-10 years to become competitive, facing industry competition.

Operations

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